US holiday gives an offered tone to USD
City Index February 16, 2015 2:23 PM
<p>As we enter ‘Presidents Day’, the US holiday, the USD has started off weak with the risk currencies gaining from the off. No data for […]</p>
As we enter ‘Presidents Day’, the US holiday, the USD has started off weak with the risk currencies gaining from the off. No data for the US today, as we look towards the FOMC minutes to be published on Wednesday night.
The euro still has the potential to swing either way as we await the outcome of the Greece situation. Details emerged from Friday of the ECB’s emergency liquidity assistance of EUR 5 billion was extended to Greek banks, as talks resume today to resolve the Greek debt deal. The deadline is said to be on the 28th of February for an outcome, so we could be in for more kicking the can down the road to drag this out.
No data today from the Eurozone, but the Eurogroup meetings and speakers will dominate. This week will also provide us with the first ever ECB minutes so expected volatility for this on Thursday, as we see how the markets react to the new insight to the ECB.
There’s no major data release in the UK today, but cable has kept its rally going looking for the all-important inflation data out tomorrow, which is now expected to fall even further as mentioned by the BoE in the quarterly inflation report last week.
Supports 1.1370-1.1345-1.1310 | Resistance 1.1435-1.1470-1.1500
Supports 118.40-118.00-117.60 | Resistance 119.20-119.60-120.00
Supports 1.5375-1.5345-1.5320 | Resistance 1.5450-1.5480-1.5500
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.