The EUR/USD has failed at an all-important trend line again today. Because of this, it looks like the pair may want to test 1.40 again. With the Non-Farm Payroll report dues tomorrow, any new positions should wait until after wards, once the market settles down.
EUR/USD Daily Outlook For April 1, 2011
The EUR/USD pair moved to higher grounds Thursday as inflation accelerated in Europe beyond expectations, reaching 2.6% in March, from the previous 2.4% a month earlier, increasing speculations that the ECB will tighten rates in next week’s rate decision.
The pair is expected to continue on rising Friday as manufacturing data from the Euro-Zone and UK (released at 08:00 GMT and 08:30 GMT respectively) will show further expansion in the sector that has been driving recovery in Europe, where stronger data from Europe usually is reflected in FX-markets by stronger currency.
The euro would also rise as the US release its infamous jobs report (released at 12:30 GMT) is expected to show approximately 200.0 thousand jobs have been added in March, accordingly, signaling that the recovery persist in the country which intensifies demand for higher yielding assets and risky investments, causing the dollar to drop further against majors.
Further bullishness is expected in the final day of this week as far as trading remains above 1.4045. For the latest updates PRESS CTR + D or visit Stock Market news Today
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