Euro consolidates 1.3930 to 1.3890 in early Europe - 25th October, Forex Trading Update

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by: fxsolutions
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Date: Fri, 4 Nov 2011 Time: 11:44 PM
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Chris Advincula, Market Analyst at FX Solutions (http://www.fxsolutions.com/), provides forex traders with an overview of currency market activity and news on 25th October 2011, including news of the Euro's consolidation.

"The euro is slightly lower easing down from the NY high of 1.3950 in a lackluster 60-pip trading range. High 1.3935 Low 1.3875. The market participants are on the sidelines, however still with some buoyancy intact on the superficial optimism on the EU summit outcome by Wednesday. The summit plans are still in the negotiation process with speculation that the meeting results will remain withheld until the G20 meeting on Nov 3-4.

The Financial Times writes the Greek debt holders have been asked to take a write off of 60%. (which sounds more like speculation). The Guardian news wrote that after the weak German PMI yesterday, the ECB is almost certain to cut interest rates next week on their monetary policy meeting on Nov. 3. The current rate stands at 1.5%.

At 1300 GMT today, the ECB board member Ewald Nowotny will deliver a speech on the topic of sovereign debt crisis and national bankruptcy in Vienna.

The stock market is mixed biased to lower, while the commodities market gains. Oil is higher. Gold is firm at 1658.00.

Nikkei is -39.71 points to 8,804.27 (-0.45%)
Hang Seng is +101 points to 18,873 (+0.54%)
S&P ASX is -27 points to 4,227 (-0.64%)

The 30-day simple moving average eased down from 1.3940 to 1.3905."

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