Euro edges higher to 1.3940 in early Europe - 24th October, Forex Update

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by: fxsolutions
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Date: Fri, 4 Nov 2011 Time: 11:25 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 24th October 2011, including news of the Euro's consolidation.

"The euro started the Asian session on a subdued and quiet trading foot, however it fell 50 pips lower at the opening from Friday's close to the support line of 1.3430. The euro crept its way up breaking the 1.3900 resistance with a firm push to 1.3950 at the early European hours.

There is little in the way of solution from the weekend Oct 23 EU summit as the discussions continue to Wednesday.

Germany achieved one of its main summit goals of defeating the French and preventing them from dipping into the ECB's balance sheet. The UK Sunday Telegraph reports on what they say are EU plans for a "Treasury Office" to manage fiscal issues for the 17 member countries of the eurozone.

The Australian Dollar made steady gains of 80 pips to 1.0420 after the HSBC China flash October PMI which rose +51.1, rising above the 50 mark for the first time since June and raising expectations of a soft landing in China.

Nikkei rose 1.8% to 8,833.82 as of 1:00pm in Tokyo. The broader Topix rose 1.3% to 753.81.

Hang Seng is +706 points to 18,731 (+3.92%). S&P ASX is +113 points to 4,255 (+2.73%)

NYMEX November Crude Oil was +1.6% on Friday. It is up 28 cents at $87.68 a barrel at 0015 GMT from 87.40.

The stock market and commodities are higher supported by the premature optimistic view that the EU leaders are moving closer to a resolve to the European debt crisis.

The 30-day simple moving average rose from 1.3850 to 1.3900."

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