Euro firms to 1.3800 territory in late Tokyo - FX Solutions Update

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by: fxsolutions
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Date: Tue, 1 Nov 2011 Time: 10:26 PM
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As Market Analyst at FX Solutions (http://www.fxsolutions.com/), Chris Advincula provides forex traders with a picture forex activity around the euro on 19th October:

"The euro remained firm overnight at the 1.3820 - 1.3760 level as the market optimism continues for a second day from the Guardian news article yesterday that Germany and France agreed on a leverage plan to boost the EFSF rescue funds to 2 trillion euros. (compared to the 440-660 billion previously estimated). This was denied earlier however, the market continues to rely on this inspiring but unsubstantiated news.

Moody's downgraded Spain rating to A1 from Aa2 with a negative outlook at 5:26pm EST. The euro rate dropped 30-pips from 1.3760 - 1.3730 on the initial reaction. This was however, shrugged off and instead became bid at the 1.3725-30 zone as soon as the Japanese saw the cheap levels to buy.

Nikkei gained 0.6% to 8,789.83 at 11:00am in Tokyo. The broader Topix index rose 0.4% to 754.04, led by the financials. US stocks surged, led by financial shares.

The S&P rose 2.04% while the Dow Jones rose 1.58%.

Bank of America rose 10% after posting better than expected earnings. Treasuries fell, while commodities advanced.

Nikkei is +18.08 points to 8,759.99 (+0.21%)

Hang Seng is +226 points to 18,302.80 (+1.25%)

S&P ASX is +29.90 points to 4,216.80 (+0.71%)

The 30-day exponential moving average rose from 1.3740 to 1.3808."

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