Euro steady to firm at 1.4385 in early Europe - FX Solutions Forex Update

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by: fxsolutions
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Date: Mon, 12 Sep 2011 Time: 7:54 AM
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As the Euro steadies at 1.4385, Chris Advincula of FX Solutions (http://www.fxsolutions.com/) takes an overview of forex market activity on 24th August 2011.

"It was a fairly subdued trading session in Asia and early Europe for the Euro being slightly bid in a 40-pip range and the top being 1.4393 and the low supported at 1.4353.

We had no substantial economic data in the past session to provide fresh market impetus. The Asian stocks rose modestly which was led by exporters of consumer electronics.

The market awaits the upcoming German ZEW Economic sentiment report later at 5:00am EST. The forecast calls for -24.6 against the previous month's -15.1

The S&P rating agency announced that its President Deven Sharma is stepping down after rounds of investigation from the US banking authorities and their recent dubious downgrading of the US credit rating. Sharma will be replaced by Douglas Peterson who is currently the chief operating officer of Citibank.

The US vice president Joe Biden also made a statement saying that the company is not "best qualified" to make judgments about the U.S. political dynamics behind the US debt deal.

Nikkei is +57.61 points to 8,685.74 (+0.67%)
Hang Seng is +109 points to 19,596.30 (+0.56%)
S&P ASX is +68 points to 4,150.30 (+1.67%)
Shanghai is +14 points to 2,530.00 (+0.56%)"

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