Euro tapers off from 1.3810 to 1.3740 in early Europe - Forex Update, 21st October 2011

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by: fxsolutions
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Date: Thu, 27 Oct 2011 Time: 4:44 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 around the euro on 21st October:

"It has been a quiet range bound session in the first half of the Asian session ahead of the Oct 23 weekend EU summit with the participants staying on the sideline. The euro eased down by 80 pips from the resistance 1.3810 to 1.3730 towards the early hours of the European trading session.

After the mayhem yesterday, markets were unsettled by the various conflicting and confusing comments from the EU officials over the EFSF less-than-concrete plan. There had been talks that the EU may deploys as much as 940 billion euros of bail-out funds to contain the debt crissis by combining temporary and planned rescue funds.

The limelight shifted to the Swiss Franc which is higher across the board all on safe-have buying and risk aversion. Euro Swiss fell 129 points from the high o f1.2335 to dip to 1.2206. Dollar Swiss fell 105 pips from 0.8953 to 0.8848.

The Japanese Prime minister Noda said the dealing with the rapid yen appreciation is the highest priority.

The Asian stocks were also range bound. Nikkei fell 0.1% to 8,675.60 at 11:00am in Tokyo.

The 30-day simple moving average consolidates at the 1.3775 area."

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