Forex: EUR/USD lacks momentum after US opens down
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - Currently trading at 1.2548 post soft US data, EURUSD looks indecisive as to which path to follow into the US session.
As the US opens lower, with the S&P 500 just above the psychologically important 1400 level, EURUSD looks to have lost momentum on what has already been a relatively quiet day. Having only traded within a 25 pip range throughout the European session and little else left on today's economic calendar, traders and investors will be looking towards tomorrows Jackson's Hole Symposium for insight into Fed Chairman Bernanke's plans for the US recovery. At 18:00 GMT the ECB's Admussen is scheduled to speak but ahead of such a key event, it is questionable whether his commentary will hold much significance.
Equities remain under pressure, with the S&P 500 trading just above 1400 at 1402.45. S&P 500 futures however have fallen further and are now trading 1400.75.
As the US opens lower, with the S&P 500 just above the psychologically important 1400 level, EURUSD looks to have lost momentum on what has already been a relatively quiet day. Having only traded within a 25 pip range throughout the European session and little else left on today's economic calendar, traders and investors will be looking towards tomorrows Jackson's Hole Symposium for insight into Fed Chairman Bernanke's plans for the US recovery. At 18:00 GMT the ECB's Admussen is scheduled to speak but ahead of such a key event, it is questionable whether his commentary will hold much significance.
Equities remain under pressure, with the S&P 500 trading just above 1400 at 1402.45. S&P 500 futures however have fallen further and are now trading 1400.75.
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