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Forex pairs in this Article » EUR/USD (Barcelona) - The euro remains in red territory, orbiting around 1.2760 after German trade surplus has narrowed to ¬17.0 billion during September from ¬18.1 billion in the previous month. Both exports and imports have contracted 2.5% and 1.6% respectively. On the opposite direction, current account surplus has widened to ¬16.3 billion vs. ¬12.5 billion.

Next on tap will be French trade balance figures followed by Greek jobless rate, ahead of the ECB statement. Meanwhile, Spain will look to cover its annual financial needs in the 5yr bond auction, due later.

The cross is down 0.10% at 1.2759 with the next hurdle at 1.2876 (high Nov.7) followed by 1.2895 (MA10d) then 1.2950 (high Nov.2) and 1.2983 (high Nov.1).
On the flip side, a dip below 1.2741 (38.2% of 1.2042-1.3172) would bring 1.2700 (psychological level) then 1.2627 (low Sep.7) and 1.2607 (50% of 1.2042-1.3172).
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