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4 Mar 2014
Session Recap: Russia returns to the 60's; the Dollar doesn't
FXStreet (San Francisco) - Risk aversion was the tone in the Monday's session in the Currency market as fears of a global conflict were growing. Overall, drums of war are sounding in Ukraine with the Russian invasion of Crimea and the EU and UE rejection of the action.
Then, USD tryied to enjoy the risk aversion environment but as summary, movements were all but consistently. "A combination of risk-off combined with strong US data helped lift the greenback today," commented FXBeat's analyst Jamie Coleman in a recent piece. "Strong ISM data eased fears that the Fed could pause its tapering of QE3 while geopolitical strife underpinned safe-havens."
The EUR/USD traded lower on Monday with the pair opening the day with a gap from Friday close at 1.3800 to starting day at around 1.3770. The pair extended declines below 1.3750, however it hold above the 1.3730, 200-hour MA.
"The EUR/USD entered some heavy selling pressure over the last few hours, breaking below the 1.3755 Fibonacci support and extending its decline towards 1.3730," FXStreet chief analyst Valeria Bednarik affirmed in a recent piece. "The hourly chart shows indicators gaining bearish momentum, as price develops below its 20 SMA while in the 4 hours chart price is finding support around its 20 SMA currently flat around mentioned low."
According to Bednarik, the risk remains in the downside, however the pair will face strong support zone around 1.3725/35, 1.3700 and 1.3650.
Main headlines in the American session:
US: PCE rose 1.2% YoY in January
OECD: No imminent deflation risk in euro region
US: Markit Manufacturing PMI (Feb) up to 57.1
ISM rises to 53.3 from 51.3; much stronger than expected
US: Construction Spending up 0.1% in January
Gold at highest since November as Crimean worries mount
Russia says will decide parameters of rouble trading band on a daily basis
Wall Street closes negative amid fears of war in Ukraine
Then, USD tryied to enjoy the risk aversion environment but as summary, movements were all but consistently. "A combination of risk-off combined with strong US data helped lift the greenback today," commented FXBeat's analyst Jamie Coleman in a recent piece. "Strong ISM data eased fears that the Fed could pause its tapering of QE3 while geopolitical strife underpinned safe-havens."
The EUR/USD traded lower on Monday with the pair opening the day with a gap from Friday close at 1.3800 to starting day at around 1.3770. The pair extended declines below 1.3750, however it hold above the 1.3730, 200-hour MA.
"The EUR/USD entered some heavy selling pressure over the last few hours, breaking below the 1.3755 Fibonacci support and extending its decline towards 1.3730," FXStreet chief analyst Valeria Bednarik affirmed in a recent piece. "The hourly chart shows indicators gaining bearish momentum, as price develops below its 20 SMA while in the 4 hours chart price is finding support around its 20 SMA currently flat around mentioned low."
According to Bednarik, the risk remains in the downside, however the pair will face strong support zone around 1.3725/35, 1.3700 and 1.3650.
Main headlines in the American session:
US: PCE rose 1.2% YoY in January
OECD: No imminent deflation risk in euro region
US: Markit Manufacturing PMI (Feb) up to 57.1
ISM rises to 53.3 from 51.3; much stronger than expected
US: Construction Spending up 0.1% in January
Gold at highest since November as Crimean worries mount
Russia says will decide parameters of rouble trading band on a daily basis
Wall Street closes negative amid fears of war in Ukraine