11 Oct 2013
EUR/USD climbs to highs at 1.3560
FXstreet.com (Edinburgh) -The greenback is losing the grip on Friday, allowing the EUR/USD a test to intraday highs in the area of 1.3560/65.
EUR/USD ignores CPI data
The pair remained indifferent to the set of inflation figures in Germany, Spain and Italy, all matching previous estimates, although the now offered tone in the USD is giving legs to the upside attempt. Hopes of a deal to re-open the current US Government shutdown and to increase the debt ceiling remain alive despite yesterday’s failed meeting in the White House, with sentiment deflating from the recent euphoria. In the wake of the recent speech by Mario Draghi and his defence of price stability, Derek Halpenny, European Head of Global Markets Research, commented, “With inflation falling to just 1.1% in September, we maintain that risks are high that inflation will prove lower than expected, and hence prompt a rate cut from the ECB”.
EUR/USD levels to watch
The pair is now up 0.30% at 1.3560 with the next resistance at 1.3605 (high Oct.9) ahead of 1.3607 (high Oct.8) and then 1.3631 (high Oct.4). On the downside, a breach of 1.3518 (low Oct.11) would target 1.3488 (low Oct.10) en route to 1.3467 (low Sep.30).
EUR/USD ignores CPI data
The pair remained indifferent to the set of inflation figures in Germany, Spain and Italy, all matching previous estimates, although the now offered tone in the USD is giving legs to the upside attempt. Hopes of a deal to re-open the current US Government shutdown and to increase the debt ceiling remain alive despite yesterday’s failed meeting in the White House, with sentiment deflating from the recent euphoria. In the wake of the recent speech by Mario Draghi and his defence of price stability, Derek Halpenny, European Head of Global Markets Research, commented, “With inflation falling to just 1.1% in September, we maintain that risks are high that inflation will prove lower than expected, and hence prompt a rate cut from the ECB”.
EUR/USD levels to watch
The pair is now up 0.30% at 1.3560 with the next resistance at 1.3605 (high Oct.9) ahead of 1.3607 (high Oct.8) and then 1.3631 (high Oct.4). On the downside, a breach of 1.3518 (low Oct.11) would target 1.3488 (low Oct.10) en route to 1.3467 (low Sep.30).