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Euro breaks resistance

Written February 3, 2012 at 5:28 AM EST by John Teister 

The EUR/USD has made a break higher through resistance, which we acknowledged earlier. The next level higher is 1.32173.

Archived in Forex Trading

Eurozone Retail Sales (Dec) -0.4% vs 0.3% expected.

Written February 3, 2012 at 5:01 AM EST by John Teister 

Archived in Forex Trading

ECB’s Costa speaks in Lisbon.

Written February 3, 2012 at 4:33 AM EST by John Teister 

  • Europe has been the center of the crisis in the past three years.
  • Euro area’s fundamentals are stronger than the U.S.
  • Initial response of EU leaders was slow.
  • Important steps taken in the last few months.
  • Systemic risk is affecting the Euro area and threatening the single currency.
  • Portuguese banks have shown remarkable resilience during the crisis.

Archived in Forex Trading

UK Services PMI (Jan) 56.0; better than the 53.5 expectation and 54.0 prior showing.

Written February 3, 2012 at 4:28 AM EST by John Teister 

Sterling firmer on the release.

Archived in Forex Trading

China’s Premier Wen says China has no ability, or intentions, to “buy Europe”.

Written February 3, 2012 at 4:20 AM EST by John Teister 

Euro lower on the release.

Archived in Forex Trading

Eurozone Services PMI (Jan) 50.4 vs 50.5 expected.

Written February 3, 2012 at 4:07 AM EST by John Teister 

Archived in Forex Trading

German Services PMI (Jan) 53.7 vs 54.5 expected.

Written February 3, 2012 at 3:54 AM EST by John Teister 

Archived in Forex Trading

French Services PMI (Jan) 52.3 vs 51.7 expected.

Written February 3, 2012 at 3:54 AM EST by John Teister 

Archived in Forex Trading

Italian Service PMI (Jan) 44.8 vs 45.1 expected.

Written February 3, 2012 at 3:47 AM EST by John Teister 

Archived in Forex Trading

Greece sees its 2011 budget deficit at 9.1%-9.4% GDP, slightly smaller than the previous estimate.

Written February 3, 2012 at 3:37 AM EST by John Teister 

Archived in Forex Trading

Not much going on as the market waits for U.S non-farm.

Written February 3, 2012 at 3:28 AM EST by John Teister 

The FTSE, CAC, and DAX are down slightly with not much going on in the market until the Eurozone final services PMI release in a little over 30 minutes. We are seeing a wedge in the EUR/USD as the pair trades around the 100 hour moving average. As we move later in the night we’ll see weather it is support or resistance that holds.

Archived in Forex Trading

Spanish Services PMI (Jan) 46.1 vs. 43.0 expected (42.1 prior).

Written February 3, 2012 at 3:15 AM EST by John Teister 

Archived in Forex Trading

IMF’s Shinohara says talks on boosting IMF firepower need to proceed at the same time as talks to boost Eurozone firewall.

Written February 3, 2012 at 3:14 AM EST by John Teister 

Archived in Forex Trading

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