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5 Jun 2013
EUR/USD indifferent on Beige Book
FXstreet.com (Barcelona) - The single currency remains in the 1.3090/1.3100 region on Wednesday, as there is no surprises from the Fed’s Beige Book.
Markets are posting no reaction after the anemic tone from the Beige Book today. Amongst the salient points, the Fed argued that the economy grew at a modest to moderate pace, consumption remained resilient and hiring picked up in many districts. “All technical studies have turned near-term bullish, suggesting that EUR is likely to break above the 100-day MA at 1.3107 in the near-term. However, with the looming risk of tomorrow’s ECB and Friday’s nonfarm we are more cautious”, argued Camilla Sutton, Strategist at Scotiabank.
As of writing, EUR/USD is up 0.02% at 1.3085 with the next hurdle at 1.3118 (high Jun.5) ahead of 1.3138 (76.4% of 1.3243-1.2796) and finally 1.3194 (high May 8). On the downside, a break below 1.3043 (MA200d) would open the door to 1.2985 (MA10d) en route 1.2961 (MA21d).
Markets are posting no reaction after the anemic tone from the Beige Book today. Amongst the salient points, the Fed argued that the economy grew at a modest to moderate pace, consumption remained resilient and hiring picked up in many districts. “All technical studies have turned near-term bullish, suggesting that EUR is likely to break above the 100-day MA at 1.3107 in the near-term. However, with the looming risk of tomorrow’s ECB and Friday’s nonfarm we are more cautious”, argued Camilla Sutton, Strategist at Scotiabank.
As of writing, EUR/USD is up 0.02% at 1.3085 with the next hurdle at 1.3118 (high Jun.5) ahead of 1.3138 (76.4% of 1.3243-1.2796) and finally 1.3194 (high May 8). On the downside, a break below 1.3043 (MA200d) would open the door to 1.2985 (MA10d) en route 1.2961 (MA21d).