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21 Sep 2013
EUR/USD well set for a busy week ahead
FXstreet.com (London) - EUR/USD is holding in the 1.3500 territory ahead of a busy week next week for the pair as we approach the closing bell.
EUR/USD has gained over 2 big figures this week, settling slightly lower than its high while we await key data for the pair. Matthew Slade, FX strategist at Nomura said “Next week the key data releases and events to watch are:
1. Euro area PMIs (Monday 09:00 BST) – Nomura estimates are slightly above consensus at 51.8 for manufacturing (51.6 survey), 51.2 for manufacturing (50.9 survey), and 52.0 for composite (51.6 survey)
2. German IFO (Tuesday 09:00 BST) – Nomura estimates are in line with consensus at 108.
3. US Durable Goods (Wednesday 13:30 BST) – Nomura estimates are again slightly ahead of market expectations at 1.7% vs 0.1%
4. Line up of Fed speakers - After Wednesday’s decision to not yet begin tapering, there will be increased interest in hearing what Federal Reserve members might say on the economy”.
EUR/USD topside contained?
Sebastien Galy, Currency Strategist at Societe Generale said the EUR/USD topside should be well contained at 1.3660 as the ECB takes a more dovish stance. “Our long- standing short position at 1.3460 was finally triggered. Steady deflationary pressures and tighter monetary conditions should open the way for a more dovish ECB, helping to pressure EUR/USD lower. Supports are coming in at 1.3369, 1.3453, 1.3493, and 1.3509. Spot is currently 1.3539 with resistances at 1.3577, 1.3598 1.3610 and 1.3660.
EUR/USD has gained over 2 big figures this week, settling slightly lower than its high while we await key data for the pair. Matthew Slade, FX strategist at Nomura said “Next week the key data releases and events to watch are:
1. Euro area PMIs (Monday 09:00 BST) – Nomura estimates are slightly above consensus at 51.8 for manufacturing (51.6 survey), 51.2 for manufacturing (50.9 survey), and 52.0 for composite (51.6 survey)
2. German IFO (Tuesday 09:00 BST) – Nomura estimates are in line with consensus at 108.
3. US Durable Goods (Wednesday 13:30 BST) – Nomura estimates are again slightly ahead of market expectations at 1.7% vs 0.1%
4. Line up of Fed speakers - After Wednesday’s decision to not yet begin tapering, there will be increased interest in hearing what Federal Reserve members might say on the economy”.
EUR/USD topside contained?
Sebastien Galy, Currency Strategist at Societe Generale said the EUR/USD topside should be well contained at 1.3660 as the ECB takes a more dovish stance. “Our long- standing short position at 1.3460 was finally triggered. Steady deflationary pressures and tighter monetary conditions should open the way for a more dovish ECB, helping to pressure EUR/USD lower. Supports are coming in at 1.3369, 1.3453, 1.3493, and 1.3509. Spot is currently 1.3539 with resistances at 1.3577, 1.3598 1.3610 and 1.3660.