Talking Forex: EUR/USD Trades Sideways

www.investing.com/analysis/nuevos-datos-para-la-semana-del-23-de-noviembre-216408

By Talking Forex | Jun 17, 2014 11:00AM ET

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EUR/USD

-0.20%

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GBP/USD

-0.17%

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USD/JPY

+0.10%

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EUR/USD
Little in the way of price direction was garnered from overnight session, and as such EUR/USD traded sideways for much of the early session. The EUR/GBP cross supported inflows into EUR as GBP found selling pressure from a weaker UK CPI. This EUR strength was short lived with the weaker than expected German ZEW survey leading the pair to retrace all its GBP inspired gains to trade flat for the session heading into the North American open. Better than expected US CPI weighed heavily on the EUR, the pair moving to print a session low at 1.3537, as the USD strengthened, with the USD index up 0.25%. Looking ahead the FOMC rate decision on Wednesday will be the central focal point in participants thinking.

GBP/USD
A tale of two CPIs for the pair. Weaker than expected UK CPI, which brought the pair down to session lows of 1.6938, was the focal point of early trade however losses were capped by hawkish comments by BoE's Miles (Soft Dove), who said that said there is a clear chance rates could rise before spring 2015 and that he may vote for rate rise before his term ends. This downside momentum failed to be sustained as the reason for the lower CPI was attributed to UK supermarket price wars, which are unlikely to be sustained and subsequently the pair retraced to print session highs at 1.6989, with participants also positioning ahead of the upcoming BoE minutes which are likely to show a more hawkish MPC. As the US came to market the USD found strength in early US trade on the back of the strong US CPI, ensuring that the pair remained in the red. Looking ahead the aforementioned BoE minutes are to be released where analysts see an outside chance of a split vote, with Martin Weale or Ian McCafferty the most likely candidates to vote to tighten policy.

USD/JPY
In spite of the upcoming risk event, in the form of the FOMC meeting on Wednesday, the pair trended higher as the reduction of risk premium as Iraq concerns receded reducing the demand for safer products. The overnight weakening of the CNY, in turn strengthening the USD, supported inflows for the USD through the first half of the European session. The later release of the aforementioned strong US CPI, further benefited the pair, leading to session highs at 102.19. Looking ahead BoJ minutes overnight offers initial direction for the pair, before the FOMC meeting concludes later in the US session.

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Talking Forex: EUR/USD Trades Sideways

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