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Euro/Dollar Trading in 40 Point Range

Trades in Europe are being conducted relatively calmly. As tomorrow’s ECB meeting draws nearer, the euro/dollar is trading in yesterday’s price range between 1.1323 and 1.1386. The euro is doing alright on the back of the euro/franc, euro/yen and euro/Australian dollar crosses.

The pound/dollar is down to the lower limit of the sideways channel from trade opening in Europe. By rebounding from the 1.5414 minimum, the pound returned to 1.5461. The rate is at equilibrium on the hourly. The pound has ignored the macro economic data.

September saw UK public sector net borrowing fall to 8.63 billion pounds against a forecasted 9.40 billion and August’s 10.79 billion (previous: reassessed from 11.31 billion pounds). The UK’s budget deficit is up from 0.717 billion pounds (reassessed from -0.221 billion pounds) to 17.9 billion pounds.

There are some important events planned for this evening: the Bank of Canada’s interest rate decision and press conference, in addition to Mark Carney (Bank of England) speaking at 20:00 EET.

It would be great to see dollar pairs staying at their current price levels until Thursday when the ECB will let us know its decision on interest rates and QE. I’m not making any forecasts for this evening.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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