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Mid Week Summary: June 4-8

By easy-forex

Easy-forex is a pioneer online currency trading group regulated by the NFA, ASIC and CySEC that their web-based trading platform aims to make Forex trading easy and possible for traders at all levels.  They offer personalized Forex trading training programs, dealing room specialists and competitive trading conditions.

By Nikolas Xenofontos

EUR/USD

The Euro (EUR) commenced the week with a solid rise against the US dollar (USD), following Friday’s rebound off the near two-year low at 1.2287. Monday’s surge ended at 1.2526, a bold 127 pips accumulated. Nevertheless, like many times before, the euphoria proved premature when Spain admitted on Tuesday that it will need aid from the Eurozone in order to recapitalise its banks. Attention now turns to the European Central Bank (ECB) rate decision and press conference on Wednesday.

GBP/USD

The British Pound (GBP) versus the US Dollar (USD) showed some appetite to halt the sizeable downfall witnessed over the past weeks. On Monday, the pair opened with a gap at 1.5349 from Friday’s close at 1.5365, but it managed to rise and end the day at 1.5395. Tuesday was a volatile day for the Cable that saw it dive down as low as 1.5321 and as high as 1.5408. The official lending rate by the Bank of England (BoE) on Thursday and the statement release that will follow are the highlights for this week.

EUR/JPY

The single currency surged above its 18-month low at 95.56 recorded on Friday against the Japanese Yen (JPY). The pair is appreciating due to possible Bank of Japan intervention scenarios. That weakens the Japanese currency that saw itself appreciate - caused by safe haven demand - seemingly uninterrupted against the troubled eurozone currency. The rate decision from the ECB on Wednesday and Japan’s current account release on Friday will be the focal points.

EUR/GBP

The Euro (EUR) versus the British Pound (GBP) had a volatile start to the week, which saw the pair diving to 0.8073 at first and then rebound to 0.8137. Over the past couple of weeks we saw the single currency trying to stop its violent downfall, with some success. In any case, the rate decision by the ECB on Wednesday and the BoE on Thursday will determine the pair’s progression over the immediate future.

USD/CHF

The week commenced with the US Dollar (USD) weakening against the Swiss franc (CHF). This came after the pair recorded a near 16-month high at 0.9770 on Friday. The negative market sentiment, favoured the heavy buying of the Greenback and, as the eurozone leaders fail to come up with a convincing, permanent-oriented solution, this trend is unlikely to change. The new area of support is found at 0.9550, where the previous resistance was observed.

easy-forex
About easy-forex

Easy-forex is a pioneer online currency trading group regulated by the NFA, ASIC and CySEC that their web-based trading platform aims to make Forex trading easy and possible for traders at all levels.  They offer personalized Forex trading training programs, dealing room specialists and competitive trading conditions.

 

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