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20 May 2013
EUR/USD keeps the range after Chicago Fed index
FXstreet.com (Barcelona) - The shared currency remained apathetic on Monday after the release of the Chicago Fed National Activity index during April.
The cross kept the range around 1.2855/60 after the index dropped further in the last month, falling to -0.53 from March’s 0.23 contraction.
In the opinion with Sebastien Galy, Strategist at Societe Generale, “While some paring of long USD positions is underway all other asset classes continue to behave as usual with credit and equity rallying and precious metals (inflation trade) continuing to be hammered. It suggests this profit USD profit taking is very much temporary”.
The pair is up 0.08% at 1.2853 at the moment, and a break above 1.2890 (high May 17) would expose 1.2930 (high May 16) ahead of 1.2943 (high May 15).
On the flip side, support levels align at 1.2796 (low May 17) followed by 1.2740 (2013 low Apr.4) and finally the psychological mark at 1.2700.
The cross kept the range around 1.2855/60 after the index dropped further in the last month, falling to -0.53 from March’s 0.23 contraction.
In the opinion with Sebastien Galy, Strategist at Societe Generale, “While some paring of long USD positions is underway all other asset classes continue to behave as usual with credit and equity rallying and precious metals (inflation trade) continuing to be hammered. It suggests this profit USD profit taking is very much temporary”.
The pair is up 0.08% at 1.2853 at the moment, and a break above 1.2890 (high May 17) would expose 1.2930 (high May 16) ahead of 1.2943 (high May 15).
On the flip side, support levels align at 1.2796 (low May 17) followed by 1.2740 (2013 low Apr.4) and finally the psychological mark at 1.2700.