Gold Intraday Back in Consolidation Range as Fed Reaffirms Commitment
Yesterday, spot gold posted the largest daily gains since May 7 as Fed reaffirmed commitment to low interest rates and QE...
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It’s been a slow start to the week, with most pairs consolidating and waiting for news on the unrest in Ukraine and Middle East or data to guide the way, and so far we have had a lack of both.
With little news from Ukraine and the Middle East, risk was back on yesterday, giving some bounce in an otherwise risk off market.
Today we are seeing risk off again as the FX market has little news to which to react, with EUR/USD currently at 1.3366 and still in a downward trend. An expected German Zew is out later and is expected to be very weak on tensions in Ukraine. We could see this continue to the lows of the year again at 1.3330.
Cable is still just below the 1.6800 level. With little to react to today, the currency could be in consolidation or more as a EUR/GBP trade today until we get the inflation report tomorrow from Governor Carney.
EUR/USD
Supports 1.3335 1.3320 1.3300 | Resistance 1.3390 1.3425 1.3450
USD/JPY
Supports 102.15-101.85-101.50 | Resistance 102.40-102.55-102.85
GBP/USD
Supports 1.6740-1.6715-1.6690 | Resistance 1.6800-1.6820-1.6865
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