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Currency Analyst since 2010

Nov. 21: European session

EUR/USD rose back to $1.3440 after testing $1.3400 handle earlier today. There’s a hammer candle formed on the H4 chart. Euro zone’s PMIs came mixed. There was an improvement in German indices, but the readings for France and the euro area disappointed. It seems that the ECB’s Mario Draghi speech is delayed as plane diverted because of bad weather. Meanwhile, German’s Chancellor Angela Merkel gave some comments signaling readiness to work on EU treaties in order to introduce banking union and defending Germany’s trade surplus and exports.

GBP/USD is trading on the downside, in the $1.6080/70 area. British public sector net borrowing was higher than the analysts thought (6.4B vs. 4.8B) – GBP-negative. The nation’s CBI industrial order expectations, on the other hand, were better than expected and that’s a go0od thing for GBP.

EUR/GBP recovered to 0.8350 after yesterday’s drop from almost 0.8400 to 0.8325.

 

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