CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

The euro has begun to regain some of its losses after the significant declines over the past week

Article By: ,  Financial Analyst
November 18, 2010 11:09 AM

 

EUR/USD

Range: 1.3526 – 1.3612
Support: 1.3440
Resistance: 1.3655
The euro has begun to regain some of its losses after the significant declines over the past week. This tentative recovery is more accurately attributed to a pause in negative financial conditions. Ireland remains the most immediate threat to the future of the shared currency. Finance minister Lenihan’s decision to snub financial support from the EU at the group’s monthly meeting late Tuesday has not improved the situation, and in some ways has increased the risk as traders speculate on what might actually happen. However as the market await the EU, ECB and IMF’s assessment of the country’s ability to stabilise its own banking sector, there is time for reflection and contemplation.

 

 

GBP/USD

Range: 1.5890 – 1.5944
Support: 1.5840
Resistance: 1.5950
Jobless claims in the UK fell 3.7k in October, and the claimant count rate was unchanged at 4.5%. Immediately following these better than expected figures, the pound rallied against all its major counterparties, but subsequently retraced back to original levels. The BoE minutes were released, and for the second straight month, the central bank showed a three-way split. As expected, Mr Sentance again called for a rate hike, whereas Mr Posen voted to increase QE. The majority of the committee ‘is ready to adjust in either direction’. Looking forward, the split amongst committee members will likely widen in the coming months as uncertainty regarding growth prospects lingers.

USD/JPY

Range: 83.11 – 83.40

Support: 83.00
Resistance: 84.00
The dollar recovery from 80.20 lows early in November extended on Tuesday above 83.00, and after failing to breach 83.60 on Wednesday, the pair has remained consolidating in Asia between 83.05 and 83.40. On the upside, immediate resistance levels lie at 83.40 (session high) and above here at 83.60 (Nov 17th high). On the downside, support lies at 82.85 (Nov 16/17 lows) and below here at 82.65 (50-day MA).

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024