Comprehensive FX and Futures Daily Research
EUR/USD Reverses from our 3rd Tier Downtrend Line The EUR/USD is losing yesterday’s positive momentum after employment data from both the EU and U.S. showed rising unemployment continues to be a thorn in the side of the economic recovery. The EU’s unemployment rate came in at 9.5%, two basis points above analyst expectations, while the previous release was revised upwards by one basis point. As for the U.S., America’s unemployment was also reported at 9.5%, a basis point below analyst
U.S. Update: Dollar stronger
What happened in Asia Dollar regained the upside during Asian session, as risk aversion return to markets after a report raising doubts over Russia’s banking sector prompted players to sell the risk-sensitive unit. Gbp remained under selling pressure, while Japanese yen managed to hold the 96.00 level against dollar. Currencies traded in narrow ranges ahead of early European morning data. What happened in Europe The Euro zone unemployment rate has increased to a ten year high of 9.5% in May