Key risk events today: Canada CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y; Crude Oil Inventories; FOMC Meeting Minutes. Market news (Tuesday): Reserve Bank of Australia (RBA): Minutes from the RBA’s November meeting revealed the board is prepared to ease policy further, if needed, and agreed a case could be made for … Continue reading Wednesday 20th November: Markets largely unmoved ahead of FOMC.
Europe’s single currency kicked off the week in reasonably robust fashion, gliding to highs of 1.1090 before mildly paring gains into the close. Tops (green arrow) around the 1.1090 neighbourhood on the H4 timeframe is likely viewed as resistance in this market, as is the 1.11 handle.
Should price action remain beneath this base, further downside is likely in store for the EUR/USD, while an upside violation could prompt a retest at the weekly resistance area 1.1119-1.1295.
Shaped by way of a bullish outside day configuration, EUR/USD movement recovered in reasonably robust fashion Thursday. Data out of Germany came with an upbeat tone and markets largely shrugged off better-than-expected US PPI figures.
Federal Reserve Chairman Jerome Powell, in his testimony to the Congressional Joint Economic Committee, largely stuck to the script – policy on hold unless there is a meaningful change in the outlook.
