Thursday January 27, 2005 - 16:59:19 GMT
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European Forex Session Wrap-up , 27/1/2005
The European session closes today, january 27th, with the EUR as the overall looser for the session. It specially is weakening against the GBP, with whom today almost lost 0.6% and more important, it broke the upward channel to the downside (lower trendline didn’t hold this time). The swings back and forth resumed today for the USD, which was a winner against most of the majors, except the GBP, which was indeed the definite session winner, breaking this back-and-forth tendency of the other majors these days, moving in a nervous trading range awaiting a clear breakout of any of the major levels. The GBP, however, managed to hold into its gains throughout the whole session and it sepcially gained momentum against the CHF, with a 100+ pip rise.
Trading Recap :At the time of this writing, the EUR is trading around 1.3025 against the greenback, or 45 pips down with respect to yesterday’s european session closing levels, still holding above the 50% retracement fibo level of the previous uptrend for now. GBP is doing around 1.8860, up 45 pips, proving itself as the major winner for today. The Swiss Franc –CHF- around 1.1860, loosing (USD gaining) 35, unable to break the 50% fibo level from the previous downmove around 1.1960. And finally, the Yen around 103.20, up 10 pips, just recovering very slightly after yesterday’s severe losses.
USD small brothers session performance: the AUD is trading around 0.7750, unchanged, the NZD trading around 0.7150, or 10 pips down, and CAD trading around 1.2365, down around 40 pips.
Economic events for january 28 : 1:30:00 PM US Q3 GDP Price Deflator y/y (4) // 1:30:00 PM US Q4 GDP y/y (4) // 1:30:00 PM US Q4 Employment Cost Index q/q (2). My (valoration) of the economic events of the day goes from 1 to 5 depending on the influence the news has in the market (1 lowest – 5 highest).
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