Monday February 6, 2017 - 11:12:44 GMT
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Markets still are asseessing the potential impact of mixed U.S. employment data on Friday on future Fed policy. While the increase in jobs was strong, earnings growth remained week. We will get the verdict from equity and Fixed Income markets this week. Watch the 10-yr note. Although the two markets are intwined, bond yields tend to trump equiies when it comes to the EURUSD. The EURUSD has been drifting lower since the Far East opening. The HOD has been 1.0795 and the LOD 1.0733. Expect modest stops above and below at the HOD and LOD levels. On top 1.0800 is the obvious stop level, but that level seems to be drifting from view. Use 1.0750 as neutrality, while below 1.0700 would be a major psychological event after 1.0709 held on Friday.
The GBPUSD is unchanged on the day. EURGBP is lower. The GBP is looking ahead to another Brexit vote on Wednesday. The GBPUSD HOD has been 1.2500, and its LOD 1.2449. Flows in and out of the EURGBP cross can have a significant impact on the value of EURUSD. Tune in frequently to the GVI Forum for updated trading insights as the session unfolds.
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