Monday February 13, 2017 - 11:27:30 GMT
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Early Monday trade is often quiet in the major currency pairs as the start of a new week is a jumping off point for positioning for those who had reduced position at the close of the prior week. Sentiment for the USD has been generally positive recently based on hopes for fiscal stimulus by the new government and hopes for an upbeat message from the Fed Chair in Congressional testimony starting tomorrow. The EURUSD is barely changed from later Friday levels at the present time. The EUR is mostly higher on its key crosses. The EURUSD HOD has been 1.0659. The LOD has been 1.0611. Local resistance is at 1.0645 and support 1.0632, then 1.0627.
The GBPUSD has been rising modestly off its LOD (1.2480). The HOD has been 1.2540. The pair is currently trading a hair above the mid-point of its daily range. EURGBP is down on the day. 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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