Tuesday February 7, 2017 - 11:51:45 GMT
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The USD made a strong move higher early Tuesday reportedly on growing concerns about Europrean political instability with several key elections due this year which could upset the status quo on the Continent. Pundits also are citing comments by Phiily Fed President Harker, who indicated that the March Fed meeting could be the right time for a +25bp rate hike. As of Monday's close, markets were pricing only 22% oddon a rate hike at that meeting. Furthermore, nothing in the Fed policy meeting statement less than a week ago suggests that a rate hike is imminent. The EURUSD is sharply lower from late Monday levels. So far, the HOD has been 1.0752 and the LOD 1.0650. Importantly the pair might have broken out (to the downside) from its established 1.0700-1.0800 trading range. Expect stops on new recent lows. Below the HOD, resistance comes in at 1.0699, then 1.0675. Support is at the 1.0650 LOD, then 1.0620 and 1.0588.
The GBPUSD is sharply lower on the day. EURGBP is roughly. The GBP sees another Parliamentary Brexit vote tomorrow. The GBPUSD HOD has been 1.2488, and its LOD 1.2346. 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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