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German Investor Morale Shoots Up To 10-Mth Top, Defying Brexit Anxiety
nvestor sentiment in Germany unexpectedly improved in June, a survey said on Tuesday, with the respective gauge markedly outrunning estimates.
The widely watched Investor Confidence Index calculated by the ZEW economic institute came in at 19.2 points during the sixth month of the year, down from 6.4 points seen in May.
That's the highest since August 2015.
Economic desks had anticipated a downturn to 4.8 in June.
"The ZEW index is currently not the best predictor of future growth in the German economy. Nevertheless, against the background of latest market turmoil and the upcoming British referendum, German investors’ new optimism comes as a nice positive surprise," Carsten Brzeski from ING Bank noted after the data were made public on Tuesday.
The single currency dropped notably against the US dollar on Tuesday. The pair failed to break the resistance at 1.1389 and short-term expectations are still in favor of the dollar. In this case the pair might test the support at 1.1176. The session started at 1.1313 and bearish sentiment prevailed in anticipation of Yellen’s testimory. The depreciation of the euro continued to the end of trade and thus closing price coincided with the lowest value for the day 1.1241.
Yesterday EURUSD tumbled with a wide range thanks to ECB President Mario Draghi saying that the ECB would use all its available instruments if necessary to counter the side effects of a Brexit, pushing the pair to close near the low of the day, in addition managed to close below the previous day low, which suggests a strong bearish momentum.
The pair managed to close below the 10 and 50-day moving averages that should now act as dynamic resistances however the 200-day moving average is acting as dynamic support.
The euro marked an increase against the US dollar on Wednesday session. The pair recovered from the previous session and again neared the resistance at 1.1389. If the upward trend continues, the pair will test the key level. The seesion started at 1.1241 and closed 53 pips higher. Bulls dominated and and intraday high was pinned at 1.1337.
Yesterday EURUSD rallied with a narrow range and closed near the high of the day, however closed within the previous day range, which suggests being slightly on the bullish side of neutral.
The pair managed to close above the 10 and 50-day moving averages that should now act as dynamic supports and continues trading well above the 200-day moving average that is acting also as a dynamic support.
The UK is voting today in its historic referendum on whether to remain a member of the EU, an issue that could decide the future direction of the country for years to come so expect extreme volatility and choppiness.
The key levels to watch are: The previous swing high at 1.1415 (resistance), the recent swing high at 1.1382 (resistance), the 50-day moving average at 1.1298 (support), a daily support at 1.1237 and the previous swing low at 1.1130 (support).
For second day in a row the euro recorded an increase against the US dollar on Thursday and EUR/USD broke the resistance at 1.1389. If bulls keep pace, a test of 1.1443 is very possible. The session on Thursday started at 1.1294, closed with 91 pips higher and the intraday hight was marked at 1.1420.
Yesterday EURUSD rose with a wide range before the Brexit referendum and closed near the high of the day, in addition managed to close above the previous day range, which suggests a strong bullish momentum.
The pair continued to close above the 10, 50 and 200-day moving averages that should act as dynamic supports.
The key levels to watch are: A daily resistance at 1.1555, the previous swing high at 1.1415 (resistance), the 50-day moving average at 1.1298 (support), a daily support at 1.1237 and the previous swing low at 1.1130 (support).