Eur/usd - page 439
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Resistance: 1.1286; 1.1450; 1.1630.
The euro/dollar is calm after yesterday's sales. On Wednesday, there aren't much news, almost no comments, and the market is resting before the next wave of volatility. The main trades in the euro/dollar go around the 1.1150 mark, as in the morning.
The euro/dollar is calm after yesterday's sales. On Wednesday, there aren't much news, almost no comments, and the market is resting before the next wave of volatility. The main trades in the euro/dollar go around the 1.1150 mark, as in the morning.
The German Ifo upbeat couldn’t push euro higher. The battle for conquering 1.1250 most probably will lead to backtrack and persuit of 1.1100 (200-day MA).
On Wednesday session the single currency ticked a slight increase against the US dollar. The session started at 1.1139 and finished only 15 pips higher. The pair was trading within the range 1.1128 and 1.1166. Until euro bears steer the direction from the beginning of the month, we might witness test of the support located at 1.1100.
Yesterday EURUSD went back and forward with a narrow range but closed in the green, in the middle of the daily range and also closed within the previous day range, suggesting being clearly neutral with lack of momentum.
The pair is trading below the 10 and the 50-day moving averages that are acting as dynamic resistances although still trading above the 200-day moving average that is acting as a dynamic support.
The key levels to watch are: The 50-day moving average at 1.1334 (resistance), the 10-day moving average at 1.1229 (resistance), a daily resistance at 1.1237, a swing low at 1.1141 (support) and a daily support at 1.1097.
Don't lie, don't cheat, don't start rumors, says new FX code
The first global code of conduct for currency trading has banned dealers from lying and starting false rumors as part of new guidelines aimed at rebuilding trust in a foreign exchange market plagued by scandals and accusations of manipulation.
The document, released on Thursday after evolving from a handful of regional codes used previously, focuses largely on the detail of how banks deal with clients' orders and what market participants can and cannot say to one another.
On those issues alone, it includes dozens of individual directives organized under 11 broader "principles" as well as an extended annex of specific examples of appropriate and inappropriate formulas for discussing market moves.
"The foreign exchange industry has suffered from a lack of trust," Reserve Bank of Australia Assistant Governor Guy Debelle, who chaired the panel of 21 central banks working on the document since last July, told reporters on a conference call. "The market needs to rebuild that trust."
The code is part of the industry's response to charges of market manipulation and misuse of confidential customer order information which saw seven of the world's top banks fined around $10 billion at the end of a huge global inquiry last year.
The second phase of the code will be completed in 12 months, Debelle said, and will cover further aspects of execution, trading and platforms, prime brokerage and governance, as well as risk management and compliance.
Thursday's FX guidelines, however, raised questions about enforcement and how the code will be policed.
"The code is not regulation. We are establishing principles," Debelle said in a question-and-answer session. "I think as adherence mechanisms are developed over the next year or so, we'll provide greater guidance."
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