Thursday, February 4, 2010

EUR/USD Today

ECB rate call at 1245 GMT, Trichet press conference at 1330 GMT, may keep downward pressure on EUR/USD, with pair possibly targeting 1.3700 if automated stop-loss selling orders around recent low at 1.3851 tripped, says Hideaki Inoue, chief manager of forex and financial products trading at Mitsubishi UFJ Trust and Banking. ECB expected to keep policy rate at record-low 1.0%, Trichet expected to highlight rocky road to fuller euro-zone recovery. If EUR/USD does fall sharply, Inoue says that could weigh heavily on EUR/JPY, possibly dragging pair as low as 124.00 vs last 126.30. Meanwhile, says EUR likely to stay top heavy for rest of Asia session after worse-than-expected NZ unemployment data, Australia retail sales "have added to the overall negative atmosphere surrounding the euro."
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