Tuesday, Asian markets slightly lower, but still no clear trend. For now, this is a market looking for new guidance after last week’s strong trend. Yesterday, the EUR/USD showed some intraday volatility, but at the end of the day the changes limited.
German Chancellor Angela Merkel gave her annual press conference yesterday where she addressed the future of the Eurozone and made the unlikely claim that her “heart bleeds” for the suffering in Greece. Merkel urged European leaders to join together in order to increase political coordination across the region and stated that peripheral states must continue with the harrowing task of economic reform to help balance the Eurozone economy.
EUR/USD drifted lower during the morning trade in Europe, on limited profit taking after last week’s strong rally. Even so, the first ‘setback’ attracted very soon new buying interest.
This morning rumors had the EUR moving higher. The economic sentiment improved from -25.5 to -18.2 (consensus of -19.0), but current situation is much weaker, from 18.2 to 12.6 (consensus of 17.7). The ZEW survey points out a big change in EMU’s economic sentiment, rising from -21.2 to -3.8 in September. The EUR/USD is now falling again, towards its daily lows as we move to the US session where the calendar gets somewhat interesting.
Eventually there is no clear signal for this pair
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