The #IronFX Midday Commentary by Marshall Gittler: The dollar traded near its opening levels against most of the other #G10 #currencies during Tuesday morning in #Europe, ahead of a number of US economic reports due out later in the day. It was slightly higher only against #EUR and #CHF. The only release worth mentioning this morning was the UK BBA mortgage approvals, which declined in April more than the market forecasts. The pound was trading slightly above its early morning levels ahead of the release and declined somewhat after the release to trade virtually unchanged. The bigger mover was gold. The precious metal declined almost 0.7% amid speculation that the election of Poroshenko as Ukraine’s president will ease tensions between its nation and Russia, reducing the appeal of the metal as a safe haven. #Gold fell below the lower boundary of the symmetrical triangle it was trading in. It is now heading towards the support level of 1280. A clear dip through that would confirm the break out of the formation and could see it fall towards the support of 1268. On the other hand, Russian #stocks retraced from a three-month high after Poroshenko vowed to step up military action against pro- Russian separatists in the east of the country. The ruble was also among the #EM losers this morning. The Turkish lira was the #2 loser among the EM currencies we track (behind the South African Rand), weakening the most in a week after a report showed that the nation’s consumer confidence fell in May. For more please visit: ironfx/en/research-and-analysis/market-analysis/intraday-comment
Posted on: Tue, 27 May 2014 10:36:29 +0000
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