WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Forex:  Euro Rallies to 1.1200 against U.S. Dollar in Thin Easter Monday Market

Posted by Chris Advincula on Mar 28, 2016 9:28:49 AM

EURUSD: (Mar 28 Monday) The euro recovers from the intraday low of 1.1153 and rallies to 1.1197 (+44 pips) benefiting from the pullback of the US dollar after the release of the US Feb International Trade in Goods which widened to $62.9 bln versus $-62.2 bln in Jan. (forecast -$62.5B). Earlier in Asia the euro gained support from the EURJPY. Trading is thin as Europe is closed for the Easter Monday holiday. The US dollar however, continues to display an overall firmness after Friday's better than expected final revision of the 4Q US GDP and St. Louis Fed President Bullard's comment; "Rate hike possible in April of June". The next market focus today would be the Fed Chief Yellen speech at the NY Economic Club at 15:30 GMT.

GBPUSD: The pound displayed a good rebound from the Asian low of 1.4120 to the NY high of 1.4236 (+116 pips) in a thin Easter Monday market. The pound rallied to the high of 1.4236 from 1.4160 following the wider than expected US Feb Trade data. In addition to this, GBPJPY gave additional support which rose to 161.30 from 159.45 (+185 pips) while the japanese yen weakened.

USDJPY: The yen initially weakened against the dollar and the major currencies as the US dollar gains in the prior Asian session.  The US yields are holding firm from Friday. However, the 113.65 high on the chart is unsustainable. A correction pullback took the rate lower from 113.55 to 113.25 following the wider than expected US Feb Trade data. Market thin in the absence of European counterparts.

AUDUSD: The australian dollar was bid from the start of the prior Asian session moving up from the low of 0.7485 to the 0.7548 high on the intraday chart. A little boost from the USD Feb Trade data.The AUDJPY cross has given support to the aussie as the cross rose from 84.65 to 85.60 as the yen fell. WTI Oil looking firm at the $40-39.60 level.


Topics: Forex Fundamentals, Europe, EURUSD, GBPUSD, USDJPY, AUDUSD


Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

Browse our frequently asked questions and find your answers right away.

Access to the educational lessons, webinars and platform walkthroughs.


Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!