Forex News Traders

[Ataglance2]

Euro Outlook


04:32 GMT February 14th The EUR/USD opened in Asia around 1.4575 after a quiet US session that saw the EUR/USD recover from a low of 1.4530 that printed in the wake of better than expected US Retail Sales due to heavy EUR/JPY buying sparked by the subsequent rally on Wall Street. The EUR/USD fell to 1.4550 in early Asia when stronger than expected Japan GDP pushed the EUR/JPY from 157.75 to 157.35. There was good buying of EUR/USD at the lows and the EUR/USD drifted back between 1.4560/75 for the balance of the very quiet session.
Sentiment towards the EUR/USD is mixed with some analysts looking for the EUR/USD to track lower due to expectations of slower EZ growth and a relatively unresponsive ECB. Others feel that the likelihood of more aggressive Fed easing and a steady ECB will continue to underpin the EUR/USD. We will get a read on all of the above later today when GDP data is released in Europe followed by Bernanke"s testimony. A break below 1.4530 would end a four-day sequence of higher daily lows after the sequence of higher daily highs ended yesterday. This would suggest that the EUR/USD is ready to track lower once again.