The USD is the strongest currency in trading today as Retail Sales data, Import prices and Univ. of Michigan consumer sentiment for November is awaited. The dollar is strongest against the JPY on back of continued speculation of sales tax delay.
The weakest currency is the JPY.
Strongest and weakest currencies as NY traders enter for the day.
The EUR is mixed after GDP in the EU came in at 0.2% vs 0.1% estimate. German GDP rose by 0.1% as expected. The prior quarter was revised to -0.1% from 0.2%. France GDP rose by 0.3% vs. 0.1% estimate but the prior quarter was revised to -0.1% from 0.0%. Despite the slightly better GDP data, the EURUSD is lower. The pair remains in a narrow trading range for the week (around 115 pips). The low came in at 1.23925 on Tuesday. The high at 1.2508 on Monday. The range since Wednesday has been 78 pips. I am still expecting more of a range extension. Yesterday, the topside was the direction of choice. There were two separate attempts to break higher with each failing. Today, the price has traded mostly below the 200 hour MA (green line at 1.24608), and is starting the NY session below the 100 hour MA (blue line) at the 1.24506 level. Stay below and the bears remain in control.
EURUSD remains in a narrow trading range.
