Familiar ranges for EUR/USD as it reacts to the news-flow on an intraday basis but maintains familiar ranges. Central banks have the market surrounded, trading the edges of the ranges, as Sean would say.
On the news front, a sharp slump in German exports is a worrying sign while news that Greek and Spain seem to be consolidating budgets as touted is supportive.
Keep an eye on the 10 and 21 day moving averages on the charts today; many black box funds use these averages to follow trends. A bullish cross (the 10-day rising above the 21 day) is possible, which could trigger fresh buying…
On the data front, we get wholesale inventory data, usually not a market mover. These days, it is important for its GDP impact as inventory adjustment has been the main driver of US growth of late…Rising inventories translates into rising GDP…
