Thursday, May 26, 2016

Forex - EUR/USD, USD/JPY Flows: G7 leaders appear to disagree on the risks to growth and exactly how to respond

WSJ Leaders of the Group of Seven leading industrialized nations talked about ways to stoke the global economy, but appeared to disagree on the risks to growth and exactly how to respond. U.S. President Barack Obama said G-7 leaders spent significant time during their meetings Thursday discussing the global economy and the "need to continue to accelerate growth." Mr. Obama noted the recovery taking place in the U.S. and some progress in the European economy, saying an agreement reached Wednesday on the Greek debt crisis should help. He said G-7 leaders "emphasized the importance of pushing back against either protectionism or competitive currency devaluations or the kind of beggar-thy-neighbor strategies that all too often end up leaving everybody worse off."

While his comments are pointed at Japan, they are relevant to the Europe as well, though EUR losses appeared to stall ahead of the 1.1100 handle, where MA support is sighted. Stop losses are seen below the big figure, though we do not expect them to be triggered anytime soon. On the upside, trend resistance is seen at 1.1200, but with offers looking increasingly tired, we expect prices to make a move towards the upside on the day. C.L


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Forex - EUR/USD, USD/JPY Flows: G7 leaders appear to disagree on the risks to growth and exactly how to respond Rating: 4.5 Posted by: Unknown

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