|09-04-2014, 01:10 AM||#1|
Pairs consolidate after Fed’s Beige Book
Currently throughout the US session the major pairs along with the dollar and the yen are consolidating so far mainly on pure technical and correctional after that the Federal Reserve’s Beige Book showed the U.S. economy gaining momentum in all regions in July and August.
In fact survey showed economic activity expanded in all twelve districts for the second straight time.
All 12 of the Fed`s regions reported growth. New York, Cleveland, Chicago, Minneapolis, Dallas and San Francisco characterized their growth as "moderate." The other districts reported somewhat slower expansion.
Now the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.3146 while recording the highest level of $1.3160 and lowest level of $1.3122, knowing that the pair may incline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators.
As for the British Pound, it is also consolidating on these correctional movements driving the GBP/USD pair to trade around $1.6460 while recording the highest level of $1.6497 and lowest of $1.6440 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor.
Finally, as a result of mixed signs and a weak dollar witnessed throughout the momentum indicators at different time charts the USD/JPY pair is falling slightly to trade around ¥104.77 while recording the highest level of ¥105.31 and lowest levels of ¥104.74.
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