EURUSD tests 38.2% Fibo resistance at 1.2871 level
The EURUSD is up testing the 38.% retracement of the move down from the August 6th high to the low on August 24th. That level comes in at the 1.2871 level. The high for the day reached 1.2872 minutes after the NFP report. A break above will target the 1.2900 level where the trendline off recent highs come in.
GBPUSD can’t conquer 38.2% retracement and comes back off
The price is back between the trendlines now and down toward the 200 day MA at 1.5427.
NYU Professor Roubini on the Wires
Roubini Says:
- US job data extremely mediocre
- Sees advanced economies growth below potential
- Eurozone growth ‘weak at best’
- U.S.; Japan both at risk of double dip recession
- Bumpy road for recovery
- Hopefully we can avoid the double dip recession
- Fiscal adjustment in spain ‘Not Enough’
- US economy slowing
- Any stimulus in the U.S. wouldnt be meaningful
- Sees fiscal drag next year of as much as 1.5% of GDP
Good Morning:
Euro Retail Sales m/m
The market had a limited reaction to worse than expected retail sales coming in at 0.1%; 0.3% survey and 0.0% prior reading.
