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EUR/USD flirting with 1.1400 on European open

FXStreet (Edinburgh) - After hitting fresh multi-day tops near 1.1450 post-FOMC, EUR/USD has now returned to the 1.1400 neighbourhodd amidst renewed selling mood.

EUR/USD poised for consolidation

Market participants continue to digest the recent decision by the Federal Reserve to postpone the first rate hike after almost a decade for later in the year, with markets now pricing in around 30% of probabilities of a lift-off in October and just above 60% in December.

The dovish tone struck by the Committee surprised markets and has propelled spot to the mid-1.1400s, levels last traded in late August.

In the data space, EMU’s Current Account surplus is expected to come in at €21.3 billion during July, down from June’s €25.4 billion.

EUR/USD key levels

The pair is losing 0.21% at 1.1409 with the immediate support at 1.1390 (low Sep.18) ahead of 1.1284 (low Sep.17) and finally 1.1258 (low Sep.15). On the other hand, a breakout of 1.1441 (high Sep.17) would open the door to 1.1523 (high Aug.26) and then 1.1578 (high Aug.25).

Gold flat lined, fails to sustain above Nov 2014 high

Gold prices failed to sustain above the November 2014 high of USD 1132.90/Oz, following which the sideways action has continued throughout Asia and now in early Europe.
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Cameron Bagrie, Chief Economist at ANZ, notes that the NZ’s consumer confidence ship has steadied with the ANZ-Roy Morgan Consumer Confidence Index lifted 1 point in September from 109.8 to 110.8. This is well down versus the start of the year, but the level still suggests a steady course for the good ship HMNZ.
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