ECBs Nagel: Despite the middle east, the global economy remains in a growth trajectory
ECB’s Nagel is speaning and says:
- Despite tensions in the middle east, the global economy remains on a growth trajectory.
- Easing in core and services is good news and not seeing second-round effects
- He welcomes coordinated intervention on the JPY
- He expects consultations on future intervention measures
The USDJPY remains above its 100 day moving average at 160.01.
For the EURJPY, it has been trading above and below its 100 and 200 hour moving averages near 185.57 and 185.63. The converged moving averages are begging for the next a shove. On the downside, the 100 day moving average comes in at 185.099. Below that and the 100 and 200 hour moving averages on the 4 hour chart are near 184.85 in 184.76 followed by the 200 day moving average of 184.266. On a move higher, there is resistance between 185.93 and 185.03 (see red numbered circles)
Meanwhile ECB Simkus is also speaking and says:
- September hike is not going to be enough.
This article was written by Greg Michalowski at investinglive.com.