The euro rocketed against the dollar to almost three week highs on Friday despite the fact that low inflation data has been the hot topic of considerable concern coming out of the Euro zone. One of the reasons for such an upward direction jump is the fact that sporadic comments were made by European Central Bank officials reiterating the fact that there is no sense of urgency to start buying bonds. On Saturday European Central Bank President Mario Draghi stated that further strengthening of the euro would require further monetary policy stimulus. This was seen by investors and traders as very much of a serious and influential statement which at the opening of today’s Asian session pulled back down the pairings sudden gains. The financial events to look out for today are Industrial Production m/m at 9.00am GMT, Core Retail Sales m/m and Retail Sales m/m at 12.30pm GMT. Today EUR/USD has support of 1.3830 and resistance of 1.3905.
GBP/USD
The pairing slid downwards on Friday amid positive reports released from the U.S namely Consumer sentiment and Core Producer Price Index. Also the decline of the pound came from data released in the U.K showing that construction output in February remained under pressure after a series of heavy rains that led to flooding in some parts of the country. Earlier last week the decision from the Bank of England to keep the rates unchanged has somewhat dampened demand for the pound. Earlier this morning, Rightmove reported that its index on the UK‘s house price hit a fresh record high, however significant gains have been absent so far. The financial events to look out for today are Retail Sales coming out from the U.S at 12.30pm GMT.Today GBP/USD has a support of 1.6620 and a resistance of 1.6780
USD/JPY
The dollar ended the trading session on Friday slightly lower against the Japanese yen. This was namely due to the fact Bank of Japan Governor Kuroda said earlier in the week that the economy can overcome a sales tax increase without further monetary policy measures to offset it. Also it is important to take note that the Federal Reserve minutes meeting released last Wednesday confirmed the dovish stance Fed chair Janet Yellen is taking, that an interest rate hike is unlikely to be warranted for quite a considerable amount of time. Looking ahead traders and investors will be focusing on comments by Fed Chair Janet Yellen and Bank of Japan Governor Kuroda to be made later in the week for direction in the pairing. The financial events to look for today are Retail Sales. Today USD/JPY has support of 101.40 and resistance of 101.75
April 14, 2014 – Forex News
Hot Asset For Today: EUR/USD
EUR/USD
The euro rocketed against the dollar to almost three week highs on Friday despite the fact that low inflation data has been the hot topic of considerable concern coming out of the Euro zone. One of the reasons for such an upward direction jump is the fact that sporadic comments were made by European Central Bank officials reiterating the fact that there is no sense of urgency to start buying bonds. On Saturday European Central Bank President Mario Draghi stated that further strengthening of the euro would require further monetary policy stimulus. This was seen by investors and traders as very much of a serious and influential statement which at the opening of today’s Asian session pulled back down the pairings sudden gains. The financial events to look out for today are Industrial Production m/m at 9.00am GMT, Core Retail Sales m/m and Retail Sales m/m at 12.30pm GMT. Today EUR/USD has support of 1.3830 and resistance of 1.3905.
GBP/USD
The pairing slid downwards on Friday amid positive reports released from the U.S namely Consumer sentiment and Core Producer Price Index. Also the decline of the pound came from data released in the U.K showing that construction output in February remained under pressure after a series of heavy rains that led to flooding in some parts of the country. Earlier last week the decision from the Bank of England to keep the rates unchanged has somewhat dampened demand for the pound. Earlier this morning, Rightmove reported that its index on the UK‘s house price hit a fresh record high, however significant gains have been absent so far. The financial events to look out for today are Retail Sales coming out from the U.S at 12.30pm GMT.Today GBP/USD has a support of 1.6620 and a resistance of 1.6780
USD/JPY
The dollar ended the trading session on Friday slightly lower against the Japanese yen. This was namely due to the fact Bank of Japan Governor Kuroda said earlier in the week that the economy can overcome a sales tax increase without further monetary policy measures to offset it. Also it is important to take note that the Federal Reserve minutes meeting released last Wednesday confirmed the dovish stance Fed chair Janet Yellen is taking, that an interest rate hike is unlikely to be warranted for quite a considerable amount of time. Looking ahead traders and investors will be focusing on comments by Fed Chair Janet Yellen and Bank of Japan Governor Kuroda to be made later in the week for direction in the pairing. The financial events to look for today are Retail Sales. Today USD/JPY has support of 101.40 and resistance of 101.75
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