The euro ratified daily losses against the greenback on Friday. This was due mainly to the slump in sales of US homes which lead to greater concerns that the severe weather conditions, to a certain extent, may have hindered the growth of the US economy. EURUSD may be influenced today by two reports coming out of the euro-zone. The Consumer Price Index which measures changes in the price level of consumer goods and services purchased by households will be released at 10.00am GMT. Germany, which is the largest economy in the currency bloc, will publish its IFO Business climate index at 9.00am GMT. This is a key monthly survey which measures the business climate in Germany. Today EURUSD has support and resistance at 1.3685 and 1.3770 respectively.
The GBP ended the week lower against the dollar on Friday following a report disclosing that U.K. retail sales fell more sharply than expected in January, putting a rather large dampener on optimism over the economic recovery. The downward drop in the GBP came after official data showed that U.K. retail sales fell 1.5%. Earlier in the week, data showed that the U.K. unemployment rate unexpectedly ticked higher in the three months to December, reinforcing the view that the Bank of England is likely to keep interest rates on hold for some time to come. GBP/USD seems to be consolidating to the downside. The GBP/USD had a very sharp drop below the resistance level of 1.6670 and the next target for the pair would be the support level of 1.6600.
The USD closed the week higher against the yen on Friday amid expectations that the Federal Reserve will continue to reduce stimulus, while the Bank of Japan sticks to its quantitative easing program. The USD minimized its gains against the yen after a report showed that U.S. existing home sales fell by a larger-than-forecast 5.1% in January, dropping to an 18-month low. The report came in succession of other disappointing U.S. economic indications, as the severe winter weather impacted on economic activity. Today’s support can be found at 102.15 and resistance can be 102.90
February 24, 2014 – Forex News
Hot Asset For Today: EUR/USD
The euro ratified daily losses against the greenback on Friday. This was due mainly to the slump in sales of US homes which lead to greater concerns that the severe weather conditions, to a certain extent, may have hindered the growth of the US economy. EURUSD may be influenced today by two reports coming out of the euro-zone. The Consumer Price Index which measures changes in the price level of consumer goods and services purchased by households will be released at 10.00am GMT. Germany, which is the largest economy in the currency bloc, will publish its IFO Business climate index at 9.00am GMT. This is a key monthly survey which measures the business climate in Germany. Today EURUSD has support and resistance at 1.3685 and 1.3770 respectively.
The GBP ended the week lower against the dollar on Friday following a report disclosing that U.K. retail sales fell more sharply than expected in January, putting a rather large dampener on optimism over the economic recovery. The downward drop in the GBP came after official data showed that U.K. retail sales fell 1.5%. Earlier in the week, data showed that the U.K. unemployment rate unexpectedly ticked higher in the three months to December, reinforcing the view that the Bank of England is likely to keep interest rates on hold for some time to come. GBP/USD seems to be consolidating to the downside. The GBP/USD had a very sharp drop below the resistance level of 1.6670 and the next target for the pair would be the support level of 1.6600.
The USD closed the week higher against the yen on Friday amid expectations that the Federal Reserve will continue to reduce stimulus, while the Bank of Japan sticks to its quantitative easing program. The USD minimized its gains against the yen after a report showed that U.S. existing home sales fell by a larger-than-forecast 5.1% in January, dropping to an 18-month low. The report came in succession of other disappointing U.S. economic indications, as the severe winter weather impacted on economic activity. Today’s support can be found at 102.15 and resistance can be 102.90
Related Posts: