The EUR/USD is ranging today after climbing a bit yesterday in light of better than expected Euro area manufacturing data. Today, there will be more information coming out at 8:00GMT – most notably the German IFO Business Climate index, the German Business Expectations report, and German Current Assessment report. Furthermore, at 12:30 GMT, US Durable Goods data will be released. Thus, despite the coming of the weekend, we may see more movement later in the day. Now, however, we may see ranging in anticipation of all this potential activity. Look for support at 1.3437 and resistance at 1.3548.
USD/JPY
The USD/JPY went up yesterday after US Initial Jobless claims came out better than expected – giving the dollar a boost. Though Japan published higher than expected inflation number last night, the pair was not substantially affected and it has been ranging in a slightly downward direction since yesterday afternoon. For now, we can expect this activity to continue, at least until US data comes out later today. Look for support at 101.19 and resistance at 101.85.
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