The EUR/USD continued to trade sideways. The pair first increased to 1.2490 as investors weighed the impact of lower oil prices. However, during the Asian session the pair reversed and dropped towards 1.2400 ahead of today’s EU inflation data. The CPI data will be released at 10.00AM (GMT). Before this, traders should pay attention to the German Preliminary GDP data which will be released at 7.00AM (GMT). German output is expected to rebound to 0.1% from last month’s figure of -0.2%. Fears of a recession in Germany could push the single currency below 1.2400. At 1.30PM (GMT) U.S. Retail Sales will be announced and could spur demand for the dollar if the figure is higher than the expected increase of 0.2%.
The movement is sideways. Support is found at 1.2360 and resistance is at 1.2500.
On Thursday, the GBP/USD broke through its support at 1.5750 and dropped to the current level of 1.5660. The pair dropped 300 pips within 2 days after the Bank of England cut the economic outlook. Despite stronger data, the Bank of England does not believe that inflation will reach the target of 2% during the next 6 months. Consequently, the likelihood of the UK increasing interest rates before the U.S. is very low.
Today, traders should watch the U.S. market; Retail Sales data will be released at 1.30PM (GMT). The trend is slightly down. Support is found at 1.5650 and resistance at 1.5750.
November 14, 2014 – Forex News
Hot asset for today: GBP/USD
EUR/USD
The EUR/USD continued to trade sideways. The pair first increased to 1.2490 as investors weighed the impact of lower oil prices. However, during the Asian session the pair reversed and dropped towards 1.2400 ahead of today’s EU inflation data. The CPI data will be released at 10.00AM (GMT). Before this, traders should pay attention to the German Preliminary GDP data which will be released at 7.00AM (GMT). German output is expected to rebound to 0.1% from last month’s figure of -0.2%. Fears of a recession in Germany could push the single currency below 1.2400. At 1.30PM (GMT) U.S. Retail Sales will be announced and could spur demand for the dollar if the figure is higher than the expected increase of 0.2%.
The movement is sideways. Support is found at 1.2360 and resistance is at 1.2500.
GBP/USD
On Thursday, the GBP/USD broke through its support at 1.5750 and dropped to the current level of 1.5660. The pair dropped 300 pips within 2 days after the Bank of England cut the economic outlook. Despite stronger data, the Bank of England does not believe that inflation will reach the target of 2% during the next 6 months. Consequently, the likelihood of the UK increasing interest rates before the U.S. is very low.
Today, traders should watch the U.S. market; Retail Sales data will be released at 1.30PM (GMT). The trend is slightly down. Support is found at 1.5650 and resistance at 1.5750.
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