On Thursday, the EUR/USD stopped falling and corrected slightly upwards. The pair, which previously reached a 12-year low of 1.0495, returned above 1.0600. The price correction was supported by disappointing U.S. Retail Sales data which showed a decrease of 0.6% instead of an expected increase of 0.3%. However, despite a short increase, the pair still remained low which could suggest the bearish sentiment is not over.
Today at 12.30PM (GMT), U.S. PPI data will be released. The reading is expected to show an increase of 0.2% which would be the highest rate since November. At 2.00PM (GMT) the U.S. Prelim UoM Consumer Sentiment will also be released. If both pieces of data support the dollar, we may see the pair break through its strong support. The trend is sideways. Support is found at 1.0500and resistance at 1.0720.
The GBP/USD continued in a bearish trend despite positive U.K. Trade balance data. The movement was caused by the Governor of the Bank of England, Mark Carney, who stated that the evolution of the exchange rate would affect the decision regarding the interest rate increase. The pair dropped below 1.4900 and bounced off a support level at 1.4845 twice.
Today, traders should pay attention to the U.S. inflation data which will be released at 12.30PM (GMT). If the greenback strengthens, the pair could continue to drop. The trend is sideways. Support is found at 1.4845 and resistance at 1.5140.
March 13, 2015 – Forex News
Hot asset for today: EUR/USD
EUR/USD
On Thursday, the EUR/USD stopped falling and corrected slightly upwards. The pair, which previously reached a 12-year low of 1.0495, returned above 1.0600. The price correction was supported by disappointing U.S. Retail Sales data which showed a decrease of 0.6% instead of an expected increase of 0.3%. However, despite a short increase, the pair still remained low which could suggest the bearish sentiment is not over.
Today at 12.30PM (GMT), U.S. PPI data will be released. The reading is expected to show an increase of 0.2% which would be the highest rate since November. At 2.00PM (GMT) the U.S. Prelim UoM Consumer Sentiment will also be released. If both pieces of data support the dollar, we may see the pair break through its strong support. The trend is sideways. Support is found at 1.0500and resistance at 1.0720.
GBP/USD
The GBP/USD continued in a bearish trend despite positive U.K. Trade balance data. The movement was caused by the Governor of the Bank of England, Mark Carney, who stated that the evolution of the exchange rate would affect the decision regarding the interest rate increase. The pair dropped below 1.4900 and bounced off a support level at 1.4845 twice.
Today, traders should pay attention to the U.S. inflation data which will be released at 12.30PM (GMT). If the greenback strengthens, the pair could continue to drop. The trend is sideways. Support is found at 1.4845 and resistance at 1.5140.
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