Yesterday the pairing declined at the start of the trading session and in turn went sideways for the rest of the trading session. Demand for the euro continued to be underpinned after the European Central Bank left policy unchanged last week, despite the low inflation outlook for the euro zone, dampening expectations for further monetary easing. From the point of view of economic calendar and influential figures on EUR / USD, the day will be rather light today, like yesterday’s. Forex traders will however monitor the following economic indicators: Today’s focus is on Germany Current account and Trade balance, Italy GDP, and U.S. Wholesale inventories, at 7.00am, 9.00am, and 2.00pm (GMT) respectively. Today EUR/USD has a support of 1.3725 and a resistance of 1.3892
For the 24 hours to 23:00 GMT, GBP fell 0.55% against the USD and closed at 1.6638, after the Bank of England (BoE) member, Charlie Bean stated that a further appreciation in the British Pound would interfere with the nation’s efforts to stimulate exports and restore the health of the economy. Additionally, he further stated that the interest rates in the nation would rise gradually to 2%-3% level in the medium term. Market participants keenly await UK’s inflation report hearing, industrial production, manufacturing production and NIESR’s GDP estimate, slated for release later today. Meanwhile, BoE Governor, Mark Carney’s testimony to lawmakers, later today would put light on the recent controversies revolving around alleged foreign exchange rate fixing, wherein the Governor would defend the integrity of the central bank. Financial events to look out for today are the Inflation Report Hearings, Manufacturing Production m/m and Industrial Production m/m all at 9.30am (GMT) and JOLTS Job Openings at 2.00pm (GMT). The pair is expected to find support at 1.6600 and resistance at 1.6700
Not many U.S. economic reports are scheduled for release in the first half of the week but it will be a busy one in Japan and this could create the unique situation where Japanese fundamentals actually drive movements in the pairing. The Bank of Japan held rates at a monetary policy announcement and while no quantitative easing change was expected, there was a small but realistic chance that it would increase stimulus. Since the start of the year, there have been many signs that Japan’s recovery is slowing. Today USD/JPY has support of 102.90 and resistance of 103.75.
March 11, 2014 – Forex News
Hot Asset For Today: GBP/USD
Yesterday the pairing declined at the start of the trading session and in turn went sideways for the rest of the trading session. Demand for the euro continued to be underpinned after the European Central Bank left policy unchanged last week, despite the low inflation outlook for the euro zone, dampening expectations for further monetary easing. From the point of view of economic calendar and influential figures on EUR / USD, the day will be rather light today, like yesterday’s. Forex traders will however monitor the following economic indicators: Today’s focus is on Germany Current account and Trade balance, Italy GDP, and U.S. Wholesale inventories, at 7.00am, 9.00am, and 2.00pm (GMT) respectively. Today EUR/USD has a support of 1.3725 and a resistance of 1.3892
For the 24 hours to 23:00 GMT, GBP fell 0.55% against the USD and closed at 1.6638, after the Bank of England (BoE) member, Charlie Bean stated that a further appreciation in the British Pound would interfere with the nation’s efforts to stimulate exports and restore the health of the economy. Additionally, he further stated that the interest rates in the nation would rise gradually to 2%-3% level in the medium term. Market participants keenly await UK’s inflation report hearing, industrial production, manufacturing production and NIESR’s GDP estimate, slated for release later today. Meanwhile, BoE Governor, Mark Carney’s testimony to lawmakers, later today would put light on the recent controversies revolving around alleged foreign exchange rate fixing, wherein the Governor would defend the integrity of the central bank. Financial events to look out for today are the Inflation Report Hearings, Manufacturing Production m/m and Industrial Production m/m all at 9.30am (GMT) and JOLTS Job Openings at 2.00pm (GMT). The pair is expected to find support at 1.6600 and resistance at 1.6700
Not many U.S. economic reports are scheduled for release in the first half of the week but it will be a busy one in Japan and this could create the unique situation where Japanese fundamentals actually drive movements in the pairing. The Bank of Japan held rates at a monetary policy announcement and while no quantitative easing change was expected, there was a small but realistic chance that it would increase stimulus. Since the start of the year, there have been many signs that Japan’s recovery is slowing. Today USD/JPY has support of 102.90 and resistance of 103.75.
Related Posts: