EURUSD dropped yesterday and closed at 1.2964. Data released yesterday
showed that the Gross Domestic Product in the Eurozone dropped 0.6 percent in
the fourth quarter of 2012. The United States dollar advanced against the Euro
after data release showed that the US private sector employment surged more
than the market expectation in February. The latest release of the Federal
Reserve Beige Book survey indicated that the US economy continued to expand at
a modest to moderate pace in January. This morning the ratings agency Standard
& Poors raised the credit rating of Portugal from “Negative” to “Stable”.
Investors are now focused on the Press Conference of the European Central Bank
due later today. Support for the EURUSD is seen at 1.2965 and resistance is
seen at 1.3065. The HotForex Traders Board shows that 58 percent of the traders
are long on the EURUSD.
GBPUSD
The
Cable dropped yesterday and closed at 1.5016. The Halifax House Price Index
rose 0.5 percent month over month in February. Later today the Bank of England
it’s scheduled to make its monetary policy announcement. A lot of investors are
speculating that the bank may restart its quantitative easing after stopping
its bond buying program in November 2012. This combined with the releases from
the United States is expected to bring high level of volatility on the pair.
Support for the GBPUSD is seen at 1.4970 and resistance is seen at 1.5045. The
HotForex Traders Board shows that 80 percent of the traders are long on the
GBPUSD.
*source : HotForex
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