Coming Up Today (all times GMT)
Talks about a possible restructuring of the Greek debt have contributed to temper the bullish bias on the euro. Yesterday, the EURUSD pair failed several times to cross the $1.4520 resistance line, as investors considered the potential effects that such repackaging could have on European banks. Also, French officials lowered their 2012 growth forecast from 2.5% to 2.25%, on concerns that inflation would dampen global consumer demand.
EURUSD Support/Resistance: 1.4410/1.4520
EURJPY Support/Resistance: 120.20/121.50
GBPUSD
For the three months to February 2011, UK unemployment rate surprisingly decreased from 7.9% to 7.8%, while the claimant count slightly rose by 700 in March. On the news, the pound sterling declined shortly to $1.6240, before rebounding and crossing the $1.6300 level. Looking forward, a clear break above the $1.6310 mark would open the way to further upside towards $1.6370 and $1.6400.
GBPUSD Support/Resistance: 1.6240 / 1.6370
EURGBP Support/Resistance: 0.8860 / 0.8900
USDJPY
Over the past days, several voices have indicated that the Federal Reserve would be well advised to avoid tightening its monetary policy too soon. This has contributed to some weakness in the US dollar and pushed the USDJPY below the ¥84.00 mark. Tonight, investors will be reviewing China’s Q1 GDP. If data shows a slowdown in growth, it could boost demand for safe haven and pushed the yen higher versus the dollar.
USDJPY Support/Resistance: 83.40 / 84.00
- G20 Meeting (All Day)
- USD - PPI & Weekly Jobless Claims (12:30)
- GAS - Weekly Inventories Report (14:30)
- CNY - CPI & Q1 GDP (02:00)
Talks about a possible restructuring of the Greek debt have contributed to temper the bullish bias on the euro. Yesterday, the EURUSD pair failed several times to cross the $1.4520 resistance line, as investors considered the potential effects that such repackaging could have on European banks. Also, French officials lowered their 2012 growth forecast from 2.5% to 2.25%, on concerns that inflation would dampen global consumer demand.
EURUSD Support/Resistance: 1.4410/1.4520
EURJPY Support/Resistance: 120.20/121.50
GBPUSD
For the three months to February 2011, UK unemployment rate surprisingly decreased from 7.9% to 7.8%, while the claimant count slightly rose by 700 in March. On the news, the pound sterling declined shortly to $1.6240, before rebounding and crossing the $1.6300 level. Looking forward, a clear break above the $1.6310 mark would open the way to further upside towards $1.6370 and $1.6400.
GBPUSD Support/Resistance: 1.6240 / 1.6370
EURGBP Support/Resistance: 0.8860 / 0.8900
USDJPY
Over the past days, several voices have indicated that the Federal Reserve would be well advised to avoid tightening its monetary policy too soon. This has contributed to some weakness in the US dollar and pushed the USDJPY below the ¥84.00 mark. Tonight, investors will be reviewing China’s Q1 GDP. If data shows a slowdown in growth, it could boost demand for safe haven and pushed the yen higher versus the dollar.
USDJPY Support/Resistance: 83.40 / 84.00
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