Interbank Exchange Rates Overnight/Morning Ranges:
Foreign Exchange Rates EUR/USD 1.2969-1.3020
Foreign Exchange Rates GBP/USD 1.5408-1.5472
Foreign Exchange Rates GBP/EUR 1.1872-1.1909
The first week of the year has seen a healthy gain for the USD, supported by stronger economic data. Today, the all important non-farm payroll data should show a strong increase. We open around a major technical support level of €/$ 1.3000, a solid close below here would target €/$ 1.27+ levels in the coming week(s). Still very much of a negative sentiment towards Europe on sovereign debt and banking concerns. However, with the speculative market long of USD’s anything below expectations on the job data today could see a healthy correction first (weaker USD).
The Pound did very well against the Euro also after ignoring the surprise weaker UK service PMI data yesterday. The weather conditions played a massive part in this down turn. Sterling is drifting lower against the stronger USD (next support $ 1.5400), however now above yesterday’s resistance of € 1.1850. Potential target now of € 1.20+.
EUR/USD currently 1.2980. Support 1.2700, resistance 1.3000.
GBP/USD currently 1.5535. Support 1.5400, resistance 1.5700.
GBP/EUR currently 1.1890. Support 1.1850, resistance 1.2100.
Oil $ 88.6 Gold $ 1366
Dow -0.2% FTSE -0.1% Nikkei +0.1%
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