Deflation in currency

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Mario Deflated Over the Euro

The common currency weakened against the majors yesterday after the ECB President, Mario Draghi, renewed fears of deflation in the currency bloc, stating that the strength of the Euro has been pulling down the currency bloc’s inflation and that the central bank will not shy away from adding further stimulus measures to counter deflationary threats if required.

Against this backdrop, next week’s Euro zone consumer price inflation numbers will be keenly followed by market participants for further direction to risk appetite. Furthermore, positive economic data from the US and weaker than expected macro releases from China added to the Euro’s woes against its counterparts yesterday.

Key Economic Events

Interbank Exchange Rates (09:00)
GBP 1.1980 1.6618 12.905 1.8425
EUR 0.8346 1.3874 10.771 1.5381
USD 0.6017 0.7207 7.7641 1.1086

Support Levels
GBP/USD Support 1.6580 1.6536 1.6468
GBP/EUR Support 1.1942 1.1900 1.1870
EUR/USD Support 1.3818 1.3769 1.3694

Resistance Levels
GBP/USD Resistance 1.6692 1.6760 1.6804
GBP/EUR Resistance 1.2014 1.2044 1.2086
EUR/USD Resistance 1.3942 1.4017 1.4066

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