Euro Currency Trading Flat

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Euro Trading Flat

The common currency closed nearly unchanged against the greenback and sterling on Friday, despite the release of weak German and Spanish inflation reports. German consumer prices eased more than expected, to their lowest level in more than three years, while Spanish inflation dropped at the fastest annual pace since October 2009 for March, thereby indicating that deflationary pressures continue to hamper the region’s economic recovery. Against this backdrop, today’s Euro zone inflation data, which is likely to show an annual easing for March, will be closely eyed by investors and might weigh on the Euro-US Dollar pair in the near term. In the wake of last week’s dovish comments by Mario Draghi and the subsequent weak German inflation numbers, it remains to be seen if the ECB resorts to using additional monetary policy measures in its meeting this week.

Meanwhile, the single currency is range bound against the US Dollar this morning. Data released earlier today showed that German retail sales unexpectedly climbed for February. Apart from the Euro zone inflation print, investors will also keep a tab on the US Fed Chief, Janet Yellen’s speech for further direction.

Key Economic Events

UK Hometrack Housing Survey

UK M4 Money Supply

UK Net Consumer Credit

UK Mortgage Approvals

US Chicago PMI

US Fed's Yellen Speaks at Development Conference in Chicago

US Dallas Fed Manufacturing Business Index

Eurozone Consumer Price Index

Interbank Exchange Rates (09:00)
GBP 1.2091 1.6633 12.904 1.8014
EUR 0.8272 1.3759 10.673 1.4901
USD 0.6012 0.7269 7.7575 1.0830

Support Levels
GBP/USD Support 1.6605 1.6574 1.6551
GBP/EUR Support 1.2068 1.2042 1.2013
EUR/USD Support 1.3713 1.3675 1.3645

Resistance Levels
GBP/USD Resistance 1.6659 1.6682 1.6713
GBP/EUR Resistance 1.2123 1.2152 1.2178
EUR/USD Resistance 1.3781 1.3811 1.3849

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Euro Currency Trading Flat

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