Euro economic growth

mar bonnin palmer

Euro Range Bound

Today’s services PMI data across Europe has been mixed, with activity showing a more than expected deterioration in Germany and Italy, while France and Spain witnessed a faster than anticipated pace of expansion for March. As a result, the single currency is, once again, trading range bound against the majors in today’s trading session. In the wake of a recent spate of mostly downbeat macroeconomic data across the region, it will be interesting to monitor the ECB’s monetary policy decision followed by the press conference from Mario Draghi. Yesterday the IMF head, Christine Lagarde, urged the ECB to do more to combat low inflation in the region and warned that an easing inflationary trend could undermine the fragile global recovery. Also, market participants will closely monitor Euro zone retail sales data scheduled for release later in the session.

Yesterday's downward revision to the Euro area’s economic growth for the fourth quarter of 2013 did little to undermine the currency's position, as producer prices also fell at a faster than expected pace for February.

Key Economic Events

Interbank Exchange Rates (09:00)
GBP 1.2064 1.6651 12.917 1.8019
EUR 0.8289 1.3802 10.706 1.4935
USD 0.6007 0.7245 7.7575 1.0822

Currency Support Levels
GBP/USD Support 1.6604 1.6579 1.6542
GBP/EUR Support 1.2022 1.1989 1.1947
EUR/USD Support 1.3767 1.3742 1.3718

Currency Resistance Levels
GBP/USD Resistance 1.6666 1.6703 1.6728
GBP/EUR Resistance 1.2097 1.2139 1.2172
EUR/USD Resistance 1.3816 1.3840 1.3865

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Euro economic growth

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