Euro Glued to the Spot

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Euro Glued to the Spot

After trading in a tight range against the majors on Friday, the single currency managed to eke out minor gains against its major peers this morning, after the Sentix report just, out revealed that Euro zone investor confidence improved marginally for April. However, the prevalent threat of the region sliding into deflation will continue to prompt traders to take note of the prospect of the ECB adopting unconventional policy measures in the future. Against this backdrop, traders will remain wary of any possible surprises from the French and German inflation figures during the week. Additionally, media reports also indicated that the ECB ran a simulated test to assess the impact of asset purchases for countering deflationary pressures.

Meanwhile, date released earlier today showed that German industrial production increased more than anticipated for February, thus indicating that recovery is somewhat gaining momentum in the region’s largest economy. Later in today’s session, markets will keep a tab on comments from ECB policymakers to ascertain their views on deflationary pressures.

Key Economic Events

Interbank Exchange Rates (09:00)
GBP 1.2080 1.6570 12.852 1.7844
EUR 0.8279 1.3718 10.640 1.4772
USD 0.6036 0.7290 7.7563 1.0770

Currency Support Levels
GBP/USD Support 1.6552 1.6525 1.6499
GBP/EUR Support 1.2074 1.2051 1.2025
EUR/USD Support 1.3672 1.3641 1.3612

Currency Resistance Levels
GBP/USD Resistance 1.6605 1.6631 1.6658
GBP/EUR Resistance 1.2123 1.2149 1.2172
EUR/USD Resistance 1.3732 1.3761 1.3792

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Euro Glued to the Spot

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