Euro over 1.39 mark

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Euro Marches On

The Euro breached the 1.39 mark and climbed to the highest level in over two and half years against the US Dollar this morning. The rise in the common currency was aided by dovish comments made by an FOMC policymaker, advocating continuation of the Fed’s accommodative policy stance.

However, disappointing Chinese economic data released earlier today capped the Euro’s gains. Meanwhile, the ECB monthly report has indicated that the ECB continues to remain cautiously positive about the currency bloc’s economic prospects. Later today, investors in the Euro-US Dollar pair will keep a tab on a speech by the ECB President, Mario Draghi, for his views.

The Euro zone industrial production report, which showed a slightly better than expected rise in the region’s annual industrial output for January, adding weight to the ECB’s recent claims that the currency bloc’s economic recovery is gaining traction. The currency has therefore made further marginal gains against the pound and it remains an opportune time to be offloading euros.

Key Economic Events

Interbank Exchange Rates (09:00)
GBP 1.1939 1.6658 12.933 1.8364
EUR 0.8376 1.3953 10.833 1.5382
USD 0.6003 0.7167 7.7640 1.1025

Support Levels
GBP/USD Support 1.6576 1.6536 1.6506
GBP/EUR Support 1.1921 1.1892 1.1846
EUR/USD Support 1.3858 1.3813 1.3785

Resistance Levels
GBP/USD Resistance 1.6646 1.6676 1.6716
GBP/EUR Resistance 1.1996 1.2042 1.2071
EUR/USD Resistance 1.3931 1.3959 1.4004

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Euro over 1.39 mark

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