Mixed Euro Signals

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The single currency was somewhat volatile against the US Dollar yesterday, tracking disappointing domestic and mixed US economic data. The disappointing Euro zone and German ZEW economic sentiment data has darkened clouds over the region's economic outlook. The German economic confidence index dropped to the lowest level since August 2013, weighed down by the political insecurity in Ukraine which threatens to hurt economic recovery in Europe’s largest economy. However, the Euro reversed most of its losses against the greenback after Vladimir Putin assured the world that he has no intention of further splitting Ukraine. Additionally, the mixed US economic data further supported the common currency’s demand yesterday. Meanwhile, the German Constitutional Court confirmed the legality of the European Stability Mechanism, reinforcing a preliminary ruling made during the debt crisis in 2012.

The Euro is trading on a slightly weaker footing against the majors in today’s trading session. In the absence of decisive economic triggers across the Euro zone, the Euro-US Dollar pair is likely to take direction from the Fed monetary policy decision due later today.

Key Economic Events

UK Claimant Count Rate
UK Employment Change
UK Claimant Count Change
UK ILO Unemployment Rate
UK Bank of England Minutes
US MBA Mortgage Applications
US Current Account
US FOMC Economic Projections
US Fed Interest Rate Decision
Eurozone Construction Output

Interbank Exchange Rates (09:00)
GBP 1.1943 1.6624 12.902 1.8235
EUR 0.8372 1.3915 10.802 1.5268
USD 0.6019 0.7187 7.7638 1.0973

Support Levels
GBP/USD Support 1.6541 1.6490 1.6437
GBP/EUR Support 1.1885 1.1863 1.1826
EUR/USD Support 1.3894 1.3856 1.3832

Resistance Levels
GBP/USD Resistance 1.6645 1.6698 1.6749
GBP/EUR Resistance 1.1944 1.1981 1.2003
EUR/USD Resistance 1.3956 1.3980 1.4018

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