Euro Treads Thin

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The good old euro is trying its best to move forward after data revealed that the Euro zone’s largest economy expanded at the fastest annualised pace in the fourth quarter of 2013 since March 2012. However, as usual, gains have been limited following continued fears of deflation in the region. The European Commission (EC) upwardly revised its growth forecast for the 18-nation region to 1.2% for 2014, but also lowered its inflation forecast for this year to 1% and warned that debt levels in several peripheral countries will continue to rise. It's the teasing currency - giving with one hand and taking away with the other

The upshot is that we are largely where we were. It remains a good buyer's market, but the flip side is that anyone looking to offload the euro and waiting for the market to improve, could well be disappointed. In view of the above, it is looking increasingly doubtful whether the currency has the legs to advance significantly.

Interbank Exchange Rates (09:00)
GBP 1.2146 1.6694 12.952 1.8518
EUR 0.8234 1.3745 10.665 1.5249
USD 0.5991 0.7276 7.7585 1.1093

Support Levels
GBP/USD Support 1.6637 1.6596 1.6551
GBP/EUR Support 1.2108 1.2082 1.2057
EUR/USD Support 1.3717 1.3690 1.3665

Resistance Levels
GBP/USD Resistance 1.6723 1.6768 1.6809
GBP/EUR Resistance 1.2159 1.2184 1.2210
EUR/USD Resistance 1.3769 1.3794 1.3821

Key Economic Events

UK MPC Member Broadbent Speech
UK Total Business Investment
UK Imports & Exports
UK Gross Domestic Product
UK Index of Services
UK Private Consumption
UK Government Spending
US MBA Mortgage Applications
US New Home Sales Change

Company Details

Euro Treads Thin

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