German trading increases

andres del risco

Conflicting Euro Signals

The Euro decided to ignore the positive German trade and current account balance report and declined against the US Dollar yesterday, as ECB policymakers continued to indicate that the central bank may still intervene to stimulate the Euro zone economy. The Euro came under pressure after ECB’s Vice President, Vitor Constancio, stated that markets might have overlooked some parts of the message announced last week, wherein the central bank announced its forward guidance taking into consideration the existing slack in the region’s economy.

He further added that the ECB remains prepared to use accommodative measures. Additionally, the Bank of Spain Governor, Luis Maria Linde, aired similar views in Madrid earlier today. However, the German economy continued to show signs of strength, as yesterday’s data showed a considerable pick up in the nation’s trade surplus.

Despite the single currency trading lower against the majors in today’s trading session, it's still making gains against sterling. Let's face it, that's all that most of you will be interested in anyway, and it's more good news for euro sellers. This is the best position we've had for quite a while and if you're still sitting on the fence - now's the time to get off it.

Key Economic Events

Interbank Exchange Rates (09:00)
GBP 1.1990 1.6607 12.893 1.8544
EUR 0.8340 1.3852 10.752 1.5465
USD 0.6022 0.7220 7.7636 1.1167

Support Levels
GBP/USD Support 1.6467 1.6544 1.6593
GBP/EUR Support 1.1861 1.1916 1.1954
EUR/USD Support 1.3821 1.3841 1.3858

Resistance Levels
GBP/USD Resistance 1.6719 1.6796 1.6845
GBP/EUR Resistance 1.2047 1.2102 1.2140
EUR/USD Resistance 1.3895 1.3915 1.3932

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