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Crucial US Data Awaited

While keeping its monetary policy unchanged, the ECB upgraded their economic growth outlook yesterday. However, with Euro zone economic data still failing to inspire confidence, it remains to be seen if the central bank manages to attain its targets. In the midst of the British economic recovery gaining traction, the BoE is finding it increasingly difficult to convince markets that an interest rate hike is a distant prospect.

The Euro strengthened against its counterparts yesterday after the ECB, rather surprisingly, decided to keep its monetary policy unchanged, while also upgrading the currency bloc’s growth outlook for 2014. The ECB forecasted the Euro zone economy to expand by 1.2%, higher than the 1.1% growth it had projected at the end of last year. However, the central bank downgraded the region’s inflation outlook, adding to fears of deflation in the currency bloc and highlighted that risks to economic outlook persists on the downside. Meanwhile, the single currency’s gains were limited later in the day following the release of positive economic data from the US.

Key Economic Events

UK Consumer Inflation Expectations
US Average Hourly Earnings All Employees
US Change in Non-farm Payrolls
US Change in Private Payrolls
US Trade Balance
US Unemployment Rate
Germany Industrial Production
France Trade Balance
France Budget Deficit

Interbank Exchange Rates (09:00)
GBP 1.2080 1.6758 13.005 1.8384
EUR 0.8279 1.3874 10.766 1.5220
USD 0.5970 0.7205 7.7605 1.0969

Interbank Exchange Rates (09:00)
1.8414 17.777 10.004 10.703 1.4721
1.5244 14.716 8.2902 8.8609 1.2188
1.0988 10.607 5.9710 6.3870 0.8785

Exchange Support Levels
GBP/USD Support 1.6688 1.6640 1.6596
GBP/EUR Support 1.2029 1.1984 1.1907
EUR/USD Support 1.3762 1.3665 1.3611

Exchange Resistance Levels
GBP/USD Resistance 1.6780 1.6824 1.6872
GBP/EUR Resistance 1.2151 1.2228 1.2273
EUR/USD Resistance 1.3913 1.3967 1.4064

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