Risk on Euro decreases

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Euro Zone Starts to show signs of Improvement

The Euro lost its early gains against the US Dollar in yesterday’s trading session. The brief rise in the Euro was a result of improved risk sentiment in markets following Russia’s pull out of its troops from Ukraine which underpinned demand for riskier assets.

In today’s trading session, the single currency has moved marginally higher against the US Dollar following the release of largely positive services PMI numbers from major Euro zone economies.

With manufacturing data released earlier this week also pointing towards improved activity, expectations of the economic recovery in the Euro Zone gaining traction this year has certainly strengthened.

Meanwhile, the Euro zone retail sales and the revised fourth quarter GDP numbers will keep Euro investors on their toes in the session ahead and sway trading sentiment in the common currency against the majors. Furthermore, investors will eye tomorrow’s crucial ECB monetary policy meeting which is likely to offer few surprises.

Key Economic Events

UK BRC Shop Price Index
UK Markit Services PMI
UK Official Reserves
US ADP Employment Change
US ISM Non-Manufacturing PMI
Eurozone Gross Domestic Product
Eurozone Markit Composite PMI
Eurozone Markit Services PMI
Eurozone Retail Sales
China HSBC Services PMI
China China Premier Li to Give 2014 GDP Growth Target to NPC

Interbank Exchange Rates (09:00)
GBP 1.2138 1.6681 12.949 1.8603
EUR 0.8240 1.3744 10.667 1.5326
USD 0.5996 0.7278 7.7605 1.1151

Support Levels
GBP/USD Support 1.6550 1.6594 1.6628
GBP/EUR Support 1.2046 1.2074 1.2098
EUR/USD Support 1.3652 1.3685 1.3714

Resistance Levels
GBP/USD Resistance 1.6706 1.6750 1.6784
GBP/EUR Resistance 1.2150 1.2178 1.2202
EUR/USD Resistance 1.3776 1.3809 1.3838

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