Unemployed in Spain falls

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Sluggish Euro

Yesterday’s upbeat European manufacturing PMI reports and Mario Draghi’s statement that the Euro zone economic recovery is on track did little to alter the “risk-off” sentiment prevalent in markets over the past two trading sessions.

This has dragged the common currency lower against the US Dollar, despite Euro zone manufacturing activity expanding for the eighth consecutive month for February, helped by a pick-up in almost all major economies in the currency bloc. Manufacturing activity in France also rose, but remained marginally in contraction territory for February.

In the wake of upbeat manufacturing numbers and last week’s positive inflation report, the ECB is likely to hold on to its policy stance in its meeting scheduled this week, despite Mario Draghi’s earlier comments that the meeting will prove crucial.

All-in-all it's the same old story of stagnation, though the single currency has strengthened marginally this morning amid renewed risk appetite in markets following reports of moderating tensions in Eastern Europe. Further, the Euro received a boost after data showed that the number of unemployed in Spain fell unexpectedly for February.

Key Economic Events

UK Markit Construction PMI
US Redbook Index
US ISM New York Index
US IBD/TIPP Economic Optimism Index
Eurozone Producer Price Index
Spain Unemployment Change
Greece Manufacturing PMI
Japan Labour Cash Earnings

Interbank Exchange Rates (09:00)
GBP 1.2148 1.6711 12.969 1.8647
EUR 0.8232 1.3755 10.676 1.5354
USD 0.5985 0.7270 7.7610 1.1162

Support Levels
GBP/USD Support 1.6628 1.6591 1.6530
GBP/EUR Support 1.2115 1.2097 1.2075
EUR/USD Support 1.3708 1.3682 1.3640

Resistance Levels
GBP/USD Resistance 1.6726 1.6787 1.6824
GBP/EUR Resistance 1.2155 1.2177 1.2195
EUR/USD Resistance 1.3776 1.3818 1.3844

Company Details

Unemployed in Spain falls

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