EURUSD dropped yesterday and closed at 1.3187. The Flash Manufacturing Purchasing Managers Index in the Eurozone fell to a reading of 47.8 in February. The Flash Services Purchasing Managers Index fell to a reading of 47.3. In Germany the Flash Manufacturing PMI rose to 50.1 in February, but the Flash Services PMI fell to a reading of 54.1. On the other side of the ocean the Philly Fed Manufacturing Index in the United States dropped to -12.5. The Unemployment Claims in the US rose to 362,000. Yesterday the President of the Federal Reserve Bank of San Francisco John Williams urged the central bank to continue with its accommodative monetary policy well into the second half of 2013, in order to reach towards their mandated goals of maximum employment and price stability. Support for the EURUSD is seen at 1.3174 and resistance is seen at 1.3290. The HotForex Traders Board shows that 54 percent of the traders are long on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5249. The CBI Industrial Order Expectations in the United Kingdom rose to a reading of -14.0 in February. The National Statistics office in the UK reported that the Public Sector Net Borrowing showed a deficit of 9.9 billion Sterling in January. Support for the GBPUSD is seen at 1.5144 and resistance is seen at 1.5320. The HotForex Traders Board shows that 80 percent of the traders are long on the GBPUSD.
EURUSD dipped below the 1.32 level after weak European economic data. German Ifo Business Climate on tap.
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