EURUSD rose yesterday and closed at 1.3134. Italy sold 4 billion Euro worth of 10 year debt at an average yield of 4.83 percent yesterday. The M3 Money supply in the Euro one rose 3.5 percent year over year in January. The GfK German Consumer Climate rose to a reading of 5.9 in line with the market expectations. On the other side of the ocean the Pending Home Sales in the United States rose 4.5 percent in January which is the highest level since 2009. During his speech yesterday the President of the European Central Bank Mario Draghi stated that the bank has no intention of tightening the monetary policy deployed to help the ailing Euro one economy. He also indicated that the financial markets in Euro- one are still not functioning well. Investors are focused on the Unemployment Claims due from the United States later today. Support for the EURUSD is seen at 1.3044 and resistance is seen at 1.3155. The HotForex Traders Board shows that 53 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5157. The Revised Gross Domestic Product in the fourth quarter of 2012 from the United Kingdom came out at a reading of -0.3 percent in line with the market expectations. The Total Business Investments in the UK fell to a reading of -1.2 percent in the fourth quarter of 2012. Trading trends on the pair today are expected to be determined by the GDP data and the Unemployment Claims due from the United States. Support for the GBPUSD is seen at 1.5069 and resistance is seen at 1.5219. The HotForex Traders Board shows that 73 percent of the traders are long on the GBPUSD.
EURUSD rose yesterday following the Italian bond auction. US Unemployment Claims on focus today.
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