EURUSD dropped yesterday and closed at 1.3283. During the minutes of the Federal Open Market Committee’s latest monetary policy meeting revealed that many policymakers were worried about the costs and risks in continuing with monetary easing and were divided over the future course of the bond purchase program. During the meeting the market witnessed a sharp move lower on the EURUSD. The Producer Price Index in the United States rose 1.5 percent in January. The Building Permits rose 1.8 percent month over month in January. On the other side of the ocean the Producer Price Index month over month in Germany rose 0.8 percent in January. Looking ahead in the session we have series of high impact data due from the United States including the Unemployment Claims, the Existing Home Sales and the Philly Fed Manufacturing Index. 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 dropped yesterday and closed at 1.5231. The minutes of Bank of England revealed a split in the 9-member Monetary Policy Committee, with three members voting for more easing, including outgoing governor Mervyn King. Policymakers voted 6-3 to maintain the size of quantitative easing at 375 billion Sterling. The policymakers unanimously decided to leave the interest rate unchanged at 0.50 percent. The Claimant Count Change in the United Kingdom fell to -12.5K in January. Support for the GBPUSD is seen at 1.5144 and resistance is seen at 1.5220. The HotForex Traders Board shows that 81 percent of the traders are long on the GBPUSD.
EURUSD trading lower after the FOMC Meeting Minutes. US Unemployment Claims on focus of the investors today.
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