EURUSD dropped yesterday and closed at 1.2894. The European Central Bank warned that it would withdraw emergency aid from Cyprus if it fails to come up with a bailout plan by Monday. The ratings agency Standard & Poor’s lowered its long-term sovereign foreign currency credit rating on Cyprus to ‘CCC’ from ‘CCC+’ with a ‘Negative’ outlook, citing acute problems in the nation’s banking sector. Euro-zone’s preliminary manufacturing PMI dropped to reading of 46.6 in March adding to the pressure on the single European currency. On the other side of the ocean the Unemployment Claims in the United States came out at 336K which was lower than the market expectation of 343K. The Existing Home Sales in the United States rose 0.8 percent in February to an annual rate of 4.98 million. Support for the EURUSD is seen at 1.2855 and resistance is seen at 1.2963. The HotForex Traders Board shows that 56 percent of the traders are long on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5169. The Retail Sales month over month in the United Kingdom rose 2.1 percent in February. The Public Sector Net Borrowing rose to 4.4 billion in February. The CBI Industrial Order Expectations in the UK dropped to a reading of -15 in March. Support for the GBPUSD is seen at 1.5110 and resistance is seen at 1.5212. The HotForex Traders Board shows that 55 percent of the traders are short on the GBPUSD.
EURUSD dropped on worries about Cyprus. Light Economic Calendar today.
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