EURUSD dropped yesterday and closed at 1.3055. The political uncertainty in Italy reduced the risk appetite among the investors. The Preliminary Consumer Price Index in Germany rose 1.5 percent year over year in February. Pushing the pair even lower the Unemployment Claims in the United States declined more than the market expectations reaching 344K. The President of the Federal Reserve Bank in Chicago Charles Evans, opined that the central back should not scale back the asset purchases program prematurely as this might undermine recovery. Evans also dismissed fears that the aggressive monetary policy stance adopted by the United States Federal Reserve would lead to asset bubbles. Support for the EURUSD is seen at 1.2989 and resistance is seen at 1.3106. The HotForex Traders Board shows that 60 percent of the traders are long on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.5169. However earlier in the session today the pair dropped sharply following the negative Manufacturing PMI data from the United Kingdom. Investors are now closely monitoring the ISM Manufacturing PMI from the United States and are also awaiting the speech of the Chairman of the United States Federal Reserve Ben Bernanke due on Saturday. Support for the GBPUSD is seen at 1.5015 and resistance is seen at 1.5144. The HotForex Traders Board shows that 83 percent of the traders are long on the GBPUSD.
EURUSD trading lower on worries about Italy. Canadian GDP data on tap today.
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