EURUSD continues its lower drift. US Unemployment Claims data on focus today.

EURUSD dropped yesterday and closed at 1.2885. Data released yesterday showed that the gross domestic product in the Eurozone countries except Germany contracted in the first quarter of 2013. After that data speculations about another round of interest rates lowering or maybe even negative interest rates from ECB flooded the market. On the other side of the ocean the Industrial Production month over month in the United States dropped 0.5 percent in April. The Empire State Manufacturing Index dropped to a reading of -1.4 in May. Investors are now awaiting the Unemployment Claims data due from the United States today. Support for the EURUSD is seen at 1.2853 and resistance is seen at 1.2944. The HotForex Traders Board shows that 67 percent of the traders are long on the EURUSD.

GBPUSD

The Cable rose yesterday and closed at 1.5233. The Unemployment Rate in the United Kingdom dropped to 7.8 percent. The number of people claiming unemployment benefits dropped with 7.3K in April. In its inflation forecast the Bank of England indicated that it expected faster growth of the economy in the United Kingdom, but warned that the downside risks still prevail. Support for the GBPUSD is seen at 1.5203 and resistance is seen at 1.5326. The HotForex Traders Board shows that 75 percent of the traders are long on the GBPUSD.

EURUSD continues its lower drift. US Unemployment Claims data on focus today.