EURUSD dropped yesterday and closed at 1.2920. The German ZEW Economic Sentiment came out lower than the market expectation at a reading of 36.4 in May. The Industrial Production month over month in the Eurozone rose 1.0 percent month over month in March. Yesterday the ratings agency Fitch Ratings upgraded the sovereign rating of Greece by one notch to “B-“ with a “Stable” outlook. Investors are now awaiting the Flash GDP data due from the Eurozone and the PPI data due from the United States later today. Support for the EURUSD is seen at 1.2886 and resistance is seen at 1.2994. The HotForex Traders Board shows that 69 percent of the traders are long on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.5208. The CB Leading Index month over month in the United Kingdom came out in line with the market expectation at a reading of 0.4 percent in April. Investors are now awaiting the BoE Inflation Report and the speech of the Governor of Bank of England Sir Mervyn King. Support for the GBPUSD is seen at 1.5203 and resistance is seen at 1.5326. The HotForex Traders Board shows that 76 percent of the traders are long on the GBPUSD.
EURUSD continues its lower move. PPI data from the United States on tap.
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