EURUSD rose yesterday and closed at 1.2905. The President of the Saint Louis Federal Reserve James Bullard stated that the low level inflation will prevent the United States Federal Reserve from tapering its asset purchase program. On the other hand the President of the New York Federal Reserve William Dudley stated that the uncertain economic outlook makes it difficult to tell if the Federal Reserve increases or decreases its bond buying program. In Europe the Bundesbank indicated in its monthly report that Germany avoided recession in the first quarter of 2013. Investors are now focused on the speech of the Chairman of the United States Federal Reserve Ben Bernanke and the FOMC Meeting Minutes due later today. Support for the EURUSD is seen at 1.2843 and resistance is seen at 1.2954. The HotForex Traders Board shows that 52 percent of the traders are short on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.5152. The Consumer Price Index in the United Kingdom came out worse than the market expectation at a reading of 2.4 percent in April. The Retail Sales month over month data released today indicated a drop of 1.3 percent in April. Support for the GBPUSD is seen at 1.5086 and resistance is seen at 1.5189. The HotForex Traders Board shows that 76 percent of the traders are long on the GBPUSD.
EURUSD trading near the 1.2950 mark. FOMC Meeting Minutes on tap.
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