EURUSD dropped after comments from ECB President Mario Draghi. Unemployment Claims data due from the United States.

EURUSD dropped yesterday and closed at 1.3010. The single European currency lost strength after the European Central Bank President Mario Draghi, highlighted downside risks to Eurozone’s growth and stated that the central bank would retain its accommodative stance for the foreseeable future. The Gross Domestic Product in the United States expanded less than the market expectation reaching 1.8 percent in the first quarter of 2013. Investors are now awaiting the Unemployment Claims release as long as the Pending Home Sales month over month report due from the United States. Support for the EURUSD is seen at 1.2997 and resistance is seen at 1.3149. The HotForex Traders Board shows that 58 percent of the traders are long on the EURUSD.

GBPUSD

The Cable dropped yesterday and closed `1.5312. The UK government announced big spending cuts in the feature and warned that the economy in the country is still weak. The UK Chancellor, George Osborne, stated that the government would make 11.5 billion Sterling in cuts for the financial year 2015-2016. Bank of England cautioned that sharp increase in global interest rates would be risky for banks and that the confidence in the nation’s financial system remains weak. Support for the GBPUSD is seen at 1.5261 and resistance 1.5345. The HotForex Traders Board shows that 67 percent of the traders are long on the GBPUSD.

EURUSD dropped after comments from ECB President Mario Draghi. Unemployment Claims data due from the United States.