EURUSD dropped yesterday and closed at 1.3515. The European Central Bank Governing Council Christian Noyer warned about the risks of a prolonged inflation in the Euro area and projected a possible longer period of low or even lower interest rates. With the lack of news from the Eurozone today the trading trends on the market are expected to be determined by the economical releases from the United States. Investors are looking forward for the Building Permits and the CB Consumer Confidence releases due later today. Support for the EURUSD is seen at 1.3453 and resistance is seen at 1.3557. The HotForex Traders Board shows that 64 percent of the traders are short on the EURUSD.
GBPUSD
The Cable dropped yesterday and closed at 1.6153. The Mortgage Approvals in the United Kingdom dropped to a level of 42.8K in October. Market had expected a rise to a level of 45.2K. In an interview for Bloomberg Television Adam Posen – policymaker at Bank of England warned that the UK government program to help first time home buyers may create a bubble in the housing market. Support for the GBPUSD is seen at 1.6142 and resistance is seen at 1.6236. The HotForex Traders Board shows that 76 percent of the traders are short on the GBPUSD.
EURUSD trading sideways after Christian Noyer warned for possible extended period of low rates from ECB.
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