EURUSD dropped yesterday and closed at 1.3670. The Consumer Confidence in France rose to a reading of 86.0 in January. Following the positive tone the Consumer Confidence in Italy also rose to a reading of 98 in January. The Managing Director of the International Monetary Fund Christine Lagarde stated yesterday that the high unemployment and continue to be the top concern in the Eurozone and the region can find solutions by enhancing growth, through steps including reducing debt levels and completing the banking union.
The US President Barack Obama urged that he would work with the Congress in order to improve the US economy, calling for legislation on an immigration bill and minimum wage hike bill. Obama also added that the economy in the United States is showing more strength than at any time since the Great Recession began six years ago.
Investors are now looking forward for the outcome of the FOMC Meeting Minutes. Speculations for another round of 10 billion dollars taper of the bond-buying program of Fed are flooding the markets. Support for the EURUSD is seen at 1.3574 and resistance is seen at 1.3685. The HotForex Traders Board shows that 55 percent of the traders are short on the EURUSD.
EURUSD trading marginally lower ahead of the FOMC Meeting Minutes
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