EURUSD rose yesterday and closed at 1.3532. The US dollar gave up ground against its European counterpart after the ADP Non-Farm Employment Change came out worse than the market expectations at a reading of 175K in January. The President of the United States Federal Reserve Bank in Philadelphia Charles Plosser indicated that he expects the US economy to witness a 3 percent growth in 2014 and urged the Federal Reserve to speed up the tapering process. Denis Lockhart, the President of the Atlanta Fed highlighted the improving economic fundamentals of the economy in the United States and hinted the possibility for the QE tapering to end in 2014.
In a release today the European Central Bank left its Benchmark Interest Rate unchanged at 0.25 percent. Investors are now looking forward for the outcome of the ECB Press Conference due today and also the US Trade Balance and Unemployment Claims data.
Support for the EURUSD is seen at 1.3476 and resistance is seen at 1.3575. The HotForex Traders Board shows that 54 percent of the traders are long on the EURUSD.
ECB left the Benchmark Interest Rate unchanged. All eyes are focused on the ECB Press Conference now.
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