EURUSD rose on Friday and closed at 1.3792. During the weekend the European Central Bank Governing Council member Erkki Liikanen stated that the bank may still opt for an interest rate cut to support the weak economy in the Euro area. The Deputy President of ECB Vitor Constancio stated that the central bank would opt for other easing policies if needed, such as rate cuts, quantitative easing, negative deposit facility rates and targeted liquidity provision operations. In the United States the ratings agency Fitch Ratings affirmed its “AAA “ rating on the US with a “Stable” outlook.
Poor Manufacturing and Services PMI data released earlier today pushed the EURUSD lower. Investors are awaiting the outcome of the G7 Meetings taking place in the Hague.
Support for the EURUSD is seen at 1.3753 and resistance is seen at 1.3846. The HotForex Traders Board shows that 54 percent of the traders are short on the EURUSD.
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EURUSD trading lower on poor PMI data from the Eurozone
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