EUR/USD moved away from its 1-year lows yesterday afternoon as ECB sources denied that a decision has been taken for a monetary easing policy next week. Further to that, the same sources proclaimed that inflation figures about to be released today (German CPIs) and tomorrow (Eurozone CPIs) will be watched closely as fears that Eurozone is sliding towards deflation are still prominent. The Euro is now trading just above 1.32 to the U.S. Dollar having recorded a low of 1.3151 during yesterday’s early trading session. The resistance for this pair is now set at 1.3216 (today’s high) and the first support level, should the German CPIs disappoint later today, at 1.3151 (yesterday’s and 1-year lows).
EUR/GBP has consolidated for another day this week, just above 0.7950. The pair still looks quite bearish with the GBP attempting to recover from its recent selloff across the board. The next immediate support for the pair can be found at 0.7913 and below 0.7872 thereafter.
This morning at 07:55 GMT, German unemployment figures will be released and early this afternoon, August’s German inflation figures at 12:00 GMT. Lastly, the 2nd Quarter U.S. GDP figures will be released at 12:30 GMT. se of purchase or sale of any financial instrument.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
Euro higher as ECB sources disclaim new policy actions
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