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Euro unchanged despite positive German retail sales data

Article By: ,  Financial Analyst
March 31, 2014 10:39 AM

A cautious start to the week, with very little movement so far. Australia posted new home sales at a near three-year high overnight but this hasn’t given the Aussie much lift so far as it slipped down after nearly breaking 0.9300 last week.

The Ukraine crisis is still an on-going battle, with the US holding talks with Russia but reports of a deadlock after ‘frank’ talks.

German retail sales were released this morning and came in much better than expected at 1.3%; the markets were expecting -0.3%. This failed to impress, however, and the euro has hardly moved. We seem to be at a standstill until the release of eurozone Flash CPI, expected to come in at 0.6%. This will be key today with the ECB suggesting that there is no risk of deflation. But the markets should be ready to act and negative rates are still a possibility. This data will help us to see which way the euro is heading.

This afternoon Canadian GDP data will be released, expected 0.4%, and Chicago PMI from the US, expected at 59.2.

Today we will also hear from Janet Yellen. The market will be listening for news of how the tapering is working for the US economy as data has been affected by the weather, clouding judgement on the actual recovery.

BoE’s Mark Carney will also hit the wires late into the evening session. More of the same as the market looks to hear of rate rise predictions.

 

EUR/USD

Supports 1.3740 1.3705 1.3680 | Resistance 1.3775 1.3800 1.3875

 

USD/JPY

Supports 102.60 102.40 101.75 | Resistance 103 103.25 103.75

 



GBP/USD

Supports 1.6615 1.6565 1.6480 | Resistance 1.6675 1.6720 1.6750

 

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