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Weaker Australian GDP and nervous signs from Greece add to risk woes

Article By: ,  Financial Analyst
March 7, 2012 8:00 AM

EUR/USD

Range: 1.3105-1.3152
Support: 1.3070
Resistance: 1.3180

The market remains nervous on signs that Greece is struggling to muster the support needed for its debt swap deal with private creditors with the Thursday 8pm GMT deadline drawing closer. Today we see the release of the US ADP report that will give investors a chance to gauge the US non-farm payrolls release on Friday with ADP expectations today seen at +170k. The Asia market seems to have been in holding pattern overnight with rumoured barrier protection support seen at 1.3100.

GBP/USD
Range: 1.5713 – 1.5740
Support: 1.5640
Resistance: 1.5800

The pound continues to be at the hands of general US dollar strength and risk sentiment as we head towards the business end of the week as we await the BoE meeting tomorrow but more importantly the Greek PSI deal and the US unemployment data on Friday. The pound has stabilised towards 1.5700 overnight with support levels from mid February seen below 1.5650.
AUD/USD
Range: 1.0508-1.0573
Support: 1.0480
Resistance: 1.0650

The AUD traded to a six-week low overnight after Australian growth data fell short of expectations for Q4 GDP with a reading of 0.4% versus consensus of 0.8%. The AUD did rally 50 points in short covering after the 1.0500 level held firm despite the weak release but with the focus now on the Australian jobs data release tonight and a consensus for a rise of 5k in employment in February the market will test sub 1.0500 on any disappointment.

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