EURUSD rose yesterday and closed at 1.2932. The European Central Bank in its monthly bulletin indicated that the governments should continue to implement necessary measures to reduce both fiscal and structural imbalances. The International Monetary Fund wants to give Greece and Spain more time to reduce their budget deficits, cautioning that cutting too far, too fast would do more harm than good. The German Finance Minister, Wolfgang Schaeuble stated that the Eurozone governments would not share losses on Greek debt holdings. He also stated that finance chiefs from around the world meeting in Tokyo this week have acknowledged that Europe has made significant progress in overcoming the crisis of confidence in the single European currency. Support for the EURUSD is seen at 1.2835 and resistance is seen at 1.2988. The HotForex Traders Board shows that 54 percent of the traders are short on the EURUSD.
GBPUSD
The Cable rose yesterday and closed at 1.6044. The Office for National Statistics reported that the British economy got a mild boost from the money spent by overseas visitors to the country during the Olympic/Paralympic games, possibly helping it avoid a recession. According to it the average amount of money spent by Olympics visitors was 1,290 Sterling per person, almost twice as much as the average 650 Sterling spent by other visitors of the country. The Governor of Bank of England Mervyn King, stoked hopes of a fresh round of stimulus by indicating that central banks should be flexible with inflation targets. The MPC member, Martin Weale, stated that another round of QE may not be compatible with the BoEs inflation target. Support for the GBPUSD is seen at 1.5981 and resistance is seen at 1.6069. The HotForex Traders Board shows that 55 percent of the traders are short on the GBPUSD.
USDCAD
The pair dropped yesterday and closed at 0.9786. The New House Price Index in Canada rose 0.2 percent month a month, which was better than the 0.1 percent expected rise. Investors are awaiting the PPI m/m release from the United States today. Support for the USDCAD is seen at 0.9745 and resistance is seen at 0.9828. The HotForex Traders Board shows that 87 percent of the traders are long on the USDCAD.
Important releases and events
EUR: Industrial Production m/m
GBP: MPC Member Tucker Speaks
JPY: BOJ Gov Shirakawa Speaks
USD: PPI m/m; Core PPI m/m; Prelim UoM Consumer Sentiment; FOMC Member Lacker Speaks; Federal Budget Balance
GBPUSD
The Cable rose yesterday and closed at 1.6044. The Office for National Statistics reported that the British economy got a mild boost from the money spent by overseas visitors to the country during the Olympic/Paralympic games, possibly helping it avoid a recession. According to it the average amount of money spent by Olympics visitors was 1,290 Sterling per person, almost twice as much as the average 650 Sterling spent by other visitors of the country. The Governor of Bank of England Mervyn King, stoked hopes of a fresh round of stimulus by indicating that central banks should be flexible with inflation targets. The MPC member, Martin Weale, stated that another round of QE may not be compatible with the BoEs inflation target. Support for the GBPUSD is seen at 1.5981 and resistance is seen at 1.6069. The HotForex Traders Board shows that 55 percent of the traders are short on the GBPUSD.
USDCAD
The pair dropped yesterday and closed at 0.9786. The New House Price Index in Canada rose 0.2 percent month a month, which was better than the 0.1 percent expected rise. Investors are awaiting the PPI m/m release from the United States today. Support for the USDCAD is seen at 0.9745 and resistance is seen at 0.9828. The HotForex Traders Board shows that 87 percent of the traders are long on the USDCAD.
Important releases and events
EUR: Industrial Production m/m
GBP: MPC Member Tucker Speaks
JPY: BOJ Gov Shirakawa Speaks
USD: PPI m/m; Core PPI m/m; Prelim UoM Consumer Sentiment; FOMC Member Lacker Speaks; Federal Budget Balance
