EURO rebounded as Fed comments of growing uncertainty in the U.S. PPI figures for the month of February came in on expectations at 0.6%. Looking ahead Retail Sales figure out of Europe will be key data with forecasts lying at 0.2% ECB president Trichet is scheduled to where markets are widely expecting a hawkish stance emphasizing the banks focus on fighting inflation. Euro is expected to have mixed for the day with lending support at 1.5540 and holding resistance at 1.5840 . Trading range is expected between 1.5590-1.5810 levels. Momentum holds upward and stochastic gives a caution signal for slight downward correction. Currency is trading well below the moving averages giving confirmation on the downtrend
Wednesday, April 2, 2008
Euro rebounded
EURO rebounded as Fed comments of growing uncertainty in the U.S. PPI figures for the month of February came in on expectations at 0.6%. Looking ahead Retail Sales figure out of Europe will be key data with forecasts lying at 0.2% ECB president Trichet is scheduled to where markets are widely expecting a hawkish stance emphasizing the banks focus on fighting inflation. Euro is expected to have mixed for the day with lending support at 1.5540 and holding resistance at 1.5840 . Trading range is expected between 1.5590-1.5810 levels. Momentum holds upward and stochastic gives a caution signal for slight downward correction. Currency is trading well below the moving averages giving confirmation on the downtrend
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