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28 Mar 2013
Forex: EUR/USD back above 1.2800 after Cypriot banks re-opening
FXstreet.com (Barcelona) - After the release of German unemployment data and EMU money supply, the EUR/USD completed its European opening fall to 1.2755 low. Then, news of Cypriot bank re-opening with capital controls in place successfully have pulled the pair back to the 1.2800 mark.
PD’s Bersani meeting with Italian President Napolitano will also be eyed by investors as they look for news of a coalition or new elections. Italian economic minister Grilli dismissed rumors of a possible downgrade to Italy.
There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.
“The downtrend here is absolutely intact and current rebound above 1.2748 low should be considered corrective in nature, preceding next leg downwards, to 1.2700 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday resistance at 1.2820 and crucial on the upside is 1.2890.
PD’s Bersani meeting with Italian President Napolitano will also be eyed by investors as they look for news of a coalition or new elections. Italian economic minister Grilli dismissed rumors of a possible downgrade to Italy.
There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.
“The downtrend here is absolutely intact and current rebound above 1.2748 low should be considered corrective in nature, preceding next leg downwards, to 1.2700 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday resistance at 1.2820 and crucial on the upside is 1.2890.