After having a strong recent rally the EURO/USD pair is now showing weakness. Technical supports 1.4640 and 1.4610. This morning the EUR has dropped from its open of 1.4711 and is now currently at the 1.4658 level. Technical supports now at 1.4675/80 and 1.4640, resistance 1.4710/15, 1,4730 and 1.4770. Cable is showing further weakness today, currently around the 1.6161 level. Cable supports now 1.6180 and 1.6150. Some of the fundamentals than continue to weigh on sterling are, the Public finances, further QE expected soon, a move to cut deposit rate paid on bank reserves held at Bank of England expected soon, there is increasing talk of Sterling being used as carry trade currency and the ongoing banking sector woes. The JPY/USD pair on the other hand is showing strength, well above its open and currently hovering around the 92.11 level.
Due for release today there is the USD leading indicators, NZD Current Account Balance, NZD Current Account Deficit.
By Greg Secker
“That’s it for this article begin to read your blog. Plus one subscriber.