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Forex: EUR/USD above 1.3550 ahead of ECB

With the ECB ahead, investors are pushing the EUR/USD higher on the day, currently topped at 1.3578 and quoting at 1.3550 as of writing. On the downside, the 1.3500 held up nicely on the Asian session and the European morning rally was supported by the opening price, at 1.3521.

Spain just sold 5-year bonds at an average yield of 4.123% and 2-year debt at 2.823%. The annualized Spanish industrial output came in higher, from -7% (revised from -7.2%) to -6.9% in December.

The French trade deficit with the EU widened from €-4.3B to €-5.3B in December, instead of narrowing slightly to €-4.2B as expected. Both imports (€43.137B) and exports (€37.788B) increased.

“Penetration through 1.3500 and more significant 1.3458, would open way towards next strong support area at 1.3400, near 50% of 1.3073/1.3710”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to clearance of 1.3600 as required to improve near-term tone and shift focus higher.

France 10-y Bond Auction increase to 2.3% from 2.07%

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