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Forex: EUR/USD shoots above 1.3100

FXstreet.com (Barcelona) - The EUR/USD embraced the upside and moved above the 1.3100 handle, reaching as high as 1.3114 for now, as European investors go for lunch and the market prices in expectations ahead of the US data, including the CPI report, Housing Starts and Industrial Production. “We expect headline CPI to rise by +0.1%/mth, following the chunky +0.7% rise the month before. On an annual basis, favorable base effects lower the rate from 2.0% to 1.7%/yr (mkt 1.6%)”, wrote TD Securities analyst Annette Beacher, expecting also a relatively subdued Core CPI, at +0.2%/mth and 1.7%/yr (mkt 2.0%).

It’s been reported that the French government may be targeting an average GDP growth of 2% over 2015/2017.
According to Fxbriefs.com analyst Peter Jackson, Philadelphia Fed’s Plosser said he would be uncomfortable saying the Fed won’t engage in asset sales, but he would like to see it happen in an eventual exit from the current Fed stimulus program and the central bank should return to use Fed funds rate as the policy instrument. Also, he wishes to shrink the balance sheet as well as short the duration of our portfolio in all treasuries.

“The outlook here remains bearish, for a slide towards 1.2950 support area and initial intraday resistance is projected at 1.3109”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor intraday support at 1.3020.

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