OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/USD keeps falling, around 1.2975/80

FXstreet.com (Barcelona) - The shared currency remains in weekly lows in the area of 1.2975/80 as negative sentiment from the poor manufacturing data continues to weight on the cross.
The well-received Spanish auction of 3-month Letras, with lower yields and solid demand in combination with the wider trade surplus in Italy did nothing to spark a recovery in the cross.

In anticipation of the PMI prints, Currency Analyst Lee Hardman at BTMU commented, “They are expected to signal that recessionary conditions have extended into Q2 dampening expectations that the euro-zone economy will rebound in the second half of 2013”.

At the moment, the cross is down 0.66% at 1.2979 an d a dip beyond 1.2972 (MA21d) would aim for 1.2963 (low Apr.8) en route to 1.2936 (MA200d).
On the upside, resistance levels are located at 1.3085 (high Apr.23) ahead of 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).

Spain 1Q House Price Index (QoQ): -0.8% vs -2.2% (4Q)

Read more Previous

Spain might get EU deficit target extension

The EU signalized on Tuesday that Spain might be granted two more years to reach the deficit target. Additionally, the President of the European Commission José Manuel Durão Barroso said yesterday that 2013 deficit targets for other EU countries could also be eased.
Read more Next
Start livechat