Key Economic Data - Coming Up Today(All Times GMT+2)
The EURUSD has bounced back from 1.1097 to reach as high as 1.1295 as markets have initially shrugged off concerns of a Grexit. Syriza has maintained that the expectation for Greece to repay their national debt in full is unrealistic. The far-left party that has risen to power and aims to renegotiate its €240 billion debt with international lenders. The USD has strengthened against the CHF with the USDCHF rising more than 3% from 0.8768 to 0.9077 while the USDJPY remains above 118. The US Dollar is also strong against Gold with Gold having declined 2% and $25 this week as well as Crude Oil which is down below $45, trading at $44.86. The USD has strengthened across the board with the exception of the Euro and the GBP that have gained against the USD and made up significant ground on other currencies and Gold and Oil.
Coming up today big news in the GBP with UK Preliminary GDP on the agenda with expectations set for a slowdown in the rate of economic growth from 0.7% q/q to 0.6%. Also in the UK BBA Mortgage Approvals are set to shrink to 36.6k vs 36.7k last month and down from above 70k in 2008. Today we also have the ECOFIN Meeting in the Eurozone and the latest news suggest that Alexis Tsipras will officially request a write-down on the Greek debt at the next Eurogroup meeting in mid-February. Heavy economic data flow from the US this afternoon beginning with the Durable Goods and Core Durable Goods Orders with forecasts indicating growth in the both measures following contraction last month. The S&P CS HPI index is forecast to remain largely unchanged while Flash Services and CB Consumer are anticipated to strengthen adding to the ongoing recovery in the US economy. New Homes Sales have been strong in recent months and the trend is set to continue with an increase in the rate to 452k annualized. The Richmond Manufacturing Index concludes the data for Tuesday. In addition to the scheduled economic data, breaking news from Greece, Ukraine and the Middle East may move markets. There are several fundamental and geopolitical themes moving through financial markets in early 2015 and volatility is not be ruled out.
EURUSD Support areas include 1.13, 1.12, 1.1150 1.1250, 1.1200, 1.1175, 1.1100, 1.10, 1.0950. Resistance levels above are at 1.14, 1.15, 1.16,1.1650,1.1700, 1.1800, 1.1975, 1.2000, 1.2200, 1.2300, 1.2380, 1.2402.
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EURUSD Pivot Point Table