Key Economic Data - Coming Up Today(All Times GMT+2)
The EURUSD sunk to a new nine year low falling sharply at concern over the anti-euro rhetoric of Greek Syriza Party leader on the weekend. Germany is said to be willing to allow Greece to exit the common currency and feels confident that enough firewalls have been put in place to withstand an exit by Greece. The Euro bounced back up to 1.1977 and is now trading at 1.1949. The GBPUSD fell to 1.5170 after closing on Friday at 1.5325 while the USD moved higher against the Swiss Franc, Canadian Dollar, Australian Dollar and Crude Oil. Gold has risen to $1200 as the market turbulence leads investors to seek a safe haven. Earlier this morning the Spanish economy showed 64.4k less unemployed persons than last month while Sentix Investor Confidence for Europe increased to 0.9%. Construction PMI in the UK fell from 59.2 last month to 57.6 in a sign that the UK economy could slow down following a building a and housing led resurgence of the economy over the past two years. Today markets await the German CPI data to gauge the extent of the deflation problem in the EU.
Coming up tomorrow EUR Final Services PMI and US ISM Non-Manufacturing PMI will set the tone in the fx markets and particularly in the EURUSD. On Wednesday US ADP Non-Farm Employment Change will prepare markets for main attraction on Friday. On Thursday GBP traders should look out for Official Bank Rate decision by the Bank of England. And on Friday the US and Canadian Non-Farm Payrolls plus the Unemployment Rate in will be released in respective countries.
EURUSD Support areas include 1.1925, 1.1900, 1.1850, 1.1800, 1.1750, 1.1650. Resistance levels above are at 1.1975, 1.2000, 1.2200, 1.2300, 1.2380, 1.2402, 1.2444, 1.2500.
EURUSD 5 Minute Chart
EURUSD 1 Hour Chart
EURUSD Pivot Point Table