Euro/Usd weerstanden voor 15 feb. 2011

[Armijn]

Coming Up Today (all times GMT)
EUR - Q4 GDP Estimates (Germany @ 07:00 and Eurozone @ 10:00)
GBP - CPI y/y (09:30)
EUR - German ZEW Financial Survey (09:30)
USD - Retail Sales (13:30)
EURUSD

Monday, the euro declined below the $1.3500 support level to hit a three-week-low of 1.3427, before bouncing back. In the absence of significant data, investors chose to take some profits, after Portugal announced a 0.3% contraction of its Q4 GDP. Today, fourth-quarter GDP estimates will be released for key Eurozone members, most notably France, Germany and Italy. The significant wildcard will be the economic impact of bad weather conditions during the winter, a factor that has already been held responsible for the dip of UK growth in the fourth quarter.

EURUSD Support / Resistance: 1.3425/ 1.3590

GBPUSD

Today at 09:30 GMT, the Office for National Statistics will publish the CPI inflation figures for the month of January. As all market participants already assume that the figure will be well-above the 2% target, the focus will be to see by how much inflation figures will deviate from their objective. If inflation exceeds 4% annually, it could squeeze British households and lift their expectations of future inflation. Such situation could complicate the MPC strategy and force BoE members to raise the benchmark rate more aggressively to balance the risk of price instability.

GBPUSD Support / Resistance: 1.5990 / 1.6090

USDJPY

Today, the Bank of Japan left its monetary policy unchanged and indicated that the economic recovery is starting to stand on solid ground. This positive news had little impact on the yen, as investors welcomed cautiously the acceleration of China’s inflation in January (+4.9%). Technical wise, the USDJPY pair is moving in a narrow trading range (¥83.15 - ¥83.50). Traders will be following today the release of January's US retail sales to see if the pair can find further upside.

USDJPY Support / Resistance: 83.15 / 83.50