A day of continuing themes…
City Index November 14, 2014 7:45 PM
<p>Two common themes continue today, with GBP/USD falling 100 points so far as construction data disappoints, and a weak pound keeps on tumbling without any […]</p>
Two common themes continue today, with GBP/USD falling 100 points so far as construction data disappoints, and a weak pound keeps on tumbling without any support (currently trading just above 1.5600).
The other recurring theme of late is the yen weakness. After spending a couple of days touching seven-year highs of 116, it finally broke and has held out on the back of more reports that Shinzo Abe will delay the sales tax hike. Yen is currently trading just below 117.00.
The euro could have finally found a trend after sitting back for the last few days. It was all looking positive after some decent GDP data from Germany and France and signs the Eurozone is now growing. But this positive move was ended when the US core retail sales data and also the manufacturing sales data both came out better than expected. This gave the USD some strength and pushed the euro further down from its highs.
Supports 1.2400 1.2370 1.2350 | Resistance 1.2440 1.2465 1.2500
Supports 116.60 116.25 116.00 | Resistance 117.00 117.25 117.50
Supports 1.5580 1.5550 1.5525 | Resistance 1.5640 1.5670 1.5725
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