BoE minutes will be released at 9.30am

<p>  EUR/USD Range: 1.2240 – 1.2500 Support: 1.2300 Resistance: 1.2400 Better than expected GDP data from France and Germany yesterday caused the euro to add […]</p>



Range: 1.2240 – 1.2500
Support: 1.2300
Resistance: 1.2400

Better than expected GDP data from France and Germany yesterday caused the euro to add to its recent strength. Unfortunately any potential rally was reversed by far weaker than expected ZEW sentiment figures from Germany and the eurozone, as well as poor industrial production. During the Asian session, volumes were thin and the single currency was restricted to a very narrow range, hovering around 1.2320. Bank holidays today in France and Germany will only contribute to already thin volumes. No data due from Europe today.





Range: 1.5550 – 1.5775
Support: 1.5605
Resistance: 1.5700

So far it’s been a very subdued week for the British pound, which is attempting to break the significant level at 1.5720 but failing each time, condemning cable to a relatively narrow range. Today, however, at 9.30am we have BoE minutes and employment data, which could stir things up. The general expectation is a unanimous vote to maintain both the bank rate and asset purchase target. Analysts also expect the unemployment rate to come in at 8.1% and the claimant count to increase by 6.2k.




Range: 1.0400 – 1.0570
Support: 1.0435
Resistance: 1.0505

Eagerly anticipated US retail sales exceeded analysts’ forecasts yesterday at 0.8%, causing USD to strengthen. Gold took the brunt of the move, but JPY and AUD also suffered. Figures released overnight showed Australian consumer sentiment remained depressed in August. The Westpac Index fell 2.5% in August.



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