USD retains strength against EUR, GBP and JPY; traders await US GDP estimate later in the day
City Index January 31, 2014 1:53 PM
<p>USD bid was the theme of the day yesterday. Even some weaker data releases weren’t enough to to stop the dollar from being very strong […]</p>
USD bid was the theme of the day yesterday. Even some weaker data releases weren’t enough to to stop the dollar from being very strong against EUR, GBP and JPY.
A steady GDP reading and the Fed keeping the faith in cutting QE and aiming to finish this year has all worked in its favour.
With little data out today to suggest any potential change in direction we could be on the same path as the month end approaches.
Today only data to note is the EU CPI flash expected at 0.9% previous 0.8%, could possible give the EUR some very needed stability after its fall yesterday.
The data releases today consist of mortgage figures from the UK along with confidence readings from Europe with the US session bringing the latest GDP estimate along with the weekly jobless claims and pending home sales data.
Supports 1.3540 1.3510 1.3460 | Resistance 1.3565 1.3600 1.3640
Supports 102.30 102.00 101.75 | Resistance 103.00 103.50 103.85
Supports 1.6440 1.6415 1.6400 | Resistance 1.6525 1.6570 1.6625
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