Weather hits US dollar but pound heads for 2.5 year high
City Index February 14, 2014 2:55 PM
<p>The USD struggled yesterday after more bad weather hit its confidence and Washington offices closed as the snow moved in. The retails sales were released […]</p>
The USD struggled yesterday after more bad weather hit its confidence and Washington offices closed as the snow moved in.
The retails sales were released via online with little to be happy about: a shock drop related to bad weather, again, and a rise in unemployment left the SUD with a bid tone for most of the day.
A good week for the pound continues after GBP took advantage of the poor US data and headed for the two-and-half year high at 1.6667, which was met with a lot of resistance.
Today, there’s little data out from the US and GBP and we’re currently looking for stops above to perhaps get pushed through.
Data to look for today is mainly about the EUR GDP: the individual countries are being released before the whole euro area is released. So far the French and German GDP have both surprised to the upside.
The flash GDP for the EU is expected at 0.2% (an increase from 0.1% last month) and with the two big economy’s posting strong data this should be met or higher.
Supports 1.3665 1.3620 1.3570 | Resistance 1.3700 1.3740 1.3800
Supports 101.45 101.00 100.75 | Resistance 102.40 102.65 102.85
Supports 1.6620 1.6550 1.6480 | Resistance 1.6715 1.6750 1.6800