Data released:
06:45 GMT Switzerland Unemployment Rate s.a (MoM) (Jan) 3.2% 3.2% 3.2%
09:30 GMT EMU Sentix Investor Confidence (Feb) 13.3 10.7 11.9
The main currencies trades in their previous ranges before Federal Reserve Chairman Janet Yellen testifies in Congress tomorrow after a second month of softer jobs figures.
Yellen needs to provide more clarity about what forward guidance is going to look like? - experts noted. There is some uncertainty about how the Fed is going to approach monetary policy.
EURO
French industrial production declined 0.3% in December after climbing a revised 1.2% the previous month, according to Insee. Manufacturing production stagnated after rising 0.2% in November.
Germany raises 2014 GDP estimates to 1.75% from 1.7%. Also expects domestic demand to rise by 2.1% vs 1.9% prior while export growth of 4.1% vs 3.8%.
EUR/USD trades around $1.3640. The initial support remains at recent lows on $1.3480. Below support comes at $1.3400 (Nov 21 lows). Initial resistance comes at $1.3680.
POUND
A potential catalyst for the pound move lower this week is the Bank of England Quarterly Inflation Report on Wednesday. Many economists expect Governor Mark Carney to change the current forward guidance rhetoric and potentially lower the knockout criteria for a review on policy, since the UK unemployment rate has fallen more sharply than expected.
GBP/USD trades a bit higher $1.6400 . Now resistance comes at $1.6440 (Jan 30 lows) and $1.6520. The initial support comes at $1.6300 and $1.6250. Break below $1.6250 widens losses to $1.6200 (channel line from Oct 10).
YEN
The yen consolidates near session’s minimums even as Japan’s finance ministry said the nation’s current-account deficit widened to a record in December (¥-638.6B after ¥-592.8B).
USD/JPY currently gets closer to Y102.10. Initial support comes at Y101.20 (Feb 6 lows), then - at Y101.00. Above session high resistance comes at Jan 31 high on Y102.90/00, then - at Y103.40 (Jan 28 high).
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