The euro weakened for a fourth day against the dollar as a report showed consumer-price inflation in Germany’s Saxony region slowed this month, while Spanish prices unexpectedly declined.
The common currency dropped versus 13 of its 16 major counterparts amid speculation slowing inflation in the region will spur the European Central Bank to add stimulus.
The euro depreciated 1.5% in the past three months, the worst performer after the Canadian dollar, of 10 developed-nation currencies. The dollar dropped 1.2%, while the yen strengthened 2.1%.
EURO
Consumer-price inflation in Saxony slowed to 0.9% from a year earlier, from 1.2% in February, the German Statistics Office of Saxony said. Annual inflation in Germany as a whole probably cooled to 0.9% from 1%.
Spanish inflation, calculated using a European Union method, showed prices fell 0.2%from a year ago, the first decline since October 2009, after increasing 0.1% in February, the National Statistics Institute INE said.
EUR/USD remains under pressure. having pierced the initial support at $1.3750, below losses may widen to $1.3700. First bull’ targets is at Monday’s high on $1.3875 (initial resistance). Above bulls may target $1.3950 (Mar 17 highs) and $1.4000.
POUND
The pound eased after GDP data,.
UK GDP Q4 +0.7% q/q , +2.7% y/y
GBP/USD holds a bit higher earlier broken $1.6600. Above resistance comes at $1.6700, then - near $1.6785 (Mar 7 high). Below $1.6470 (trend support line from Nov 12’2013) losses may widen to $1.6420 and $1.6380.
YEN
The yen retains its positions.
USD/JPY remains above Y102.00. Below Y101.70 support comes at Y101.20 (Mar 14 lows). Initial resistance is around Y102.70. Above resistance is around Y103/40 and Y103/75 (Mar 7 highs).
DATA AHEAD
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