Data released:
02:00 GMT China Trade Balance (Mar) $7.71B $0.90B $-22.98B
08:00 GMT EMU ECB Monthly Report
The dollar fell further against the euro Thursday after minutes from the Federal Reserve’s March meeting detailed risks that could keep interest rates depressed even after the first rate hike.
Speculation about whether higher rates could be in the cards for the first half of 2015 has been rampant since Fed Chairwoman Janet Yellen said after the March meeting the central bank may hike interest rates roughly six months after ending its quantitative-easing program.
EURO
The move higher in the euro was a combination of the Fed minutes and data, and the lack of further easing action from the European Central Bank last week.
EUR/USD recovers from overnight lows on $1.3830 with initial resistance comes at daily high on $1.3860/70, extending to $1.3880 (Mar 24 highs) and $1.3965 (Mar 13 highs). Below $1.3830 minor support comes at $1.3740 (Apr 8 lows), extending to $1.3670 (Apr 4 lows).
POUND
The pound remains under pressure.
GBP/USD challenged $1.6820 (Feb 17 and Nov’2009 highs) and retreated to $1.6770. Above $1.6820 resistance comes at $1.6880 (Nov 15’2009 high). Initial support is around $1.6760 (23.6% Fibo of the recent rise) and $1.6720 (38.2%). Below losses may widen to $1.6620 and $1.6550 (Apr 4 lows).
YEN
The yen strengthened against most counterparts after China reported an unexpected drop in imports and exports last month, fueling demand for the relative safety of the Japanese currency.
China’s customs administration said shipments from the nation declined 6.6% from a year earlier, compared with the median estimate for a 4.8% increase. Imports fell 11.3%, leaving a trade surplus of $7.71 billion.
USD/JPY trades below Y102.00. Initial support comes at Y101.50 (Apr 8 lows). Beloow support comes at Y100.70 (Feb 7 lows). Closest resistance comes at Y103.40 and around Y104.00. Stronger one remains at Y104.30/80.
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