Data released:
06:00 GMT Germany Producer Price Index (YoY) (Mar) -0.9% -0.7% -0.9%
06:00 GMT Germany Producer Price Index (MoM) (Mar) -0.3% 0.0% 0.0%
The pound is trading on a stronger footing following the release of another robust UK employment report yesterday. The report revealed that employed surged by 239k in the three months to the end of February undermining the BoE’s recent view that there were tentative signs that employment growth was slowing as productivity growth picks up.
The unemployment rate also renewed its sharp decline falling by 0.3 point to 6.9%, with the more volatile monthly series falling even further to 6.6% in February. The report suggests that the labour market continues to tighten more quickly than the BoE expects increasing the likelihood of an earlier rate hike.
EURO
Data released showed German producer prices fell 0.3% in March versus the 0.0% expected. Producer Price Index also weakened 0.9% y/y, disappointing forecasts (-0.7%) in March.
EUR/USD broke above $1.3800 and rose to $1.3867. Initial resistance comes at $1.3900 with a break above targets $1.3965 (Mar 13 high). Below $1.3800 minor support comes at $1.3740 (Apr 8 lows), extending to $1.3670 (Apr 4 lows).
POUND
The markets looking to attach more hawkish intentions to the BOE once again. On this front, look towards BOE MPC minutes due next Wednesday for further cues.
GBP/USD remains above the figure. Resistance comes at $1.6880 (Nov 15’2009 high). Support is near $1.6780, below - at $1.6700 and around Tuesday’s lows on $1.6660 with a break under widens losses to $1.6600 (trend support line from Nov 12’2013).
YEN
Bank of Japan Governor Haruhiko Kuroda said the central bank will examine both upside and downside risks and make policy adjustments if needed.
USD/JPY remains around Y102.00. Closest resistance comes at Y103.40 and around Y104.00. Stronger one remains at Y104.30/80. Initial support comes at Y101.30 (Apr 10 lows). Below support comes at Y100.70 (Feb 7 lows).
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