Data released:
08:30 GMT UK BBA Mortgage Approvals (Mar) 45.9K 48.9K 47.6K
08:30 GMT UK Retail Sales (YoY) (Mar) 4.2% 3.8% 3.3%
Tensions in Ukraine will probably be the focus of European trading today. S&P earlier announced a cut to Russia’s sovereign rating from BBB to BBB- and the outlook was kept at negative."
US President Barack Obama prepared to call European leaders to discuss imposing additional sanctions on Russia after America’s Cold War rival stepped up military exercises in a show of its intentions in Ukraine. Secretary of State John Kerry warned Russia that continued aggression will prove to be an expensive mistake. Ukraine accused Russia of trying to start a third world war by removing Ukraine’s pro-European government.
EURO
Euro weakens a bit after yesterday’s Draghi comments.
EUR/USD holds within the former range with initial resistance comes at $1.3850 (Monday’s high), then - 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
Gained after strong UK retail sales data.
GBP/USD stays in the previous narrow range. The 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 $1.6620 (trend support line from Nov 12’2013).
YEN
Tokyo prices excluding fresh food climbed 2.7 % in April from a year earlier, the most since April 1992, pumped up by a sales-tax increase and a year of unprecedented central bank stimulus weakening the yen. The inflation rate was 1% in March.
USD/JPY eases towards the lower bound of the Y102.10-Y102.70 range (initial support/resistance respectively). Support comes at Y101.30 (Apr 10 lows). Below support comes at Y100.70 (Feb 7 lows). Next resistance comes at Y103.40 and around Y104.00. Stronger one remains at Y104.30/80.
DATA AHEAD
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