Data released:
06:00 GMT Germany Factory Orders n.s.a. (Mar) y/y 1.5% _ 6.5%
06:00 GMT Germany Factory Orders s.a. (Mar) m/m -2.8% 0.3% 0.9%
The yen rose to a three-week high against the dollar, while a U.S. dollar gauge was near its lowest since October before Federal Reserve Chair Janet Yellen testifies today.
The U.S. threatened more sanctions against Russia as that country called on Ukraine to postpone its May 25 presidential vote amid violence.
Meanwhile, Ukraine received first tranche of IMF bailout on Tuesday.
EURO
The euro was near almost eight-week high versus the greenback before European Central Bank policy makers meet tomorrow.
The ECB Governing Council will keep the benchmark interest rate at a record low of 0.25%, according to the median estimate of economists.
EUR/USD has tested $1.3950 again and retreated. Above the initial resistance remains near 2014 highs on $1.3967, extending to $1.4000. The closest support comes at $1.3880/90 and around $1.3810 (Friday’s lows), extending to $1.3790/85. Below losses may widen to $1.3760 (61.8% of the $1.3670 - $1.3900 rally).
POUND
The pound holds within the narrow range.
GBP/USD holds below $1.7000. Further resistance comes at $1.7040 (Aug 2’2009 high). Below $1.6820 support comes at $1.6780 with a break under widens losses to $1.6700 and around Apr 15 lows on $1.6660.
YEN
The yen reached the strongest level since April 14 against the dollar.
Most members of the Bank of Japan agreed to keep easing monetary policy until inflation stabilizes at 2%, according to minutes of central bank’s April policy meeting released today.
Former BOJ’s Hayakawa says he sees Japan inflation reaching 2% around end-2015.
USD/JPY currently at Y101.50. Initial resisatance is around Y102.75. Further resistance comes at Y103.40 and around Y104.00. Stronger one remains at Y104.30/80. Below support comes at Y101.30 (Apr 10 lows) and Y100.70 (Feb 7 lows).
DATA AHEAD
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