EURUSD traded within a 40 pip trading range, edging slightly lower hitting a low of 1.3785 as the USD was supported by Existing Home Sales slightly out performing expectations, providing slight support.
This morning sees key data releases from the Eurozone in the form of Manufacturing PMI from Germany and France, France missed expectations of 51.9 with actual readings of 50.9, German data beat forecasts of 53.9 with a figure of 54.2 respectively. The currency pair have edged higher on the release of the data and are around the 1.3820 level.
Australian CPI figures missed expectations of 0.8% posting a figure of 0.6%, showing inflation is weak within the nation only posting a 0.1% improvement from the previous reading. GBPAUD currently trades at 1.8121 almost 1% higher on the day already. The next key level of resistance is around the 1.8197 mark with support in the form of a pivot point at 1.8069.
Russia’s economy is in danger of sliding into recession this year for the first time since 2009, the peak of the global financial crisis, as the sanctions war between Moscow and the West has sent the Ruble to all-time lows, fuelled capital flight and evaporated investment activity.
With no data releases from the UK yesterday morning, Sterling remained fairly range bound ahead of this morning’s MPC Meeting Minutes release at 9.30am.
Sterling continued to hold levels at 4 ½ year highs against the dollar hitting a day high of 1.6839 against the low of 1.6785 for yesterday’s trading, the pair are now residing at 1.6811 as of 8.09am this morning.
MPC meeting minutes released this morning at 9.30am may help the market break the key pivot point at 1.6880, opening the range to 1.7045 however should the data act negatively look for support on the pair at 1.6780 and then to 1.6729.
GBPEUR continued its upward trend breaking the high of the 5th March to touch 1.2195, falling just short of the psychological level of 1.22. The key level of 1.2210 remains the next level of resistance with Sterling being firmly supported at 1.2150. The pair rests at 1.2173 as of 8.10 this morning.