Euro recovers after encouraging data from Europe’s largest economy

[RTFX-Trading]

What's new:

Germany: February trade balance increases to 8.7B, exp 7.5B
France: Bank of France Business Sentiment at 73, previous 71
France: February trade balance at -4.1B, exp -4.2B
Germany: Factory orders in February lower at -3.5%, exp -3.0%

Today:

16:00 US: index of consumer sentiment IBD April, last 45.3
21:00 US: consumer credit in February, exp-3.5 billion, previous 1.60 billion.

European Session Ranges:

EURUSD: 1.3274 - 1.3148
USDCHF: 1.1519 - 1.1443.
GBPUSD: 1.4747 - 1.4635.
EURCHF: 1.5198 - 1.5122.
USDJPY: 100.36 - 99.46.
Gold: $ 881.30


Comments:


The EURUSD regained earlier losses due to better than expected data from France and Germany. The German trade balance increased to 8.7B in February, while the deficit in France Trade balance shrunk to 4.1B, from 4.55B in January.

Later Today, the Minutes of the FOMC meeting of March 17-18 are set to be released. The minutes should give us further information on the reasons for the Fed to extend its measures, such as purchases of government bonds. The market could anticipate a positive minute’s announcement and a resumption of "carry trade" activities.

 

The EURUSD seems to have found support around the 1.3135-1.3170 range. However a clear break lower of 1.3113 support signals a bearish move. On the upside, a break of the daily pivot point at 1.3306 could see the pair testing the first daily resistance at 1.3385.

 

Good Afternoon

 

Nicolas Longchamp
RTFX Ltd
Head Office
Level 2, Suite 2, The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
Tel:  +356 27 78 01 35
Fax: +356 21 41 24 58
Web: www.rtfx.com
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accordance with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except with formal approval. The internet cannot guarantee the integrity of this message. RTFX Ltd (and its subsidiaries) shall (will) not therefore be liable for the message if modified. Do not print this message unless it is necessary, consider the environment. RTFX Ltd holds a Category 3 license issued by the Malta Financial Services Authority.