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Forex: EUR/USD holds at 1.3660, awaits US money

The EUR/USD seems to be well supported at 1.3660 since the plunging ahead of 11:00 GMT. The market is trading lower today, having dropped below the 1.3600 handle and down by -0.54% on the day, as of writing.

“The market looks through all of them though and uses the  rise in Spanish unemployment as excuse to push EUR/USD lower as the market worries whether Draghi tries to verbally intervene in euro or rates markets on Thursday”, wrote TD Securities analyst Richard Kelly. “We think it is doubtful he takes any strong verbal intervention, but the worries and market reducing positions into the ECB on Thursday may bias EUR lower until we get through the press conference”, he added.

In December, EMU PPI dropped -0.2% as expected, the same pace as in November. Although market consensus was pointing to an annualized rise from 2.1% to 2.2%, data stayed unchanged.

EMU Sentix Investor Confidence improved from -7 to -3.9 in February, still not as high as the expected -3. Spain added 132.10K unemployed in January, not as much as the 150K expected, but still a very negative change, taking in account December's -59.1K drop. Soon, the EMU PPI data for January will be published. At 12:00 GMT, German Chancelor Merkel will be meeting Spain's PM Rajoy.

“The EUR/USD currency pair is forming the first descending impulse, which may turn into a correction towards the level of 1.3330”, wrote Roboforex.com analyst Igor Sayadov, expecting consolidation between the levels of 1.3670 - 1.3610, then leave this consolidation channel downwards and continue the correction.

Forex Flash: NZ strategy profile – Westpac

According to the Westpac Strategy Team, “Despite the volatility over the past few months, the NZD/USD remains in an uptrend so long as the 0.8215 level is not breached on any subsequent pullbacks – conversely, our next upside target is 0.8570.”
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Forex Flash: BoE to stay on hold thanks to UK Services PMI – TD Securities

The January Construction PMI came in disappointing, at the same pace of December (at 48.7), instead of rising to 49.1 as expected. “The poor weather was cited as one factor, but in general demand remained weak even though expectations started to improve", wrote analyst Richard Kelly, expecting a higher Services figure. "The takeaway for the more crucial Services PMI on Tuesday is that we should still see an increase as the weather impact doesn’t seem that bad, but probably enough to keep it from rebounding above 50 as it could have without the freezing temps and snow", wrote analyst Richard Kelly, thus expecting the BoE to stay on hold.
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