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18 Apr 2013
Forex: EUR/USD muted after Spanish, French auctions
FXstreet.com (Barcelona) - The bloc currency remained apathetic after French 5-year bond yields printed a record low at 0.73%. Continuing with the Spanish debt markets, the negative trend in borrowing costs extended today, with 3y, 5y and 10y bonds yields printing 2.792%, 3.257% and 4.612% respectively.
Against the backdrop of the G20 meeting kicking in today, Currency Analyst Lee Hardman at BTMU, commented, “According to a Bloomberg report, the G20 statement will maintain the pledge from February to move more rapidly toward more market determined exchange rate systems and exchange-rate flexibility” and to refrain from competitive devaluations to support global growth”.
At the moment, the pair is advancing 0.15% at 1.3052 with the next resistance at 1.3068 (MA10d) followed by 1.3108 (MA55d) and finally 1.3202 (high Apr.16).
On the flip side, a violation of 1.3001 (low Apr.17) would open the door to 1.2963 (low Apr.8) en route to 1.2959 (MA21d).
Against the backdrop of the G20 meeting kicking in today, Currency Analyst Lee Hardman at BTMU, commented, “According to a Bloomberg report, the G20 statement will maintain the pledge from February to move more rapidly toward more market determined exchange rate systems and exchange-rate flexibility” and to refrain from competitive devaluations to support global growth”.
At the moment, the pair is advancing 0.15% at 1.3052 with the next resistance at 1.3068 (MA10d) followed by 1.3108 (MA55d) and finally 1.3202 (high Apr.16).
On the flip side, a violation of 1.3001 (low Apr.17) would open the door to 1.2963 (low Apr.8) en route to 1.2959 (MA21d).