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Pound and Euro Unphazed by a Significant European Session

Pound and Euro Unphazed by a Significant European Session

2013-08-13 10:41:00
Benjamin Spier, Technical Strategist
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EUROPEAN SESSION UPDATE: Neither of the two biggest European currencies reacted to the UK inflation release or the German ZEW surveys…

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Today’s European session was filled with a couple of interesting economic releases giving us clearer looks at the Euro-zone and UK economies, but little Forex reaction was seeb to the renewed perspectives. The Euro is trading 0.02% higher against the US Dollar at the time of this writing, while the Pound is trading only 0.05% lower, despite releases of UK and German inflation and German ZEW surveys.

The ZEW surveys beat expectations at 18.3 and 42.0 for current situation and expectations respectively, but the Euro only rose a bit on the release. Furthermore, German inflation was confirmed at 1.9% in a final estimate for July.

Additionally, UK inflation was reported to have fallen back to 2.8% in July from the previous month’s yearly high. The lower inflation may allow the BoE to further delay raising the interest rate, but the release was as-expected and erased earlier losses in GBP/USD.

Finally, the spread between the safer German 10-year bond yield and the risk-correlated Spanish and Italian benchmark yields narrowed to the least amount in about two years. The decline in yield spreads may signify a rise in investor confidence regarding the Euro-zone economy.

The Euro is currently trading just short of 1.3300 against the US Dollar, and EUR/USD may next see resistance by a five month high of 1.3416. Support may be provided by a broken resistance line around 1.3250.

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EURUSD Daily: August 13, 2013

Pound_and_Euro_Unphazed_by_a_Significant_European_Session_body_eurusd_daily_chart.png, Pound and Euro Unphazed by a Significant European Session

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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