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14 May 2013
Forex: EUR/USD indifferent on Italian CPI
FXstreet.com (Barcelona) - Italian Consumer Prices followed its peers on Tuesday, rising 1.4% on a yearly basis, lower than March’s 1.6% albeit surpassing expectations at 1.2%.
While waiting for the Spanish auctions, the analyst at Danske Bank S.Roed-Frederiksen commented, “Pricing of an earlier Fed asset purchase reduction has shifted risks more to the downside but it will likely take a break of recent US bond yield ranges to trigger more pronounced near-term dollar strength, as still overall positive European peripheral bond sentiment is working to counteract dollar-positive impulses”.
At the moment, the pair is up 0.19% at 1.3001 and a break above 1.3051 (high May 10) would open the door to 1.3065 (MA21d) and finally 1.3148 (MA100d).
On the flip side, support levels align at 1.2936 (61.8% of 1.2747-1.3243) followed by 1.2935 (low May 10) and then 1.2850 (76.4% of Apr. range).
While waiting for the Spanish auctions, the analyst at Danske Bank S.Roed-Frederiksen commented, “Pricing of an earlier Fed asset purchase reduction has shifted risks more to the downside but it will likely take a break of recent US bond yield ranges to trigger more pronounced near-term dollar strength, as still overall positive European peripheral bond sentiment is working to counteract dollar-positive impulses”.
At the moment, the pair is up 0.19% at 1.3001 and a break above 1.3051 (high May 10) would open the door to 1.3065 (MA21d) and finally 1.3148 (MA100d).
On the flip side, support levels align at 1.2936 (61.8% of 1.2747-1.3243) followed by 1.2935 (low May 10) and then 1.2850 (76.4% of Apr. range).