EUR/USD trading firmer, presently at 1.3790 from a North American close Wednesday down around 1.3730. The pairing has garnered support from the release of much better than expected Australian unemployment data which saw AUD/USD rally strongly overnight.
All eyes on the EU meeting today. Looks likely some assistance for Greece will be forthcoming, a debt guarantee probably at a minimum. Stating the obvious; a declaration that no assistance will be forthcoming and the euro can expect to get hit pretty hard.
Resistances of note 1.3815 and 1.3850 and likelihood stops above both levels, especially the latter. Guess there’s a better than even chance we’ll see BIS selling into strength.
Euro zone data today:
07:00 GMT: German wholesale price index for January expected +0.1% m/m
07:45 GMT: French survey of industrial investments
09:00 GMT: ECB publishes monthly report for February
European stocks look set to open firmer.
