EUR/USD
EUR/USD has been generally softer in the European session, although has shown resilience despite the re-emergence of the Ukrainian situation and the consensus voiced over weekend from ECB members regarding QE. The pair failed to find direction following the release of somewhat mixed EU and US data and instead, the price action remained a by-product of the flight to quality which buoyed demand for JPY and consequently weighed on the USD. As a result, in spite of the volatile price action throughout the session, the pair was trading largely unchanged in the closing stages of trade in London. Looking ahead to tomorrow the Eurozone CPI expected at 0.5% looks to give participants opportunityGBP/USD
GBP/USD had a busy day, initially underperforming its peers at the European open, then later moving staging an impressive recovery amid position squaring following the release of the latest CPI and UK housing data. Overnight GBP begun its weakness, with the BRC LfL sales taking their biggest annual fall last month since April 2013, with real money selling on the back of this data heavily effecting the pair in early trade. This move was retraced and surpassed however as the UK CPI, despite rumour of the number coming in lower, met expectations of 1.6%, providing upward support for GBP. Released at the same time the UK ONS house price data which beat expectations significantly, helped support the move. The USD weakness seen late in the session led the pair to finish the day with a strong position for GBP. Looking ahead UK employment data tomorrow looks to be the most notable event for the pair.USD/JPY
In a day where the pair has done little to form a trend, passing most of the European session uneventfully, in late trade the USD weakness impacted heavily. As Europe opened the pair begun to move downward reversing some of the gains made overnight, then as the day wore on this initial downside move was itself retraced until USD weakness proved the catalyst for direction. As the USD lost ground the JPY has rallied, with the pair breaking through the psychological 101.70 and 101.80 support levels, now printing fresh session lows. Looking ahead US housing data tomorrow seems like the largest event the pair will face.
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