Intra-Day Market Moving News and Views
03 Mar 2015 09:38GMT
EUR/USD - ...... Despite hitting an intra-day high of 1.1212 after better-than-expected German retails sales at European open, euro came under pressure as st specs sold the single currency broadly as stops below yesterday's 1.1160 are not in focus.
There is market chatter of large stops building below January's 11-year bottom at 1.1098, so market is keen to test euro's downside.
Having said that,several layers of bids are reported at 1.1150-30 area and more above 1.1100, so aforesaid January's trough may not be easily reached in the absence of bearish news.
On the upside, offers are tipped at 1.1190/00 and more above with stops above 1.1245.
This morning although the single currency staged a brief rebound to 1.1245 on Monday, renewed selling there due to dollar's broad-based strength knocked the pair lower.
On the data front, Germany will release its retail sales data at 07:00GMT whilst eurozone will release its producer prices at 10:00GMT. ECB policymakers meet in Cyprus on Wednesday and Thursday.
The ECB is expected to lay out more details of the program at a news conference on Thursday.
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