Whilst the Chinese Trade Balance improved, its Exports came in softer than expected alongside Australian Housing data. The analysts at Forex Ticket see price holding an upside bias in early trading today and moving within a range between 1.5985 and 1.603. The team at ICN.com remain neutral on the pair, believing that only a close above 1.6055 would encourage them to join the bulls. We have a relatively quite European economic calendar today with French MoM Industrial Output at 06.45GMT, Italian QoQ and YoY GDP at 08:00 GMT, EU Investor Confidence at 08:30 GMT and Greek CPI and Industrial Production at 09:00 GMT.
European futures are trading mixed to lower this morning ahead of the open.