EUR/USDUSD/JPYGBP/USDUSD/CHF
1.36383.71.5940.991
Resistance1.35183.51.5910.985
1.3583.21.5890.979
1.33882.31.5780.96
Support1.31581.91.5680.95
1.30983.61.5650.947

Dollar declined yesterday against the main currencies, while market had many reasons for a new moves. Euro rose sharply against the Dollar and now trading at the current level of 1.3410 due to a European Central Bank comment after it held his interest rate unchanged at 1.00%. ECB President Jean-Claude Trichet said that monetary policy remains “appropriate” as the Euro Zone showing an unstable economic recovery and they do not expect to increase interest rate at least till the end of first 6 months of 2011. Also said that although there is a chance for increase of the current inflation and this can harm more economic stability in the region, the chance for it is low and if it will happened in the near future, it will be due to the increase of an energy prices. Other reason for pushing Dollar lower was Ben Bernanke statements yesterday as he said that American Economy expected to rise this year for about 3%-4% and this her outlook should be better than in 2010 but still not healthy enough in order to place unemployment rates down to the target levels of the Fed. Other reason for Euro rally is success of Spain to collect 3 billion Euro just one day after Portugal. Additionally, traders were disappointed from higher then expected weekly US Jobless Claims that sharply increased to 445K, much higher than expected. BOE also held his interest rate unchanged at 0.5%. Investors will follow today closely on very busy economic calendar, as US Retail and CPI should be announced at 13:30 GMT and consumer confidence survey of Michigan University expected to be published at 14:55 GMT. In Euro Zone Consumer Price Index (CPI) will be released at 10:00 GMT.


Technical Levels

EUR/USD

We might see a bearish correction today as daily studies very close to their overbought levels if a pair will not be able to stay above levels of 1.3430-1.3440. RSI at his overbought levels and MACD might start soon a second bearish cross.

EURUSD

USD/JPY

RSI very close to his oversold levels but did not cross them yet. MACD pointing lower at negative territory. There is still no strong bias at the moment so watch 82.30 support.

USDJPY

GBP/USD

Daily studies a bit positive but the momentum is not strong, so shorts might be a good choice. MACD pointing down and RSI at his overbought levels indicating a beginning of a bearish correction.

GBPUSD


Today's Economic Events

Time Event Currency/Country Period Previous Forecast Significance Actual
14-01-2011 15:00Business Inventories (M-o-M)United StatesMonthly0.72
14-01-2011 15:00Business Inventories (Y-o-Y)United StatesYearly6.93
14-01-2011 15:00Business Sales (M-o-M)United StatesMonthly1.43
14-01-2011 15:00Business Sales (Y-o-Y)United StatesYearly9.34
14-01-2011 14:15Industrial Production (M-o-M)United StatesMonthly0.42
14-01-2011 14:15Industrial Production (Y-o-Y)United StatesYearly5.42
14-01-2011 14:15Capacity Utilization (M-o-M)United StatesMonthly75.22
14-01-2011 13:30Retail Sales (M-o-M)United StatesMonthly0.82
14-01-2011 13:30Retail Sales (Y-o-Y)United StatesYearly7.72
14-01-2011 13:30Retail Sales - Ex. Auto (M-o-M)United StatesMonthly1.23
14-01-2011 13:30Retail Sales - Ex. Auto (Y-o-Y)United StatesYearly6.74
14-01-2011 13:30New Motor Vehicle Sales (M-o-M)CanadaMonthly-0.33
14-01-2011 13:30New Motor Vehicle Sales (Y-o-Y)CanadaYearly0.34
14-01-2011 13:30CPI (M-o-M)United StatesMonthly0.12
14-01-2011 13:30CPI (Y-o-Y)United StatesYearly1.12
14-01-2011 13:30Core CPI (M-o-M)United StatesMonthly0.12
14-01-2011 13:30Core CPI (Y-o-Y)United StatesYearly0.83
14-01-2011 10:00CPI (M-o-M)EurozoneMonthly0.12
14-01-2011 10:00CPI (Y-o-Y)EurozoneYearly1.92.222.2
14-01-2011 10:00Core CPI (Y-o-Y)EurozoneYearly1.11.131.1
14-01-2011 09:30PPI Input (M-o-M)UKMonthly0.91.633.4
14-01-2011 09:30PPI Input (Y-o-Y)UKYearly92
14-01-2011 09:30Core PPI Input (M-o-M)UKMonthly0.82
14-01-2011 09:30Core PPI Input (Y-o-Y)UKYearly74
14-01-2011 09:30Core PPI Output (M-o-M)UKMonthly0.23
14-01-2011 09:30Core PPI Output (Y-o-Y)UKYearly3.33
14-01-2011 09:30PPI Output (M-o-M)UKMonthly0.32
14-01-2011 09:30PPI Output (Y-o-Y)UKYearly3.92
14-01-2011 08:15Producer & Import Prices (M-o-M)Switzerland Monthly-0.22
14-01-2011 08:15Producer & Import Prices (Y-o-Y)Switzerland Yearly0.12
14-01-2011 07:00CPI (M-o-M)GermanyMonthly0.12
14-01-2011 07:00CPI (Y-o-Y)GermanyYearly1.52
14-01-2011 07:00CPI - EU Harmonised (M-o-M)GermanyMonthly0.13
14-01-2011 07:00CPI - EU Harmonised (Y-o-Y)GermanyYearly1.62