The US Reuters/Michigan Consumer Sentiment preliminary data was released, and while consensus pointed to a rise from 72.9 to 75.0 in January, actual data surprised negatively by falling to 71.3.
Earlier, UK retail sales came in during the London morning, having contracted in December (-0.1% vs +0.2% consensus) and eased on the annualized basis (from +0.9% to +0.3% vs +1.1% consensus). Excuding fuel, retail sales fell -0.3% on the month and eased from +2.0% to +1.1% on the year.
Commerzbank analysts say that the 1.5873/30 zone is key support: “It is the location of the 55 and 200 week ma and the November low - failure here will be regarded as key”, wrote analyst Karen Jones, pointing to the 2009-2013 support line at 1.5602 in case of a drop below 1.5830. “Rallies are expected find initial resistance at 1.6047/61 and to struggle 1.6170/85 and while capped here the risk will remain on the downside”, Jones added.
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