USD has not recovered against European currencies

Published on in Foreign Exchange News by

Foreign Exchange Rate EUR/USD 1.3237-1.3284

Foreign Exchange Rate GBP/USD 1.5842-1.5922

Foreign Exchange Rate GBP/EUR 1.1944-1.1995

Wednesday brings a choppy sideways tone to price action with very little in the way of news or data to provide a clearer direction. However, the UK budget will be at 12.30pm today and the MPC.

Against market sentiment, the USD has not recovered against European currencies although it has against the AUD and Yen.

Concerns over the slowing pace of China’s economic growth results in some profit taking as global stocks are slightly easier today.

Currency wise, it looks as though market ranges will for the time being be technically driven. As expected UK inflation eased in February, albeit not as much as expected. Initially the Pound benefitted as it makes Q/E measures by the BoE less likely, although in today’s MPC minutes for the second month running, 2 members voted in favour of further Q/E. Sterling a little weaker this morning ahead of today’s Budget.

Foreign Exchange Rate EUR/USD currently 1.3270. Support 1.3000, resistance 1.3300.

Foreign Exchange Rate GBP/USD currently 1.5855. Support 1.5700, resistance 1.6000.

Foreign Exchange Rate GBP/EUR currently 1.1948. Support 1.1850, resistance 1.2100

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