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2. INTERNATIONAL CURRENCY BUZZ
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➔ Forex - Euro extends losses on ECB comments
➔ Dollar higher against euro, pound steady
➔ Forex - Euro slips lower after German Ifo disappoints
EUR/USD
➔ EUR/USD was last trading at 1.3787, down 0.39% for the day.The pair was likely to find support at 1.3748, last
Thursday’s low and resistance at 1.3800.The drop in the euro came after ECB governing council member and
Bundesbank chief Jens Weidmann said a negative deposit rate could be an appropriate way to address the impact
of strong gains in the euro.He also said it was not out of the question for the ECB to buy loans or other assets
from banks to fight deflation, indicating a softening of the Bundesbank’s stance on quantitative
easing.Separately, ECB Governing Council member Josef Makuch said the bank is prepared to take decisive steps
if necessary, adding that many policy options are available, including adding liquidity.The euro slipped against
the dollar earlier after a report showed that the German Ifo business confidence index dropped to 110.7 in March
from 111.3 in February. Analysts had expected the index to tick down to 111.0.
EUR-GBP
➔
EUR/GBP down 0.44% to 0.8350.In the U.K., official data on Tuesday showed that the annual rate
of inflation fell to a more than four-year low of 1.7% in February, from 1.9% in January.
January was the first time in more than four years that the U.K. inflation rate fell below the Bank of
England’s 2% target. The decline in inflation will give the Bank of England leeway to keep rates on
hold for longer, even as the economy continues to make a rapid recovery.
4. EPIC'S ANALYST SPEAKS
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GBP/USD Hourly Chart
INTRADAY OUTLOOK
Support: 1.6460
Resistance: 1.6530
RECOMMENDATION:
1. Buy GBP/USD Above 1.6530- TG: 1.6550/ 1.6590 SL 1.6490
2. Sell GBP/USD Below 1.6460- TG: 1.6440/ 1.6440 SL 1.6500
5. EPIC'S ANALYST SPEAKS
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EUR/USD Hourly Chart
INTRADAY OUTLOOK
Immediate Support: 1.3750
Immediate Resistance: 1.3825
RECOMMENDATION:
1. Buy EUR/USD Above 1.3825- TG: 1.3845/1.3885 SL 1.3785
2. Sell EUR/USD Below 1.3750- TG: 1.3730/1.3690 SL 1.3790
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