EURUSD dropped after France got downgraded by Fitch. US Retail Sales data on tap.
EURUSD dropped on Friday and closed at 1.3065. The ratings agency Fitch lowered its credit rating for France to AA+ from AAA following the poor economic outlook of the nation. The Finance Ministry of Portugal indicated that the Troika has agreed to delay its quarterly evaluation of a 78.0 billion Euro bailout program to late August this year. On the other side of the ocean the Producer Price Index month over month in the United States rose 0.8 percent in June. The President of the Federal Reserve Bank of Philadelphia Charles Plosser stated that the US central bank should begin tapering its monthly bond buying in September and end the monetary stimulus program by the end of this year. On the other side the President of the St. Louis FED James Bullard opposed the tapering of QE until inflation accelerates toward its 2 percent target. Investors are now awaiting the retails sales data due from the United States later today. Support for the EURUSD is seen at 1.3014 and resistance is seen at 1.3177. The HotForex Traders Board shows that 55 percent of the traders are long on the EURUSD.
GBPUSD
The Cable dropped on Friday and closed at 1.5107. The Construction Output year over year in the United Kingdom dropped 3.4 percent in May. Looking ahead in the week there are series of high impact economic releases due from the United Kingdom. Support for the GBPUSD is seen at 1.5033 and resistance is seen at 1.5182. The HotForex Traders Board shows that 70 percent of the traders are long on the GBPUSD.
- See more at: http://blog.hotforex.com/eurusd-dropped-after-france-got-downgraded-by-fitch-us-retail-sales-data-on-tap/#sthash.rf3gLpSJ.dpuf
EURUSD dropped on Friday and closed at 1.3065. The ratings agency Fitch lowered its credit rating for France to AA+ from AAA following the poor economic outlook of the nation. The Finance Ministry of Portugal indicated that the Troika has agreed to delay its quarterly evaluation of a 78.0 billion Euro bailout program to late August this year. On the other side of the ocean the Producer Price Index month over month in the United States rose 0.8 percent in June. The President of the Federal Reserve Bank of Philadelphia Charles Plosser stated that the US central bank should begin tapering its monthly bond buying in September and end the monetary stimulus program by the end of this year. On the other side the President of the St. Louis FED James Bullard opposed the tapering of QE until inflation accelerates toward its 2 percent target. Investors are now awaiting the retails sales data due from the United States later today. Support for the EURUSD is seen at 1.3014 and resistance is seen at 1.3177. The HotForex Traders Board shows that 55 percent of the traders are long on the EURUSD.
GBPUSD
The Cable dropped on Friday and closed at 1.5107. The Construction Output year over year in the United Kingdom dropped 3.4 percent in May. Looking ahead in the week there are series of high impact economic releases due from the United Kingdom. Support for the GBPUSD is seen at 1.5033 and resistance is seen at 1.5182. The HotForex Traders Board shows that 70 percent of the traders are long on the GBPUSD.
- See more at: http://blog.hotforex.com/eurusd-dropped-after-france-got-downgraded-by-fitch-us-retail-sales-data-on-tap/#sthash.rf3gLpSJ.dpuf
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