By HotForex | Daily Forex Analysis | Mon, Apr 23, 2012
EURUSD rose on Friday due to positive German economic data and
reassuring comments from the International Monetary Fund reaching highs
around 1.3226. G20 Finance Ministers and Central Bank Governors reached
an agreement to increase funding resources of the International Monetary
Fund by over $430 billion to safeguard global financial stability. The
GermanIfo Institute for Economic Research reported that its index of
business climate rose to 109.9 in April.
There are six headlines from
the Eurozone on the calendar today. Support for the EURUSD is seen at
1.3145 and resistance is seen at 1.3238.
GBPUSD
The Cable also traded higher on Friday reaching levels
around 1.6147, after the UK Retails Sales data showing better than
expected results in March. The retails sales in the United Kingdom rose
1.8 percent, compared to a decline of 0.8 percent in February. In the
Asian session made a slight move lower currently trading around 40 pips
below the highs reached on Friday. Support for the GBPUSD is seen at
1.6035 and resistance is seen at 1.6148.
AUDUSD
Aussie also rose on Friday and closed at 1.0377. In the
Asian session the pair lost most of its gains after the weak PPI data
released from Australia. The Producer Price Index (PPI) fell to -0.3
percent in the first quarter of 2012, compared to an increase of 0.3
percent in the last quarter of 2011. Support for the AUDUSD is seen at
1.0326 and resistance is seen at 1.0383.
USDCAD
The pair dropped slightly on Friday following the
positive comments from the IMF reaching levels around 0.9896. The
Consumer Price Index in Canada rose 0.4 percent in March. The BOC
Governor Mark Carney, stated that the removal of economic stimulus may
be “appropriate”, given stronger growth and inflation. Today we have the
Wholesale Sales m/m release from Canada on the calendar. Support for
the USDCAD is seen at 0.9895 and resistance is seen at 0.9960.
Important releases and events
EUR: French Flash
Manufacturing PMI; French Flash Services PMI; German Flash Manufacturing
PMI; German Flash Services PMI; Flash Manufacturing PMI; Flash Services
PMI
GBP: MPC Member Fisher Speaks
CAD: Wholesale Sales m/m