Euro testing 1.11 area as a support

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Wednesday, May 20 2015

Euro is still in decline, though there are no major data releases from Eurozone today. Only German PPI figures

were released showing 0.1% increase in line with market expectations. The selling pressure accelareted yesterday when ECB board member Benoit Coeure said the central bank will increase its purchases of public and private debt in May and June.

The move is designed to prevent distortions in the market caused by low liquidity in the summer. The central bank will still maintain its monthly average purchase size of 60 billion Euros by buying more bonds in May and June and fewer during the summer. Furthermore, BOF Governor Noyer suggested that ECB wouldn’t shy away from additional easing measures if needed.

Euro is currently being traded few points above 1.1110 area. Pair is likely to find support around 1.1050 level and resistance below 1.12 handle. Later today, in the US session, FOMC Meeting Minutes are scheduled for a release.

More in this category: « BoE expects slack in economy to be absorbed within a year Markets quite ahead of FOMC Meeting Minutes »

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