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Euro falling ahead of tomorrow's ECB Meeting

Wednesday, Mar 09 2016
There were no data releases from the Eurozone today. Selling pressures are likely to have increased on the euro, as there is ambiguity over the course of action that the European Central Bank (ECB) will take at their policy meeting, which will take place in Frankfurt tomorrow.
The is despite the positive GDP data that was released yesterday by Eurostat, especially the 1.6% productivity rise year on year in January 2016. Analysts at Societe Generale believe that risk aversion is failing to support the euro, and it’s trading less like the yen, amid the concerns about immigration and ‘Brexit’.
 
Euro is currently being traded few points above 1.0970 level. Pair is likely to find support around 1.0940 handle and resistance above 1.1050 level. There will be no major data releases later today.
 
Source: fxempire.com
More in this category: « UK Industrial Production increased by 0.3% US crude stocks rose by 3.9 million barrels »

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