Fundamental analysis For February 12, 2013
The euro resumed upward trend, even though there is no relevant news for the euro-zone economy.
The single currency is heading slowly to the 1.35 area, but it will have to overcome a strong trend line passing through 1.3474, first and foremost strength of the EUR/USD.
The pound, which had fallen early to a new low since last October to 1.5570, also recovered at this time, although the downward trend is becoming increasingly strong. It should be noted that in the medium term charts (weekly), there is a figure of reversal-double ceiling, which has its goal in the 1.5350 area, still far from the current level.
The yen hit 94.44, its lowest against the dollar, it is a new record since May 2010. If the currency overcomes the level of 95, it will also be a minimum of the yen since August 2009.
From a fundamental point of view, the UK inflation rate has left no surprises and remained at 2.7%. It did not influence the pound.
The presentation is scheduled at 9:30 Eastern, European Central Bank President Mario Draghi in Madrid, creates expectations in the markets and it should bring great news.
Japan’s currency was higher against all 16 major rivals after one of the G7 officials said the group is concerned about excess moves in the Japanese currency and investors took wrongly an earlier statement on exchange rates.
The material has been provided by InstaForex Company – www.instaforex.com