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7 Mar 2013
Forex: EUR/USD pierces 1.3100 on US session
The EUR/USD is extending the rise on the upbeat speech made by ECB's Mario Draghi. Also important to euro strength was the information that banks have already repaid 40% of net liquidity injected via LTROs.
Having moved up to 1.3095, the pair rested for a while and now it's back on the game. The up move has gone up to 1.3116 high, for now.
Weakening the greenback was US nonfarm productivity that didn't make a good impression, as it fell from 3.2% to -1.9%, weaker than the expected -1.6%. Unit labor costs rose from -2.3% to 4.6%, more than the 4.2% consensus. However, US initial jobless claims improved against expectations: from 347K to 344k (consensus of 355K).
MIG Bank analysts suggested a possible short-term base formation after the successful support at 1.2967 (01/03/2013 low). In case of a break of 1.3080 (06/03/2013 high), “another resistance can be found at 1.3162 (28/02/2013 high)”, wrote analyst Bijoy Kar.
Having moved up to 1.3095, the pair rested for a while and now it's back on the game. The up move has gone up to 1.3116 high, for now.
Weakening the greenback was US nonfarm productivity that didn't make a good impression, as it fell from 3.2% to -1.9%, weaker than the expected -1.6%. Unit labor costs rose from -2.3% to 4.6%, more than the 4.2% consensus. However, US initial jobless claims improved against expectations: from 347K to 344k (consensus of 355K).
MIG Bank analysts suggested a possible short-term base formation after the successful support at 1.2967 (01/03/2013 low). In case of a break of 1.3080 (06/03/2013 high), “another resistance can be found at 1.3162 (28/02/2013 high)”, wrote analyst Bijoy Kar.