EUR Up, Plus GBP & AUD News

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Germany's Industrial Production data helped boost the EUR/USD yesterday, but still within the range it has held since April. The release of the data showed that the country's Industrial Production came in at 1.2%, contrary to analysts' prediction of -0.1%. This has helped the EUR see highs of up to the 1.317 range against the USD.

Overall, however, things are still pretty shaky with the EUR. Primary of the reasons behind this is last week's 25bps interest rate cut, which may see another cut later this the year. However, the ECB remains divided on the issue, proof of which are the numerous for and against statements that have come from each member after the last rate cut.

The pair's current initial resistance sits at 1.3236 followed by 1.3269, while initial support is seen at 1.3111, followed by 1.3078.

The GBP/USD, meanwhile, is seeing some volatility ahead of today's Bank of England's interest rate decision. No rate cut is expected in today's announcement, although the BoE is expected to provide a more positive outlook of the economy. The pair is currently trading at 1.5538, with initial resistance seen at 1.5624, followed by 1.5663, while initial support is at 1.5502, followed by 1.5463.

After plummeting following the Reserve Bank of Australia's rate cut on Tuesday, the AUD has traded fairly higher during today's Asian session. This is after the release of the Australian employment data, which rose by 50,000 against just the 12,000 consensus. Aside from that, the country's unemployment rate fell to 5.5 and full time job creation going up to 34,500 against upward revision to -4,100. The pair is currently trading at 1.0234, with initial resistance seen at 1.0191, followed by 1.0216. Support is initially seen at 1.0135, followed by 1.0110. For more fx trading tips, please check out our fx trading tips section.

By FX Strategy Team, Published on 9th of May 2013
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