Forex: EUR/USD around 1.3570 after German data

The bloc currency remained almost indifferent to the German data during December, showing that the industrial production in the firs economy grew 0.3% on a monthly basis, while it contracted 1.0% over the last twelve months. Both prints have bettered November’s -0.2% and -2.9%, respectively.

Euro traders keep the upbeat tone ahead of the ECB gathering, expected to leave the lending benchmark intact at 0.75%.

At the moment, the cross is up 0.36% at 1.3571 facing the next resistance at 1.3598 (high Fe.5) ahead of 1.3659 (Upper Bollinger) and then 1.3660 (high Feb.4).
On the downside, support levels are located at 1.3494 (low Feb.6) followed by 1.3459 (low Feb5) and finally 1.3425 (MA21d).

Feb 7, 2013

Germany: Annual Industrial Production drops 1% in December

On an annual basis German Industrial Production s.a. w.d.a. fell by 1% in December, following a 2.9% drop in November, according to data released today by Destatis.

Forex Flash: EUR in focus as Draghi puts currency in perspective – UBS

Questions on the euro's current exchange rates aside, a key topic of Draghi's press conference today will be the recent LTRO repayments. According to Gareth Berry, a Research Analyst at UBS, “It is doubtful that the ECB will look upon the current numbers unfavorably, especially if it allows banks to show strength.”