ECB rate increase speculations pushed euro to maximums.
Asian and European trading sessions:Euro: Speculations regarding possible rate increase by the ECB continued to support the euro on Wednesday as well (at the same time according to the experts’ opinion, the ECB would leave the interest rate unchanged at the previous level of 1.00%).
Strong Euro-zone fundamentals rendered additional positive influence, and the EUR/USD pair hit the $1.3842 highs. The released Euro-zone Producer price index turned out to be above expectations and much higher than previous volume.
US Dollar: At the same time the Middle East instability continued to reinforce and escalated oil price influenced the demand for the US dollar. As a result, the greenback was pressured and market participants were getting rid of the greenback.
The released ADP employment change for February happened to be above forecast: 217K against the 185K, but could not render support to the dollar.
British Pound: The released Construction purchasing manager index for February was 56.5, which was much higher than the predicted level of 52.9. Consequently the pound was supported as well and the GBP/USD pair reached the maximum of $1.6345.
Japanese Yen: The USD/JPY pair traded at the range of Y81.80 – Y81.00.
Oil: The oil price reached levels above the $102 mark per barrel.
Gold: Gold continued to demonstrate its rally and reached today the $1436.70 price per ounce.
American trading session:
Euro: The EUR/USD managed to reach daily maximums at the level of $1.3890.
Technical analysis for 03/03
EURUSD
The pair has risen to resistance level at 1.38909, this is a strong level and the pair may roll back before breaking it.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has reached 1.63316 and may roll 1.62535.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
USDCHF
The pair is trying return to previous low at 0.92005.
Resistance: 0.93069, 0.93949, 0.96220
Support: 0.91079, 0.89891, 0.88691
USDJPY
The pair has reached 82.219 and aiming to 81.600.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
AUDUSD
The pair couldn’t stay above 1.01744 and rolling back to 1.00907.
Resistance: 1.01744, 1.02705, 1.03535
Support: 1.00907, 1.00067, 0.99207