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CORRECTION: Forex: EUR/USD at lows after Cyprus Finmin resignation

03/19/2013  09:13
(Barcelona) - After briefly passing by the European session low at 1.2917 and extending the daily low to 1.2912, the market seems to be having the downside fairly limited as it shot up back to 1.2930. Despite trading lower on the day, the market remains pretty sidelined as it looks for more triggers via headlines coming from Cyprus. The latest report says the Cypriot Finance Minister has submitted his resignation, but significant move is being seen at the moment

US Building Permits rose from 0.904M to 0.946M in February, beating consensus of 0.925M. January data was revised lower, from 0.925M. US Housing Starts also improved more than expected, from 0.910M (revised from 0.89M) to 0.917M. Market consensus was at 0.915M.


The ZEW survey for March shows a better image in Germany, better than expected. However, it is also showing a concerning drop in the Eurozone, with economic sentiment falling from 42.4 to 33.4 (consensus of 43.7).

Economic sentiment in Germany rose from 48.2 to 48.5, beating 48.0 consensus. Current situation rose from 5.2 to 13.6, beating 6.0 consensus. EMU construction output fell from -4.6% to -7.3% in January, with a monthly contraction of -1.4%.

Hourly indicators are negatively aligned, with 55 day EMA capping, with 4h studies holding firm bearish tone. Immediate support lies at 1.2900, ahead of strong 1.2875/65, below which to resume slide to-wards 1.2825/00”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 1.3000 as first re-sistance ahead 1.3106/33, to shift near-term focus higher and confirm base.

After briefly passing by the European session low at 1.2917 and extending the daily low to 1.2912, the market seems to be having the downside fairly limited as it shot up back to 1.2930. Despite trading lower on the day, the market remains pretty sidelined as it looks for more triggers via headlines coming from Cyprus. The latest report says the Cypriot Finance Minister has submitted his resignation, but significant move is being seen at the moment


(Market News Provided by FXstreet)

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History

03/19/2013
Forex: USD/JPY plunges to 94.77/78
03/19/2013
Cypriot Finance Minister resigns
03/19/2013
Forex: GBP/USD approaching daily highs after Cyprus PM resignation
03/19/2013
Forex: GBP/USD pares losses to trade at 1.5130/31
03/19/2013
US 4-Week Bill Auction decreases to 0.08% vs 0.1%

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