96
Currency Analyst since 2010

Dec. 17: European session

EUR/USD is trading in the $1.3780/45 area. Euro decline ahead of the important European data, but then got support on better than expected ZEW readings (euro zone’s economic sentiment rose from 60.2 to 68.3; German economic sentiment rose from 54.6 to 62.0). Inflation in the monetary union came as expected at 0.9%.

GBP/USD is trading under pressure on Tuesday, testing the $1.6260 support (recent lows). Sterling weakened on the softer-than-expected UK inflation figures. CPI surprised to the downside, slipping from 2.2% to 2.1%. This was the lowest year-on-year CPI growth since 2009. Softer inflation is negative for the pound as it gives the Bank of England more room to keep the rates low. BoE Governor Carney will deliver a speech today at 15:30 GMT.

EUR/JPY is trying to hold above 141.50. EUR/GBP rose to the highest level since November at 0.8460.

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