Currency Analyst since 2010

Feb. 10: European session

European stocks are trading with small gains. EUR/USD reached the highest level since the end of January at $1.3650.

The euro area released mixed data today: French and Italian industrial production contracted by 0.3% and 0.9% respectively, while Sentix investor confidence indicator rose from 11.9 to 13.3. The Bank of France said the nation’s economy will add 0.2% in Q1. Germany raised 2014 GDP growth estimate from 1.7% to 1.75%. Portugal announced that it quits bailout on May 17. Portuguese Prime Minister said that this year he expects GDP to grow by more than 0.8% and aims to cut corporation tax in 2014 and income tax in 2015.

GBP/USD weakened from the daily high of $1.6430 to $1.6390, facing resistance at the top of the daily Ichimoku.

USD/CHF is trading under pressure, but holds slightly above the Friday’s $0.8960 low. Data showed Swiss unemployment holds at 3.2%.

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