{"id":20034,"date":"2011-03-11T06:13:00","date_gmt":"2011-03-11T11:13:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=20034"},"modified":"2011-03-11T06:13:00","modified_gmt":"2011-03-11T11:13:00","slug":"eurusd-euro-backpedals-as-sovereign-debt-woes-mount-rises-in-asian-session","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/03\/11\/eurusd-euro-backpedals-as-sovereign-debt-woes-mount-rises-in-asian-session\/","title":{"rendered":"EUR\/USD: Euro backpedals as sovereign debt woes mount, Rises in Asian session"},"content":{"rendered":"

By GCI Forex Research<\/strong><\/p>\n

\n
\"EUR<\/a>EURUSD Movement<\/p>\n<\/div>\n

For the 24 hours to 23:00 GMT, EUR declined 0.78% against the USD and closed at 1.3795, after Moody\u2019s Investors Service downgraded Spain\u2019s sovereign debt rating by a notch to Aa2 with a negative outlook, citing that it was uncertain about the country\u2019s ability to improve its finances.<\/p>\n

The European Central Bank (ECB) in its monthly bulletin increased its projections for inflation. The ECB\u2019s projection for inflation now stands at 2.0% to 2.6% for 2011 and 1.0% to 2.4% for 2012. Meanwhile, lower end for Euro-zone\u2019s Gross Domestic Product growth has been revised upwards and now stands at 1.3% to 2.1% for 2011.<\/p>\n

In Germany, trade surplus fell to \u20ac10.1 billion in January from \u20ac12.2 billion surplus in December.<\/p>\n

In the Asian session, at 4:00GMT, the EURUSD is trading at 1.3823, 0.20% higher from the levels yesterday at 23:00GMT.<\/p>\n

The pair has its first short term resistance at 1.3890, followed by the next resistance at 1.3957. The first support is at 1.3770, with the subsequent support at 1.3717.<\/p>\n

The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.<\/p>\n

Forex Daily Market Commentary<\/strong><\/em> provided by<\/em><\/strong> GCI Financial Ltd<\/strong><\/a>.<\/strong><\/span><\/p>\n

GCI Financial Ltd (\u201dGCI\u201d) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (\u201dForex\u201d) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (\u201dCFDs\u201d) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.<\/p>\n

DISCLAIMER: GCI\u2019s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

For the 24 hours to 23:00 GMT, EUR declined 0.78% against the USD and closed at 1.3795, after Moody\u2019s Investors Service downgraded Spain\u2019s sovereign debt rating by a notch to Aa2 with a negative outlook, citing that it was uncertain about the country\u2019s ability to improve its finances.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20034","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=20034"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20034\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=20034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=20034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=20034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}