The European Calendar is full of fundamentals today, where the Bank of England released their minutes of meeting, along with the Unemployment rates that had inclined to 7.2% yet coming better than market expectations. Moreover, we’ve seen a remarkable widening surplus to 2.7 billion euro’s from the previous 0.4 billion, along the seasonally adjusted trade balance deficit narrowed down to -0.3 billion from the previous 2.1 billion euro’s.
The sixteen nation’s currency inclined for the second consecutive day as its currently trading at levels 1.3867 levels, after the pair recoded a high of 1.3925 and low of 1.3806 levels. If 1.3825 levels remain intact, the pair might leave the path open for the pair to incline up to a minor resistance seen at 1.4090 levels before heading toward the set targets at 1.4450 levels.
The Bank of England voted 9-0 to leave interest rates steady at 0.50%, the lowest since the banks establishment, believing that the current rates are appropriate for the existing situation as they now shifted their attention toward the Assets Purchasing Facility. After the release of the news and the incline in the Unemployment rates, the British Pound plunged to currently trade at 1.6282 levels, recording a low of 1.6269 and high of 1.6480 levels. The pair facing support levels at 1.6215 and then followed by 1.6175 levels, but if the pair shifted its movement, a resistance levels are set at 1.6500 and 1.6560 levels.
The USD/JPY plunged for the third consecutive day to currently trade at 96.16 levels, as the pair recorded a high of 96.77 and a low of 95.96 levels. The pair is still trading in the descending channel, where according to predictions the pair will target 95.50 levels as if breached the pair will head deeper down to 93.40 levels.