The Euro gained by 0.4% versus the Dollar the past week keeping with the uptrend, but a failure to break above the 1.5050 level may signal a forming of a double top in the EUR/USD that could lead to sharp declines in the Euro. German Prelim GDP was released weaker than expected with 0.7% but still showed growth. Overall, EUR/USD traded with a high of 1.5047 and a low of 1.4820. Looking ahead, European CPI is expected unchanged with -0.1% and will be released on Monday. Trade Balance is expected with -0.9B versus 1B prior and will be released on Tuesday. German PPI is expected higher with 0.1% versus -0.5% prior on Friday.
The Pound gained 0.4% versus the Dollar after holding above key technical support levels. Fitch Ratings held a cautious outlook for the U.K and said the AAA credit rating is at risk. Overall, GBP/USD traded with a high of 1.6843 and a low of 1.6515. Looking ahead, CPI on Tuesday is expected stronger with 1.4% versus 1.1% prior. MPC Meeting Minutes will be released on Wednesday along with CBI Industrial Order Expectations. Retail Sales are expected stronger with 0.6% versus 0% prior on Thursday.