Currencies  |  March 15, 2013 08:12:00

Morning comments on EUR / USD (15 March 2013) Representatives of the European Union continues on a two-day summit in Brussels. Remain the subject of debate topics about austerity programs, boosting economic growth and rising unemployment. The word should also sign in Cyprus for financial assistance for 17 billion euros.

France and Italy have the summit managed to negotiate an exemption from the European Union budget rules. Against this application performed dismissive Germany, which supports cuts in budgets. Ultimately, however, the French president Hollande able to convince their opponents. French state budget deficit will reach 3.7 percent, instead of the prescribed 3 percent.European Commission chief Jose Manuel Barroso said yesterday that the Member States must strive to reduce their debts themselves, though the European Union is prepared for any support.

Americans yesterday received more good news from the labor market. Number of applications for unemployment benefits fell last week by 10,000 to a total of 332 000th The labor market slowly gaining momentum, especially after NFP report from last Friday, which informed the creation of 236,000 new jobs outside the agricultural sector. The unemployment rate in February managed to shrink to 7.7 percent.

Producer prices rose 0.7 percent in February. Strengthening the highest in the past five months, thanks to the rise in gasoline prices. This report brought a slight indication of inflation, which could induce the American central bank to discuss the tightening of monetary policy.The current account deficit narrowed to U.S. 110.4 billion in the last quarter of 2012. Economists predicted growth to 112.8 billion.

Markets can be volatile on Friday because expire quarterly and monthly futures and options on shares and some investors will therefore balance their portfolios.

EUR / USD yesterday changed the mood and seceded from the declining trend channel. Change of mood, at least long bullish correction corresponds to the divergence oscillator. The market is slowly approaching the Fibonacci resistance level 61.8 where there were previous peaks. There is expected to clear the message from the market, whether it will strengthen even further or bears sit in the saddle again.

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