EUROPEAN SESSION UPDATE: Little Euro reaction to the higher debt levels, the European session passes without much fanfare…
Euro-zone government debt rose to 92.2% of GDP in the first quarter, which is up from 88.2% in Q4 of 2012. The news of the higher debt levels did not seem to move Euro trading.
Besides for that release, it has been a very quiet European session in Forex markets to start the new week. The Euro and Pound are each slightly higher against the US Dollar in today’s trading, and European equity indexes are trading slightly higher.
The biggest move today can be seen in USD/JPY, following a slight disappointment for the ruling party in the Japanese Upper House elections over the weekend.
There were no other major releases out of Europe today, only the news of an 11.6% rise in Swiss money supply M3 from June 2012. The Chicago Fed. National Activity Index for June will be released in the North American session and may possibly bring some US Dollar volatility.
The Euro is trading at about 1.3150 against the US Dollar at the time of this writing, and the pair may continue to see resistance by a horizontal line around 1.3165. Support may be provided by the key 1.3000 level.
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EURUSD Daily: July 22, 2013
Chart created by Benjamin Spier using Marketscope 2.0
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-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to email@example.com .