Forex: EUR/NOK unchanged after data in Norway

The Norwegian krone posted no reaction after the Manufacturing Output in the Nordic economy expanded 0.3% during January, matching previous Reading, Continuing with the data, the Credit Indicator rose 6.3% in the same period, a tad lower that the prior 6.5%.

At the moment, the pair is up 0.11% at 7.4319 facing the next resistance at 7.4545 (high Mar.5) ahead of 7.4561 (MA10d) and then 7.4872 (high Mar.4).
On the downside, a breach of 7.4215 (low Mar.7) would aim for 7.4150 (low Mar.6) and then 7.4044 (MA200d).

Mar 7, 2013

Forex: EUR/USD at highs after good bond auctions in Spain and France

Investors are cheering the good bond auction results in Spain and France, but the EUR/USD stalled below 1.3045. The market trades at its highs ahead of German factory orders. More importantly, the ECB monetary policy decision and press conference are due at 12:45 GMT and 13:30 GMT, respectively.

Forex Flash: ECB rates expected to remain unchanged – Deutsche Bank

Turning to today's ECB meeting, the market consensus is for rates to remain unchanged. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “We think that the risk is tilted more in the direction of easing of policy, but not in the form of standard interest rate policy. Rather, they think an easing of non-standard, 'credit-easing' liquidity policies is more likely within the next few months.”