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13 Mar 2013
Forex: EUR/USD down to 1.3000 ahead of US retail sales
In antecipation of the US data ahead, the EUR/USD came down from its highs at 1.3065, erased all gains and has moved lower down to the psychological level at 1.3000 (-0.26%).
US retail sales data will be out at 12:30 GMT. “The surge in gasoline prices should push total consumer spending up sharply in February, and we expect retail sales to rise at an above consensus 0.8% m/m”, wrote TD Securities analyst Alvin Pontoh, looking for stronger autos to bolster the top line, and sales ex-autos are expected to rise at a slightly more modest 0.7% m/m pace (consensus 0.5%).
Also ahead are US import and export prices index, business inventories and 10-year bond auction. Mataf.net analysts point to resistance at 1.3070 1.3115 and 1.3135, while supports are at 1.2985 and 1.2955.
US retail sales data will be out at 12:30 GMT. “The surge in gasoline prices should push total consumer spending up sharply in February, and we expect retail sales to rise at an above consensus 0.8% m/m”, wrote TD Securities analyst Alvin Pontoh, looking for stronger autos to bolster the top line, and sales ex-autos are expected to rise at a slightly more modest 0.7% m/m pace (consensus 0.5%).
Also ahead are US import and export prices index, business inventories and 10-year bond auction. Mataf.net analysts point to resistance at 1.3070 1.3115 and 1.3135, while supports are at 1.2985 and 1.2955.