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Forex Market Insights for 25.02.2015

The latest updates for the forex market and the anticipated economic figures for the day are listed below

by Shoaib Abedi

EUR/USD:

The euro traded higher against the U.S. dollar after the Greek proposal of economic reforms was approved by creditors. The euro zone's Consumer Price Index dropped 1.6% in January, after a 0.1% decrease in December. On a yearly basis, the euro zone's final Consumer Price Inflation remained unchanged at 0.6% in January, in line with expectations. The euro zone's consumer price inflation excluding food, energy, alcohol and tobacco remained unchanged at an annual rate of 0.6% in January, in line with expectations. Germany's final GDP grew 0.7% in the fourth quarter, in line with expectations. The National Bank of Belgium (NBB) released its business survey on Tuesday. The business climate indicator rose to -8.3 in February from -8.8 in January. The increase was driven by positive developments in the manufacturing industry, in business-related services and in trade.

The European economic data:

ECB President Draghi's Speech at 17.30 Saudi Arabia time

The American economic data:

Fed's Yellen testifies at 18.00 Saudi Arabia time

US New Home Sales change at 18.00 Saudi Arabia time

EIA Crude Oil Stocks change at 18.30 Saudi Arabia time

EURUSD Support and Resistance

R1 1.13549 S1 1.13018

R2 1.13713 S2 1.12854

R3 1.13979 S3 1.12589

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Pivot Point: 1.13284

GBP/USD:

The British pound traded higher against the U.S. dollar in the absence of any major economic reports from the U.K. Bank of England policymaker Martin Weale said today that the BOE could start hiking its interest rates sooner than expected.

UK economic data:

BBA Mortgage Approvals at 12.30 Saudi Arabia time

BOE's Governor Carney speech at 13.00 Saudi Arabia time

GBPUSD Support and Resistance

R1 1.54705 S1 1.54159

R2 1.54874 S2 1.53990

R3 1.55147 S3 1.53717

Pivot Point: 1.54432

GOLD:

Gold futures traded little changed after Janet Yellen failed to allay fears that US interest rates will rise. Yellen noted that "the rate increase will be possible in the course of any meeting after the statements of the Central Bank of intensions undergo appropriate changes." Yellen also mentioned that the Fed will raise rates when inflation is on the rise, adding that in the short term, inflation may fall. She also noted that the updated statement of intent will not necessarily mean that the presence of the word "patience" makes it impossible to increase rates over the next couple of meetings

GOLD Support and Resistance

R1 1205.63 S1 1194.59

R2 1209.04 S2 1191.18

R3 1214.56 S3 1185.66

Pivot Point: 1200.11

OIL:

US oil prices continued to fall to below $50 a barrel during yesterday's trading session as investors await the EIA Crude Oil Stocks change to be released later today.

OIL Support and Resistance

R1 50.03 S1 48.79

R2 50.41 S2 48.41

R3 51.03 S3 47.79

Pivot Point: 49.41


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