EUR/USD (a 4-hour chart)
Despite the negative macroeconomic statistics from the Eurozone EUR/USD showed a growth of 0.2 %. The preliminary Eurozone CPI report came out worse than the forecast at 0.5% which once again confirms the presence of a deflationary threat. But the unemployment rate gave a little surprise, the total value amounted to 11.7%, which is 0.1 % better than the median of forecasts. The lowest unemployment recorded in Austria 4.9%, while in Greece and Spain is still a level of over 25%. The investors decided to take profit on short positions in anticipation of the ECB today's meeting.
GBP/USD "bulls" and "Bears" failed to reveal the winner yesterday. The construction sector PMI came below expectations that did not allow the "bulls" to consolidate above the resistance level 1.6773. It should also be noted that the figure drops 4 consecutive months that could indicate a possible peak in the growth phase and the subsequent decline.
After a small correction in the first half of the day the USD/JPY continued to rise again against the demand for risky assets. Investors are buying on pullbacks American and Japanese securities that pushes stocks up and supports the demand for the dollar/yen in the absence of important macroeconomic statistics.