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EUR/USD stays below 1.12 amid gains in European equities

EUR/USD stays under pressure below 1.12 handle amid gains in the European equities and broad based USD rally.

Dollar gains on Fed rate hike talks

Hawkish talk from Fed policymakers has pushed up April/June rate hike bets. Furthermore, renowned doves like Evans are joining the rate hike bandwagon as well. Consequently, USD is trading on the front foot against most majors including EUR.

Meanwhile, common currency is also under pressure due to a 0.70% rise in the pan-European blue chip Stoxx 50 index. Hence, pair stays around 1.1188; just a shy away from the daily low of 1.1180.

EUR/USD Technical Levels

The immediate hurdle is noted around 1.1250 (5-DMA + 61.8% of 1.1714-1.0517 + 100% Fibo of 1.0517-1.1060-1.0711), above which spot could target 1.13. If bears fail to defend the same, doors would be open for a re-look at last week’s high of 1.1336-1.1342. On the other hand, a breakdown of immediate support at 1.1173 (23.6% of 1.0517-1.1376) could see prices descend to 1.1115 (50% of 1.1714-1.0517) which if breached shall shift risk in favor of a drop to 1.1088 (50% of Mar 2015 low-Aug 2015 high).

Switzerland ZEW Survey - Expectations increased to 2.5 in March from previous -5.9

Switzerland ZEW Survey - Expectations increased to 2.5 in March from previous -5.9
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JPY: Abe set to abandon the Sales Tax increase - MUFG

Derek Halpenny, European Head of GMR at MUFG, notes that the FT is today reporting that the Abe administration has decided to abandon its plan to increase the sales tax from 8% to 10%, scheduled to be implemented in April 2017.
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