Crappy German GDP and unwinding of EUR/JPY longs on concerns over the weak JPY from the Japanese economy minister have helped undermine EUR/USD, pushing it back to test important support in the 1.3300/10 zone. We’ve been as low as 1.3310 thus far, holding above a cluster of stop-loss sell orders in the 1.3290/95 area. (if this sounds like a rehash of yesterday’s opening post, it is!)
Small sellers are seen in the 1.3335 and 1.3350 areas.
Coming up at 13:30 GMT we have US retail sales, PPI and Empire State manufacturing data. Weak data will likely undermine US yields and EUR/JPY further this morning.
