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EUR Numbers: French Report Still Falls Short
By Benny Nardino | April 7, 2008
The French Balance of Trade report better than expected slightly and still triggers a mild sell-off on the EUR/USD but since recovered. See full Reports here..
French Feb trade deficit 2.765 bln euros vs revised 3.183 bln Jan deficit
(Adds breakdown)PARIS (Thomson Financial) - French provisional, seasonally-adjusted trade figures for February showed a deficit of 2.765 billion euros compared with a deficit of 3.183 billion in January, revised from a 3.391 billion deficit reported originally.
Exports in February totalled 36.980 billion euros compared with 36.642 billion the month before, revised from 36.594 billion….
Early morning trades has seen a bounce off the 50% Fibs. support level At the moment the market is still trading within range of the Fibonacci’s 38.2 and 50 per cent. A break out of this range could see a directional flow of 1.5775 resistance - a level it fell from grace last week.
On the contrary, if the we could see a re-test of the 1.5627 (low of the trade report the morning), we should look out for 1.5510 range of last week. For now the EUR is holding its position at 1.5669 and with the German numbers yet to come I would still consider this a mild blip.
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