EUR/USD sits presently at 1.2590. Trading conditions are pretty orderly. Sources report some buy orders lined up at 1.2580 and then some better-sized interest down at 1.2540. Sources also report that the latter level of 1.2540 is seen as pivotal by some and as a result any breech of said level could well ellicit accelerated euro losses. On the topside, technical resistance of note is seen at 1.2665/70. Sources report that buy stops are gathering just above 1.2700.
Earlier we had the release of some French economic data. The French Q-4 ILO jobless rate rose to 8.2% from revised 7.6% in Q-3, which was worse than the median forecast calling for a rise to 7.9%. Meanwhile French producer prices for January came in much weaker than expected, -2.0% m/m and -2.7% y/y compared to median forecasts of +0.3% and -0.4% respectively.
