Forex Update: February 24, 2014

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February 24, 2014 | Forex News | Daily High/Low | Trend Meter | Trade of the Day

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February 23-24, 2014 GBP/USD EUR/USD EUR/JPY USD/JPY AUD/USD GBP/JPY
Resistance (High) 1.6721 1.3757 141.24 102.80 0.9013 171.68
Support (Low) 1.6612 1.3702 140.25 102.25 0.8923 170.13
Forex News

Euro Halts Gain as ECB's Draghi Says Willing to Act With CPI Due

February 23, 2014 (Bloomberg) -- The euro halted gains after advancing last week versus the dollar and yen, as European Central Bank President Mario Draghi reiterated a willingness to act if the outlook for prices deteriorates.

Demand for the common currency may wane with data today and on Feb. 28 forecast to show consumer-price gains in the region held at less than half the ECB's target of 2 percent. Inflation will remain subdued for a long time though there are currently no signs of deflation, Draghi said Feb. 23. The dollar is set for monthly declines versus most major peers with January's activity gauge from the Federal Reserve of Chicago predicted to be negative for the first time in six months.

"I see a decline in the euro given the ECB is more likely to ease," said Toshiya Yamauchi, a senior analyst in Tokyo at Ueda Harlow Ltd., which helps clients make bets on currency moves using borrowed money. "Unless ...keep reading.

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