Euro Zone February PPI data came in near expectation and this should leave spot little troubled ahead of the North American open. On the month the data was expected at +0.3% but on an annualized basis the forecast was for +2.8%. As a result, the headline +2.9% is slightly higher than many had forecast but well within tolerance levels given the upward revision to the January numbers (+2.9% to +3.1%).
EUR/USD continues to trade just shy of the 1.3370's having failed to clear 1.3380 amid the earlier stab higher. Bids into the low 1.3360's should prop the price from further weakness and while 1.3350 support remains intact the focus is likely to remain on the topside going forward. US Pending Home Sales numbers, for February, are set for release into NorAm trading and many dealers now see this release as the key short-term risk to the Dollar.
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