0145 GMT [Dow Jones] Economic data, especially Germany's Ifo Business Climate Index later Friday, are in focus to see whether the euro will fall below 200-day moving average, says Junichi Ishikawa, market analyst at IG Securities in Tokyo. Amid increasing expectations for monetary easing by the European Central Bank in June, a fall in Ifo reading below market consensus of 110.9 will likely invite selling of the euro, says Ishikawa. "When combined with selling pressure tied to risk aversion ahead of Ukraine election (May 25), the EUR/USD and EUR/JPY may break below their (crucial support of) 200-day moving average," of 1.3635 and 138.20 respectively and the pairs may test 1.3500 and 138.00. (hiroyuki.kachi@wsj.com)
(END) Dow Jones Newswires
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May 22, 2014 21:45 ET (01:45 GMT)
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