EUR/USD: Euro-zone’s current account unexpectedly surplus narrowed in May


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR rose 0.30% against the USD and closed at 1.1448.

On the macro front, Euro-zone’s current account surplus unexpectedly narrowed to €8.0 billion in May, defying market forecast for a surplus of €19.1 billion and compared to a surplus of €14.4 billion in the prior month. Separately, Germany’s producer price index fell 1.8% on a yearly basis in June, more than market expectations for a drop of 1.5% and compared to a fall of 2.2% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.1459, with the EUR trading 0.10% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1419, and a fall through could take it to the next support level of 1.1378. The pair is expected to find its first resistance at 1.1484, and a rise through could take it to the next resistance level of 1.1508.

In absence of crucial macroeconomic releases in the Euro-zone today, investors would keep a close watch on the US Chicago Fed National Activity Index for June, slated to release later today.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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