EUR/USD: Euro-zone’s industrial production declined at its fastest pace in 4 months in April


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.12% against the USD and closed at 1.1279.

On the data front, Euro-zone’s seasonally adjusted industrial production slid 0.5% on a monthly basis in April, declining at its quickest pace in 4 months and in line with market expectations. In the previous month, industrial production had recorded a revised fall of 0.4%.

Separately, in Germany, the final consumer price index (CPI) eased 1.4% on an annual basis in May, meeting market anticipations and confirming the preliminary figures. In the previous month, the CPI had registered a climb of 2.0%.

In the US, data showed that seasonally adjusted initial jobless claims unexpectedly advanced to a level of 222.0K in the week ended 08 June 2019, compared to a revised level of 219.0K in the previous week. Market participants had envisaged initial jobless claims to register a decline to 215.0K.

In the Asian session, at GMT0300, the pair is trading at 1.1277, with the EUR trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 1.1263, and a fall through could take it to the next support level of 1.1248. The pair is expected to find its first resistance at 1.1298, and a rise through could take it to the next resistance level of 1.1318.

Amid lack of macroeconomic releases in the Euro-zone today, traders would await the US advance retail sales, industrial production, manufacturing (sic) production, all for May and the Michigan consumer sentiment for June, slated to release later in the day.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

This entry was posted in EUR/USD. Bookmark the permalink.

Comments are closed.