EUR/USD: Germany’s factory orders advanced more-than-expected in June


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.24% against the USD and closed at 1.1201.

In economic news, Germany’s seasonally adjusted factory orders rose 2.5% on a monthly basis in June, surpassing market consensus for an increase of 0.5%. In the prior month, factory orders had recorded a revised fall of 2.0%. Meanwhile, the nation’s construction PMI contracted to a level of 49.5 in July, declining for the first time in 9 months and compared to a level of 50.0 in the preceding month.

In the US, data showed that the JOLTs job openings dropped to a level of 7348.0K in June, compared to a revised reading of 7384.0K in the prior month. Market participants had envisaged the JOLTs job openings to fall to a level of 7326.0K.

In the Asian session, at GMT0300, the pair is trading at 1.1211, with the EUR trading 0.09% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1175, and a fall through could take it to the next support level of 1.1139. The pair is expected to find its first resistance at 1.1239, and a rise through could take it to the next resistance level of 1.1268.

Looking ahead, traders would closely monitor Germany’s industrial production for June, set to release in a few hours. Later in the day, the US MBA mortgage applications and consumer credit data for June, will keep traders on their toes.

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

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