EUR/USD: Germany’s trade surplus widened more-than-estimated in August


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR slightly rose against the USD and closed at 1.1496.

Macroeconomic data showed that Germany’s seasonally adjusted trade surplus widened to €17.2 billion in August, compared to a surplus of €16.5 billion in the prior month. Market participants had expected the nation to post a surplus of €16.2 billion.

In the US, data indicated that the US NFIB small business optimism index slid to a level of 107.9 in September, compared to market consensus for a drop to a level of 108.0. In the previous month, the index had recorded a reading of 108.8.

In the Asian session, at GMT0300, the pair is trading at 1.1508, with the EUR trading 0.10% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1455, and a fall through could take it to the next support level of 1.1402. The pair is expected to find its first resistance at 1.1538, and a rise through could take it to the next resistance level of 1.1568.

Amid lack of macroeconomic releases in the Euro-zone today, traders will keep an eye on the MBA mortgage applications followed by the US producer price index for September, set to release later in the day

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

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