EURUSD Movement
On Friday, EUR rose 0.18% against the USD and closed at 1.3028. The greenback fell, as US first quarter growth figures came in weaker-than-expected data in the Q12013.
The preliminary gross domestic product in the US grew at a 2.5% annual rate in the Q12013, as compared to a rise of 0.4% in Q42012. Market had expected the US economy to advance at a 3.0% annual rate in Q12013.
In the Asian session, at GMT0300, the pair is trading at 1.3048, with the EUR trading 0.15% higher from Friday’s close, after Leftist Moderate, Enrico Letta was formally sworn in on Sunday as Italy’s new Prime Minister at the head of a coalition cabinet at a ceremony lead by President, Giorgio Napolitano
The pair is expected to find support at 1.3004, and a fall through could take it to the next support level of 1.2961. The pair is expected to find its first resistance at 1.3077, and a rise through could take it to the next resistance level of 1.3107.
In the coming week, another set of key US indicators, including a government report on consumer spending on Monday, the consumer confidence index on Tuesday, monthly trade figures on Thursday, and the crucial non-farm payrolls data for April on Friday, would release. Moreover, April manufacturing indicators are also set for release from the US, China and the Euro-zone. Furthermore, the Federal Open Market Committee monetary-policy decision is due on Wednesday, followed by the European Central Bank’s monetary policy decision on Thursday.
Meanwhile, Euro’s immediate fortunes would be determined by the release of services sentiment, industrial confidence, consumer confidence and the business climate data in the Euro-zone later today. Germany’s consumer price index data shall also garner investor’s attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
