EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.32% against the USD and closed at 1.1096. Macroeconomic data indicated that Euro-zone’s seasonally adjusted industrial production fell more-than-expected by 1.2% MoM in May, thus indicating sluggish economic growth in the Euro-zone. Meanwhile, markets expected it to fall by 0.8%, following a revised gain of 1.4% in the preceding month.
In the US, the import price index rose less-than-anticipated by 0.2% MoM in June, after recording a gain of 1.4% in the prior month and compared to market expectations for a rise of 0.5%. Additionally, the nation posted a less-than-expected surplus of $6 billion in June, compared to a deficit of $53.0 billion in the preceding month.
Separately, the US Beige Book revealed that the US economy continued to expand at a moderate pace from mid-May through the end of June but showed little signs that inflation would pick up in the near term, taking an impact from the last month’s Brexit vote.
In the Asian session, at GMT0300, the pair is trading at 1.1111, with the EUR trading 0.14% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1062, and a fall through could take it to the next support level of 1.1012. The pair is expected to find its first resistance at 1.1140, and a rise through could take it to the next resistance level of 1.1168.
With no economic releases in Euro-zone today, market participants will look forward to the US initial jobless claims data, slated to be released later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
