EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.23% against the USD and closed at 1.1400.
In economic news, Germany’s trade surplus widened to a level of €20.3 billion in February, compared to market expectations of a trade surplus of €18.0 billion. The nation had reported a revised trade surplus of €13.4 billion in the prior month. Meanwhile, the nation’s seasonally adjusted imports unexpectedly rose by 0.4% MoM in February, while seasonally adjusted exports advanced more-than-expected by 1.3% during the same month.
In the US, wholesale inventories recorded a drop of 0.5% MoM in February, falling at its fastest pace in nearly three years, compared to a revised rise of 0.2% in the previous month. Market expectation was for the wholesale inventories to drop 0.2%.
Separately, the New York Fed President, William Dudley, indicated that the central bank should hike interest cautiously and gradually due to lingering external risks to the US economy, despite some domestic strength and signs of a pick-up in inflation.
In the Asian session, at GMT0300, the pair is trading at 1.1411, with the EUR trading 0.09% higher from Friday’s close.
The pair is expected to find support at 1.1364, and a fall through could take it to the next support level of 1.1318. The pair is expected to find its first resistance at 1.1442, and a rise through could take it to the next resistance level of 1.1474.
Going ahead, investors will look forward to Germany’s consumer price index data for March, scheduled to release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
