EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.53% against the USD and closed at 1.2446, extending its previous session gains.
In economic news, non-farm pay-rolls in the third quarter eased 0.3% in France, higher than market expectations for a fall of 0.20%. It had climbed 0.1% in the prior quarter. Additionally, the nation’s manufacturing production unexpectedly fell 0.2% on a monthly basis in October, following a revised increase of 0.3% recorded in the previous month.
Yesterday, the ECB Executive Board member, Benoit Coeure urged governments of the Euro-zone member nations to introduce structural reforms in order to promote growth and overcome the period of low inflation in the Euro area.
In the US, the budget deficit fell to $56.82 billion in November, compared to a deficit of $121.71 billion in the previous month, while markets expected the nation’s budget deficit to fall to $65.00 billion. Meanwhile, mortgage applications advanced 7.3% on a weekly basis in the week ended 05 December 2014, compared to a 7.3% fall registered in the prior week.
In the Asian session, at GMT0400, the pair is trading at 1.2455, with the EUR trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.2381, and a fall through could take it to the next support level of 1.2306. The pair is expected to find its first resistance at 1.2513, and a rise through could take it to the next resistance level of 1.2571.
Trading trends in the Euro today are expected to be determined by Germany’s crucial CPI data, scheduled in a few hours. Meanwhile, investors would closely monitor the US retail sales and weekly initial jobless claims data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
