EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.56% against the USD and closed at 1.0928.
In economic news, industrial business climate index in France remained steady at a level of 104.0 in April, meeting market expectations.
The greenback traded mixed against a basket of major currencies, after the latest economic data painted a gloomy picture of the world’s largest economy.
The US consumer confidence index fell more-than-expected to a level of 120.3 in April, from a revised sixteen-year high level of 124.9 in the prior month, as optimism about the economy dwindled. Markets had anticipated the index to drop to a level of 122.5.
On the other hand, the nation’s new home sales registered an unexpected rise of 5.8% on a monthly basis, to a level of 621.0K in March, accelerating at its fastest pace in eight months, thus underlining strength in the economy, despite an apparent slowdown in the first quarter. Markets were expecting new home sales to ease to a level of 584.0K, compared to a revised level of 587.0K in the prior month. Further, the nation’s housing price index surged to a nearly three-year high level, after it rose 0.8% MoM in February, surpassing market consensus for a gain of 0.4% and compared to a revised rise of 0.2% in the previous month.
Other economic data revealed that the US Richmond Fed manufacturing index dropped less-than-anticipated to a level of 20.0 in April, following a level of 22.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0938, with the EUR trading 0.09% higher against USD from yesterday’s close.
The pair is expected to find support at 1.0875, and a fall through could take it to the next support level of 1.0813. The pair is expected to find its first resistance at 1.0975, and a rise through could take it to the next resistance level of 1.1013.
In absence of any major economic releases in the Euro-zone today, traders would focus on the US MBA mortgage applications data, due later today. Meanwhile, investors will seek details on the US President, Donald Trump’s tax reform plan, scheduled to be announced later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
