EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.45% against the USD and closed at 1.1709.
Data showed that the Euro-zone’s final consumer confidence index remained unchanged at -0.6 in July, at par with market expectations and confirming the preliminary print. Meanwhile, the nation’s economic sentiment indicator dropped to a one-year low level of 112.1 in July, compared to market expectations for a decline to a level of 112.0. In the previous month, the economic sentiment indicator had registered a reading of 112.3. Moreover, the region’s business climate indicator eased to 1.29 in July, after recording a revised reading of 1.38 in the prior month. Market participants had expected the index to drop to a level of 1.35.
Separately, in Germany, the preliminary consumer price index (CPI) climbed 2.0% on an annual basis in June, undershooting market expectations for an advance of 2.1%. In the previous month, the CPI had climbed 2.1%.
In the US, data revealed that US pending home sales rebounded 0.9% on a monthly basis in June, higher than market expectations for an advance of 0.1%. Pending home sales had registered a drop of 0.5% in the prior month.
On the contrary, the nation’s Dallas Fed manufacturing business index eased to 32.3 in July, less than market expectations for a drop to a level of 31.0. The index had registered a reading of 36.5 in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.1704, with the EUR trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1662, and a fall through could take it to the next support level of 1.1619. The pair is expected to find its first resistance at 1.1733, and a rise through could take it to the next resistance level of 1.1761.
Going ahead, investors will await Euro-zone’s Q2 gross domestic figures along with the consumer price index for July and unemployment rate for June, slated to release in a few hours. Moreover, Germany’s retail sales for June and unemployment rate for July, will be on investors radar. Later in the day, the US personal income and spending data for June, followed by the consumer confidence index and the Chicago purchasing manager’s index, both for July, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
