EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.32% against the USD and closed at 1.1116.
On the macro front, Euro-zone’s final consumer price index (CPI) rose 1.0% on an annual basis in November, in line with market expectations and confirming the preliminary print. In the prior month, the CPI had recorded an advance of 0.7%. Meanwhile, the region’s seasonally adjusted construction output declined 1.0% on a monthly basis in October, following a revised rise of 1.1% in the previous month.
Separately, in Germany, the producer price index declined 0.7% on a yearly basis in November, more than market expectations for a fall of 0.6%. In the prior month, the index had recorded a drop of 0.6%.
On the other hand, the nation’s Ifo business expectations index rose to a level of 93.8 in December, surpassing market expectations for a rise to a level of 93.0. In the prior month, the index had recorded a level of 92.1. Further, the Ifo business climate index advanced to a six-month high level of 96.3 in December, compared to a reading of 95.0 in the previous month. Market participants had envisaged the index to record a climb to a level of 95.5. Also, the Ifo current assessment index increased to a level of 98.8 in December, higher than market anticipations for an advance to a level of 98.1. In the previous month, the index had registered a reading of 97.9.
In the US, data showed that the MBA mortgage applications fell 5.0% on a weekly basis in the week ended 13 December 2019, following a rise of 3.8% in the previous week.
In the Asian session, at GMT0400, the pair is trading at 1.1130, with the EUR trading 0.13% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.1113, and a fall through could take it to the next support level of 1.1096. The pair is expected to find its first resistance at 1.1145, and a rise through could take it to the next resistance level of 1.1160.
Amid lack of macroeconomics releases in Euro-zone today, traders would keep an eye on the US Philadelphia Fed Manufacturing Index for December and existing home sales for November, slated to release later in the day.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
