EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.29% against the USD and closed at 1.1054 on Friday.
On the data front, Euro-zone’s final consumer price inflation slowed to 0.7% on an annual basis in October, meeting market expectations and confirming the preliminary figures. In the prior month, the CPI had recorded a level of 0.8%. Meanwhile, the region’s seasonally adjusted trade surplus narrowed to €18.3 billion in September, more than market expectations for a surplus of €19.4 billion. In the prior month, the nation had posted a revised surplus revised €19.7 billion.
In the US, data showed that advance retail sales advanced 0.3% on a monthly basis in October, surpassing market consensus for a rise of 0.2% and following a decline of 0.3% in the previous month. On the other hand, the US NY Empire State manufacturing index unexpectedly declined to a level of 2.9 in November, defying market expectations for an increase to a level of 5.0. The index had registered a level of 4.0 in the prior month. Moreover, the nation’s industrial production eased 0.8% on a monthly basis in October, declining by the most since May 2018 and compared to a revised drop of 0.3% in the previous month. Market participants had anticipated industrial production to record a drop of 0.4%. Also, the manufacturing (SIC) production fell 0.6% on a monthly basis in October, following a drop of 0.5% in the previous month. Further, business inventories recorded a flat reading in September, compared to a revised drop of 0.1% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1064, with the EUR trading 0.09% higher against the USD from Friday’s close.
The pair is expected to find support at 1.1031, and a fall through could take it to the next support level of 1.0999. The pair is expected to find its first resistance at 1.1080, and a rise through could take it to the next resistance level of 1.1097.
Amid lack of macroeconomic releases in the Euro-zone today, traders would keep an eye on the US NAHB housing market index for November, set to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
