EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 0.24% against the USD and closed at 1.1175.
On the macro front, the Euro-zone’s final manufacturing PMI contracted to a level of 47.9 in April, compared to a level of 47.5 in the previous month. Market participants had expected the PMI to advance to a level of 47.8. The preliminary figures had indicated an advance to 47.8.
Separately, in Germany, the Markit final manufacturing PMI advanced to a level of 44.4 in April, compared to market anticipation and preliminary figures for a rise to a level of 44.5. The PMI had registered a reading of 44.1 in the prior month. Meanwhile, the nation’s retail sales unexpectedly slid 2.1% on an annual basis in March. In the prior month, retail sales had registered a gain of 4.7%.
In the US, data indicated that the factory orders climbed to its highest level in 7-months by 1.9% on a monthly basis in March, more than market consensus for a rise of 1.6%. Factory orders had registered a revised drop of 0.3% in the previous month. Moreover, the nation’s final durable goods orders rose 2.6% on a monthly basis in March, following a revised drop of 1.1% in the prior month. The preliminary figures had recorded an advance of 2.7%. Also, the preliminary non-farm business productivity jumped 3.6% on a quarterly basis in 1Q 2019, rising at its quickest pace since 2014 and compared to an advance of 1.9% in the previous quarter. Market participants had anticipated the non-farm business productivity to advance 2.2%. Meanwhile, the US seasonally adjusted initial jobless claims remained steady at a level of 230.0K in the week ended 27 April 2019, compared to market consensus for a decline to a level of 215.0K.
In the Asian session, at GMT0300, the pair is trading at 1.1175, with the EUR trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.1158, and a fall through could take it to the next support level of 1.1140. The pair is expected to find its first resistance at 1.1206, and a rise through could take it to the next resistance level of 1.1236.
Moving ahead, traders would keep an eye on the Euro-zone’s producer price index for March
and the consumer price index for April, slated to release in a few hours. Later in the day, the US advance goods trade balance and retail inventories for March along with non-farm payrolls, unemployment rate, average hourly earnings, the Markit services PMI and the ISM non-manufacturing, services & composite PMI, all for April, will garner significant amount of investors’ attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
