EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.28% against the USD and closed at 1.1608
On the macro front, the Euro-zone’s preliminary consumer confidence index unexpectedly declined to a level of -0.5 in June, amid trade war fears, Italian political crisis and marking its lowest reading since October 2017. The PMI had registered a rise of 0.2 in the prior month, while market participants had envisaged for a flat reading.
Macroeconomic data showed that the number of Americans filing for fresh unemployment benefits dropped more-than-anticipated to a level of 218.0K in the week ended 16 June, compared to market expectations for a drop to a level of 220.0K. Initial jobless claims had registered a revised level of 221.0K in the prior week. Meanwhile, the nation’s Philadelphia Fed manufacturing index fell higher-than-expected to a level of 19.9 in June, weighed down by a sharp drop by the new orders index and defying market consensus for a fall to a level of 29.0. The index had registered a reading of 34.4 in the prior month. Other data showed that, the leading index rose less-than-expected 0.2% on a monthly basis in May. The index had registered a rise of 0.4% in the prior month, while markets had envisaged the index to rise by 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.1605, with the EUR trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1531, and a fall through could take it to the next support level of 1.1458. The pair is expected to find its first resistance at 1.1656, and a rise through could take it to the next resistance level of 1.1708.
Going ahead, market participants would keep a close watch on the release of flash Markit manufacturing and services PMI, for June, across the Euro-zone. Additionally, the US flash manufacturing and services PMI for June, set to release later in the day, will keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
