EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR rose 0.11% against the USD and closed at 1.0645, after Germany’s GDP advanced as expected in 3Q 2015.
Data showed that the final German GDP rose in line with expectations by 0.3% QoQ in 3Q 2015, mainly driven by domestic demand and government spending, compared to a rise of 0.4% in the previous quarter. The preliminary figures had also indicated an advance of 0.3%. Additionally, the nation’s Ifo business expectations index advanced more-than-expected to a level of 104.7 in November, higher than market expectations of a rise to 104.0, and compared to a revised reading of 103.9 in the previous month. Also, Germany’s Ifo business climate index surprisingly rose to a level of 109.0 during the same month, notching its highest level since June 2014, and compared to a reading of 108.2 in October. Investors had expected it to remain unchanged.
In the US, a second estimate of GDP price index rose more-than-expected by 1.3% OoQ in 3Q 2015, compared to an advance of 2.1% in the previous quarter. The preliminary figures had recorded an advance of 1.2%. Moreover, the nation’s S&P/Case-Shiller composite home price index (HPI) of 20 metropolitan areas recorded a rise of 5.45% YoY in September, more than market expectations for a rise of 5.15%, and after registering a revised rise of 5.13% in the previous month. However, the CB’s US consumer confidence index surprisingly declined to a 12-month low level of 90.4 in November, from a revised reading of 99.1 in the previous month, and against investor expectations for a rise to a level of 99.5.
In the Asian session, at GMT0400, the pair is trading at 1.067, with the EUR trading 0.23% higher from yesterday’s close.
The pair is expected to find support at 1.0633, and a fall through could take it to the next support level of 1.0597. The pair is expected to find its first resistance at 1.0692, and a rise through could take it to the next resistance level of 1.0714.
Moving ahead, investors will look forward to Germany’s Gfk consumer confidence survey data for December, scheduled to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
