Fri, Jun 09, 2023 @ 01:35 GMT
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EUR/USD: German Flash CPI For March Awaited

For the 24 hours to 23:00 GMT, the EUR declined 0.46% against the USD and closed at 1.0764.

In economic news, German import price index advanced above expectations by 0.7% on a monthly basis in February and after registering a rise of 0.9% in the previous month.

In the US, pending home sales registered a rise of 5.5% on a monthly basis in February, compared to a drop of 2.8% in the prior month. Markets were expecting pending home sales to climb 2.5%. In contrast, MBA mortgage applications in the US registered a drop of 0.8% in the week ended 24 March 2017. Mortgage applications had fallen 2.7% in the previous week.

Separately, the Boston Federal Reserve President, Eric Rosengren stated that four rate hikes are appropriate for this year.

In the Asian session, at GMT0300, the pair is trading at 1.0745, with the EUR trading 0.18% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.0713, and a fall through could take it to the next support level of 1.0682. The pair is expected to find its first resistance at 1.0801, and a rise through could take it to the next resistance level of 1.0858.

Moving ahead, investors look forward to the Euro-zone’s consumer confidence and German consumer price index (CPI) data, due in a few hours. Additionally, the US Q4 annualised GDP and weekly jobless claims data will also attract a significant amount of market attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financial
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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