Back
16 Aug 2013
EUR/USD keeps the range on EMU CPI
FXstreet.com (Edinburgh) -The scepticism surrounding the euro today manifested once again after the inflation figures in the bloc, with the EUR/USD keeping the range around 1.3335/40.
EUSD/USD remains apathetic
EMU’s consumer prices rose 1.6% on a yearly basis during July and contracted 0.5% inter-month, both prints banging on estimates. The trade surplus for the 17-nation bloc widened to €17.3 billion vs. €14.5 billion in the previous month. No further data are due in the euro area, while Building Permits, Housing Starts and the flash Reuters/Michigan index are expected in the US. “The next couple of months the euro will be supported by better data out of the euro zone and the performance of peripheral bonds, which implies that the start of tapering is not enough to start a strong trend lower in EUR/USD for now”, commented Chief Analyst at Danske Bank, Allan von Mehren.
EUR/USD levels to watch
The pair is now losing 0.08% at 1.3335 facing the immediate support at 1.3188 (low Aug.2) followed by 1.3179 (MA30d) and finally 1.3164 (low Jul.23). On the upside, a breakout of 1.3391 (high Aug.9) would open the door to 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).
EUSD/USD remains apathetic
EMU’s consumer prices rose 1.6% on a yearly basis during July and contracted 0.5% inter-month, both prints banging on estimates. The trade surplus for the 17-nation bloc widened to €17.3 billion vs. €14.5 billion in the previous month. No further data are due in the euro area, while Building Permits, Housing Starts and the flash Reuters/Michigan index are expected in the US. “The next couple of months the euro will be supported by better data out of the euro zone and the performance of peripheral bonds, which implies that the start of tapering is not enough to start a strong trend lower in EUR/USD for now”, commented Chief Analyst at Danske Bank, Allan von Mehren.
EUR/USD levels to watch
The pair is now losing 0.08% at 1.3335 facing the immediate support at 1.3188 (low Aug.2) followed by 1.3179 (MA30d) and finally 1.3164 (low Jul.23). On the upside, a breakout of 1.3391 (high Aug.9) would open the door to 1.3401 (high Aug.8) and then 1.3417 (high Jun.19).