Euro Reverses Its Losses This Morning
GCI Financial | Sep 22, 2014 02:53AM ET
On Friday, EUR declined 0.63% against the USD and closed at 1.2836.
In economic news, the seasonally adjusted current account surplus in the Euro-zone marginally widened to €18.7 billion in July, compared to a revised surplus of 18.6 billion recorded in June.
In other economic news, the Producer Price Index in Germany, Euro-zone’s biggest economy, dropped 0.1%, on a monthly basis, in August, at par with market expectations. It follows a similar decline registered in the preceding month.
In the US, the Leading Indicator rose 0.2% in August, lower than market expectations for a 0.4% gain and compared to a revised increase of 1.1% recorded in the previous month.
Separately, credit rating agency, Fitch Ratings, affirmed its “AAA” rating for the US, and maintained its “Stable” outlook, citing that the nation has a strong financial system that can bear a high level of public debt.
Meanwhile, the Finance Chiefs from G20 nations remained confident and unveiled plans to achieve an extra 1.8% global economic growth over the next five years under reforms agreed among its member nations.
In the Asian session, at GMT0300, the pair is trading at 1.2864, with the EUR trading 0.22% higher from Friday’s close.
The pair is expected to find support at 1.2817, and a fall through could take it to the next support level of 1.2769. The pair is expected to find its first resistance at 1.2921, and a rise through could take it to the next resistance level of 1.2977.
Going forward, the ECB Chief, Mario Draghi’s speech would be closely watched by investors, scheduled later in the day.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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