Euro Trading Lower, Ahead Of Germany’s Flash CPI Data
GCI Financial | Nov 30, 2015 02:27AM ET
For the 24 hours to 23:00 GMT, the EUR declined marginally against the USD and closed at 1.0600.
In economic news, Euro-zone’s consumer confidence index rose unexpectedly to a level of -5.9 in November, compared to market expectations of a drop to -7.9. The preliminary figures had indicated a rise to -6.0. Also, the region’s economic sentiment indicator remained unchanged at a level of 106.1 during the same month, against market expectations of a fall to a reading of 105.9. However, the Euro-zone’s industrial confidence index fell to a level of 3.2 in November, higher than market expectations of a fall to -2.1. In the prior month, the index had registered a reading of -2.0.
Elsewhere in Germany, the Gfk consumer confidence index fell to a level of 9.3 in December, notching its lowest level since February 2015, against market expectations of a drop to a reading of 9.2, and after recording a level of 9.4 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0579, with the EUR trading 0.2% lower from Friday’s close.
The pair is expected to find support at 1.0552, and a fall through could take it to the next support level of 1.0525. The pair is expected to find its first resistance at 1.0623, and a rise through could take it to the next resistance level of 1.0666.
Going ahead, market participants will concentrate on Germany’s preliminary consumer price inflation data for November, scheduled to be released later today. Additionally, investors will also look forward to the US pending home sales data for October, due later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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