Euro Trading Lower Ahead Of Germany’s CPI Data
GCI Financial | Oct 30, 2014 01:46AM ET
For the 24 hours to 23:00 GMT, the EUR declined 0.77% against the USD and closed at 1.2638.
The US Dollar traded higher after the Fed at its monthly monetary policy meeting agreed to end its asset-buying program that had supported the US economic growth for the last 27 months. Additionally, it held its benchmark interest rates unchanged at 0.25% and pledged to keep its interest rates low for a “considerable time”. However, it stated that if the US economy improves faster than expected, then the first rate hike could come sooner than anticipated.
Elsewhere, in France, Euro-zone’s second biggest economy, consumer confidence remained steady at 85.0 in October, lower than market expectations to advance to 86.0. Meanwhile, retail sales in Spain grew 1.1% on an annual basis in September, beating market expectations for a rise of 0.6% and compared to an advance of 0.4% registered in August.
Separately, the ECB in its quarterly Bank Lending Survey revealed that the banks in the region had eased loan standards to the private sector in the third quarter.
In the Asian session, at GMT0400, the pair is trading at 1.2618, with the EUR trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1.2566, and a fall through could take it to the next support level of 1.2513. The pair is expected to find its first resistance at 1.2721, and a rise through could take it to the next resistance level of 1.2823.
Trading trends in the Euro today are expected to be determined by Germany’s crucial CPI data, scheduled in a few hours. Meanwhile, the US GDP and initial jobless claims data would keep market participants on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.