Euro Trading Lower Ahead Of Germany’s Retail Sales Data
GCI Financial | May 29, 2015 02:18AM ET
For the 24 hours to 23:00 GMT, the EUR rose 0.60% against the USD and closed at 1.0968, as forex traders continuously monitored high-level discussions in Brussels regarding the Greek debt crisis.
In the US, number of people filing for initial jobless claims advanced unexpectedly to 282.00 K in the week ended 23 May 2015, compared to a revised reading of 275.00 K in the previous week, while markets were expecting initial jobless claims to ease to 270.00K.
Other economic data indicated that pending home sales in the US climbed to nine-year high level as it gained 3.40% MoM in April, beating market expectations for a rise of 0.80%.
In the Asian session, at GMT0300, the pair is trading at 1.0956, with the EUR trading 0.11% lower from yesterday’s close.
Separately, the Minneapolis Fed President, Narayana Kocherlakota opined that it would be a mistake to raise interest rates this year. Further, he stated that the Fed should be ‘extra ordinarily’ patient in tightening monetary policy and should hold off raising rates this year to enable the labour market to show further improvement.
The pair is expected to find support at 1.0890, and a fall through could take it to the next support level of 1.0824. The pair is expected to find its first resistance at 1.0998, and a rise through could take it to the next resistance level of 1.1041.
Trading trends in the Euro today are expected to be determined by Germany’s retail sales data, scheduled in a few hours. Additionally, the US economy will be in focus with key releases including the first quarter GDP and the Reuters/Michigan consumer sentiment index, scheduled later today.
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.