Euro-Zone Trading Lower Ahead Of The Euro-Zone’s Manufacturing PMI Data
GCI Financial | Apr 23, 2015 02:22AM ET
For the 24 hours to 23:00 GMT, the EUR declined 0.14% against the USD and closed at 1.0722, after the Euro-zone’s consumer confidence index fell unexpectedly to a level of -4.60 in April, compared to market expectations of an advance to a level of -2.50.
In the previous month, the consumer confidence index had recorded a reading of -3.70.
The greenback traded higher, on the back of upbeat existing home sales in the US.
Data showed that existing home sales in the US registered a rise of 6.10% on a monthly basis notching a 18-month high level in March, beating market expectations for a 3.1% rise. It registered a revised increase of 1.5% in the preceding month. Meanwhile, mortgage applications climbed 2.30% in the US on a weekly basis, in the week ended 17 April 2015. In the previous week, mortgage applications had dropped 2.30%.
In the Asian session, at GMT0300, the pair is trading at 1.0696, with the EUR trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 1.0658, and a fall through could take it to the next support level of 1.0619. The pair is expected to find its first resistance at 1.0768, and a rise through could take it to the next resistance level of 1.0840.
Trading trends in the pair today are expected to be determined by the Euro-zone’s manufacturing PMI along with its peripheries, scheduled in a few hours for further direction.
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.