Friday, April 29, 2016

Forex - EUR/USD pulls back from 2-1/2 week highs after E.Z. data

© Reuters. Euro pares gains vs. greenback but remains supported© Reuters. Euro pares gains vs. greenback but remains supported - The euro pared gains against the U.S. dollar on Friday, pulling away from a two-and-a-half week high after the release of downbeat euro zone inflation data, although a strong economic growth reading lent support to the single currency.

pulled back from 1.1414, the pair's highest since April 12, to hit 1.1384 during European morning trade, still up 0.28%.

The pair was likely to find support at 1.1296, Thursday's low and resistance at 1.1466, the high of April 12.

Eurostat reported on Friday that fell by 0.2% this month, worse than expectations for a 0.1% decline, and following a final reading of 0.0% in March.

, which excludes food, energy, alcohol, and tobacco costs increased by 0.8% in April, below forecasts for 0.9% and down from 1.0% a month earlier.

A separate report showed that rose 0.6% in the first quarter, up from 0.3% in the three months to December and beating expectations for a growth rate of 0.4%.

On a year-on-year basis, the bloc's rose 1.6% in the first quarter, exceeding expectations for an expansion of 1.4% and unchanged from the previous quarter.

Meanwhile, the dollar remained broadly lower after the Bank of Japan chose on Thursday to hold its monetary policy, defying market expectations for additional monetary easing.

The decision came a day after the Federal Reserve left interest rates unchanged close to zero on Wednesday and offered little guidance on future rate hikes.

Market participants were looking ahead to U.S. data on employment costs, personal spending and consumer sentiment due later Friday, for further indications on the strength of the economy after data on Thursday painted a mixed picture.

The euro was also higher against the pound, with gaining 0.40% to 0.7802.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Download NowSource

Forex - EUR/USD pulls back from 2-1/2 week highs after E.Z. data Rating: 4.5 Posted by: Unknown


Post a Comment

Blog Archive