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11 Sep 2015
EUR/USD retests 1.1300 on German final CPI
FXStreet (Mumbai) - The EUR/USD pair extended further to the upside in the early European trades and tested 1.1300 levels once again following the release of the German final CPI print.
EUR/USD struggles to extend beyond 1.13 handle
The EUR/USD pair trades 0.14% higher at fresh session highs of 1.1300, flirting with 1.1300 on data release. The bid tone around the EUR/USD pair increased following the release of German inflation print which revealed the consumer price pressures stagnated last month.
Consumer prices remained flat m/m in the August. Back in July, the gauge added 0.2% on the same basis. In annual terms, the cost of living in the euro area's number one economy rose 0.2% in August, the final print showed. In July, the gauge added 0.2%.
Earlier in Asia, the major traded choppy amid broad based USD weakness backed by uncertainty over the timing of the Fed rate hike and a mixed set of data releases from the US.
On Thursday, the number of persons applying for unemployment benefits for the first time edged down to 275,000 in the week of September 5, meeting the markets' predictions. While the import prices fell 1.8% in August, as opposed to expectations of a 1.7% decline.
Meanwhile, the European indices futures are trading higher, capping further upside in the EUR/USD pair. Recently, markets have been closely tracking the sentiment around the European stock markets for cues on the funding currency – the euro.
Looking ahead, markets now await the US PPI and consumer sentiment data to be released later in the day.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1320 (Sept 2 High), above which gains could be extended to 1.1366 (Aug 27 High) levels. On the flip side, support is seen at 1.1274 (Today’s Low) below which it could extend losses to 1.1214 (Sept 2 Low) levels.
EUR/USD struggles to extend beyond 1.13 handle
The EUR/USD pair trades 0.14% higher at fresh session highs of 1.1300, flirting with 1.1300 on data release. The bid tone around the EUR/USD pair increased following the release of German inflation print which revealed the consumer price pressures stagnated last month.
Consumer prices remained flat m/m in the August. Back in July, the gauge added 0.2% on the same basis. In annual terms, the cost of living in the euro area's number one economy rose 0.2% in August, the final print showed. In July, the gauge added 0.2%.
Earlier in Asia, the major traded choppy amid broad based USD weakness backed by uncertainty over the timing of the Fed rate hike and a mixed set of data releases from the US.
On Thursday, the number of persons applying for unemployment benefits for the first time edged down to 275,000 in the week of September 5, meeting the markets' predictions. While the import prices fell 1.8% in August, as opposed to expectations of a 1.7% decline.
Meanwhile, the European indices futures are trading higher, capping further upside in the EUR/USD pair. Recently, markets have been closely tracking the sentiment around the European stock markets for cues on the funding currency – the euro.
Looking ahead, markets now await the US PPI and consumer sentiment data to be released later in the day.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1320 (Sept 2 High), above which gains could be extended to 1.1366 (Aug 27 High) levels. On the flip side, support is seen at 1.1274 (Today’s Low) below which it could extend losses to 1.1214 (Sept 2 Low) levels.