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EUR/USD hovering over 1.2965/70, US data eyed

FXstreet.com (Barcelona) - The single currency remains calm ahead of the only release in the US calendar - Durable Goods Orders - orbiting around 1.2960/65 in the European afternoon.

Market consensus expects the headline to expand 1.5% on a monthly basis and 0.5% if we strip the Transportation sector. “We think a better than expected outcome for today’s US durable goods report should help offset the pop in EUR/USD seen after the stronger-than-expected German IFO survey report earlier in European trade”, assessed S.Osborne and G.Moore, FX Strategists at TD Securities.

The pair is now advancing 0.20% at 1.2959 and a surpass of 1.2998 (high may 22) would expose 1.2999 (MA21d) and finally 1.3030 (high May 14). On the downside, a breach of 1.2900 (MA10d) would then target 1.2821 (low May 23) en route to 1.2809 (low May 20).

US durable goods orders next: impact on EUR/USD

The US Census Bureau will publish today the Durable Goods Orders reading for April. While March figure has been already downwardly revised to -6.9%, analysts median forecast calls for a 1.5% increase but much of that gain will be due to autos and aircraft.
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Session Recap: USD mixed heading into the long weekend

The dollar trades mixed against major competitors, advancing versus the currencies linked to commodities but weaker against its European peers and the yen ahead of the long weekend in the US.
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