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May 24, 2013
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).
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).