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EUR/USD clinches 1.0580 on German CPI

FXStreet (Edinburgh) - The common currency has managed to advance some pips vs. the greenback after German CPI, sending EUR/USD to the 1.0575/80 band.

EUR/USD supported near 1.0560

Despite the ongoing rebound, the pair remains entrenched in the negative territory after preliminary German inflation figures have matched previous estimates for the current month. In fact, headline CPI rose 0.4% on a year to November, while the broader HICP gained 0.3% YoY.

Next across the pond will be Pending Home Sales, Chicago PMI and the Dallas Fed Manufacturing Business Index.

EUR/USD levels to watch

As of writing the pair is losing 0.11% at 1.0582 with the next support at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16). On the upside, a breakout of 1.0829 (high Nov.12) would aim for 1.1025 (55-day sma) and finally 1.1043 (200-day sma).

USD longs build up continues - BNPP

Research Team at BNP Paribas, lists down the latest currency positioning data.
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The International Monetary Fund's (IMF) Executive Board will today discuss and decide on the proposal to include China's yuan into the IMF's Special Drawing Rights (SDR) basket. Chances that the currency will get included in the SDR basket are high as the US, which is the major investor in the fund as well as has the IMF's Managing Director Christine Lagarde are in favour of the inclusion.
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