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Forex: EUR/USD held above 1.3060 after load of US data

FXstreet.com (Barcelona) - The EUR/USD pulled back from the 1.3100 ground as the NY session got ready to open, finding support at 1.3060 zone (spike low to 1.3046). The pair is now moving up a bit, to 1.3075 area as the market looks for headlines coming from the EU Summit. The economic calendar is empty.

The February CPI data in the US rose by 0.7% instead of the expected 0.5%. The annualized figure improved from 1.6% to 2.0%, also beating the 1.5% consensus. Excluding food and energy data came in as expected, at 0.2% (MoM) and from 1.9% to 2.0% (YoY).

The Federal Reserve informed that the US Industrial Output posted a monthly expansion of 0.7%, surpassing estimates at 0.4% and up from 0.0% in January. In addition, Capacity Utilization rose to 79.6% from 79.2%.

Disappointing market consensus, the NY Empire State Building Manufacturing Index dropped from 10.04 to 9.24 in March, below the expected 10.0.

The US consumer sentiment, gauged by the Reuters/Michigan Consumer Sentiment Index, dropped to 71.8 for the month of March, markedly lower than forecasts at 78.0 and February’s 77.6.

“The bias here has switched to bullish with the recent break above 1.2990 resistance and my outlook is positive, for a rise through 1.3070, en route to 1.3160 zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial support at 1.2980-90 break-out level.

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