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Forex: EUR/USD rises towards highs after US consumer sentiment

FXstreet.com (Barcelona) - The EUR/USD printed its daily high at 1.2827 by the end of the European morning, and as investors priced in US consumption figures and ahead of US consumer sentiment data, the pair eased to 1.2813. Once Reuters/Michigan Consumer Sentiment Index was published, the market returned to those highs.

Against analysts’ consensus of a drop from 77.6 to 72.5 in March, Reuters/Michigan Consumer Sentiment Index rose to 78.6 in February. The Core Personal Consumption Expenditure - Prices Index remained unchanged at 1.3% in February (YoY), with the monthly figure rising 0.1%, below consensus of 0.2%. Personal consumption expenditures rose 0.4%, with the annualized figure rising from 1.2% to 1.3%. Personal income beat consensus of 0.8% by rising 1.1% (from -3.6% in the previous month). Personal spending disappointed at 0.3%, while investors were pointing at 0.6%.

“The downtrend after 1.3050 high is already over with the double test of 1.2750 support zone and currently a consolidation pattern is underway with a potential for a test of 1.2900 resistance area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a bearish overall outlook on the senior frames, focused on 1.2650 major support.

Forex: NZD/USD pares losses and returns to opening levels

The NZD/USD has managed to pare its meager losses Friday, having moved up from the 0.8363 level to trade at the 0.8370/01 mark in these moments. At this juncture, the cross is still incurring a marginal loss of -0.01%, following the release of US data.
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Forex Flash: NZD/USD strategy profile – Westpac

Next week’s economic calendar for the NZD has little to no market moving releases. An employment confidence report and the monthly commodity index are both out on Tuesday but will be ignored by the market. More important will be the GlobalDairyTrade auction, also on Tuesday, which could see milk powder prices make fresh record highs on supply (drought) concerns.
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