OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/USD bounces after EMU CPI

FXstreet.com (Barcelona) - The EUR/USD felt pressured ahead of EMU CPI and unemployment rate, easing all the way to 1.3056 low. Once data was released, the pair bounced and is already near 1.3080. The preliminary publication of EMU CPI indicates a lower than expected figure in April, at 1.2% instead of 1.6%, and coming from 1.7%. The unemployment rate in the Eurozone rose from 12.0% to 12.1% in March, as expected.

There are extra 4K unemployed in Germany in April, instead of the expected 2K, but the unemployment rate remains at 6.9%. The EUR/JPY remains below 128.00. German retail sales are already out, down -0.3% in March (MoM) to an annualized drop from -2.6% to -2.8%, lower than market consensus of 0.0% (MoM) and -1.2% (YoY). The German GfK May consumer confidence rose from 6.0 to 6.2, beating 5.9 consensus.

“Pullback under 1.3100, could be seen as corrective, while price holds above 1.3050 zone, 50% of 1.2989/1.3115 upleg / 20 day EMA, as 4h indicators maintain positive tone, with higher low seen as good base for possible fresh attempt above 1.3100/15, to possibly open key 1.3200 barrier”, wrote Windsor Brokers analyst Slobodan Drvenica, adding that a slide below 1.3050 would risk return to 1.3000 base and keep the near-term range top intact.

Forex: EUR/NOK above 7.6300 after Norway data

The Norwegian krone is losing ground against the single currency on Tuesday after mixed results from the Nordic economy. In fact, retail sales rose 0.2% during March from 0.5%...
Read more Previous

Forex Flash: New Italian PM to hold first Berlin visit - Investec

Investec Treasury Analysts note that Italy's newly elected Prime Minister, Enrico Letta, will make his first official visit to Berlin today to meet with Chancellor Merkel.
Read more Next
Start livechat