Back

EUR/USD erases gains after French data

FXStreet (Mumbai) - The single currency has erased gains against the greenback to trade largely unchanged after the disappointing French industrial production data hit the wires.

The EUR/USD pair now trades unchanged at 1.2373 levels, down from the high of 1.2398 hit earlier today. The gains were erased after the French industrial production contracted 0.8% month-on-month in October, compared to the expected rise of 0.2%. However, the broad based weakness in the US dollar witnessed since yesterday capped losses in the pair.

No other major data is due for release out of the Eurozone or the US today. Thus, the markets will await the results of the second round of European Central Bank's (ECB) targeted LTRO program.

EUR/USD Technical Levels

The pair has an immediate resistance located at 1.24 levels, above which gains could be extended to 1.2450 levels. Meanwhile, a break below the support located at 1.2340 shall open doors for a re-test of 1.23 levels.

Downward pressure eases, but new lows cannot be ruled out – UOB

The UOB Group Research Team, notes that the downward pressure on the EUR/USD pair has eased a bit, but another dive cannot be ruled out until the resistance at 1.2455 is taken out.
Leer más Previous

Little chance for a policy tightening from the RBNZ – ING

James Knightley, Senior Economist at ING, notes that with New Zealand’s rapidly slowing growth, inflation at just 1%, and milk prices remaining under downward pressure at a time of ongoing NZD strength, there is little prospect of near-term policy tightening from the RBNZ.
Leer más Next