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30 Sep 2013
EUR/USD back around 1.3500
FXstreet.com (Edinburgh) -The single currency acted as expected after the opening bell in the FX markets, dragging the EUR/USD almost 50 pips to lows in sub-1.3480 levels after the developments in Italy over the weekend.
EUR/USD weaker on German data
The pair is trading on a softer tone at the beginning of the week, as the Italian political crisis continues to be the main drag on investors’ sentiment. German retail sales came in below expectations, expanding at a monthly pace of 0.5% and 0.3% over the last twelve months, vs. estimates at 0.8% and 0.4%, respectively. Next on tap will be EMU’s advanced consumer prices for the month of September, with consensus expecting the headline CPI to rise 1.2% and the Core print 1.1%. Across the pond, a second-tier docket awaits investors, with regional gauges of the manufacturing sector from the Chicago PMI and the Dallas Fed index.
EUR/USD levels to watch
The pair is now losing 0.24% at 1.3489 and a break below 1.3459 (23.6% of 1.3104-.13569) would target 1.3453 (high Aug.20) en route to 1.3399 (high Aug.28). On the upside, the initial barrier lies at 1.3569 (high Sep.19) ahead of 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4).
EUR/USD weaker on German data
The pair is trading on a softer tone at the beginning of the week, as the Italian political crisis continues to be the main drag on investors’ sentiment. German retail sales came in below expectations, expanding at a monthly pace of 0.5% and 0.3% over the last twelve months, vs. estimates at 0.8% and 0.4%, respectively. Next on tap will be EMU’s advanced consumer prices for the month of September, with consensus expecting the headline CPI to rise 1.2% and the Core print 1.1%. Across the pond, a second-tier docket awaits investors, with regional gauges of the manufacturing sector from the Chicago PMI and the Dallas Fed index.
EUR/USD levels to watch
The pair is now losing 0.24% at 1.3489 and a break below 1.3459 (23.6% of 1.3104-.13569) would target 1.3453 (high Aug.20) en route to 1.3399 (high Aug.28). On the upside, the initial barrier lies at 1.3569 (high Sep.19) ahead of 1.3598 (high Feb.5) and finally 1.3660 (high Feb.4).