Forex: Busy News Day for EUR/USD

on May 15, 2013
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Yesterday, the pair’s price reached a 1.2915 low, which provided support and the EUR/USD pulled back upwards to be contained in a range between 1.2915 and 1.2941 during Asian trading hours this morning. The 1.2941 level has acted as a short term resistance so far, forcing the pair to drop to as low as 1.2889. The drop has been triggered by the German preliminary GDP q/q data, which had indicated a rise of 0.1 percent in Q1 2013 against the market expectations of 0.3 percent. The French preliminary GDP q/q report announced a drop of 0.2 percent in the first three months of 2013. The EUR/USD has been quoting below the MA20 and MA50 confirming the downtrend so far. The target of the downslope would be April’s low at 1.2747.

Fitch upgraded yesterday the Greek rating to ‘B-‘, meaning a stable outlook.
Later in the day, at 10.00 GMT the inflation-adjusted European GDP quarterly report is going to be announced. The market is expecting a 0.1 percent decline.
The United States are spewing economic data today – PPI, core PPI, Empire State manufacturing index, TIC long-term purchases, capacity utilization rate, NAHB housing market index and finally the crude oil inventories reports. The producer price index (PPI) month-on-month tends to have the highest impact on the US currency amongst the listed.

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EUR USD Forex