Forex: EUR/USD – Mid-day trade

on May 21, 2013

It seems that the Consumer Price Index data, released earlier today in the UK, has had an impact on EUR/USD movement. It is still too early to confirm the US dollar’s primacy again, with Bernanke speaking tomorrow, but the single currency has lost some momentum during today’s European trading session.

The euro fell from 1.2890 to 1.2865 before continuing the downward move and hitting 1.2854/56. It was orbiting around 1.2900 ahead of the release of Federal Open Market Committee meeting minutes, but strong pressure has prevented an uptrend. In fact, any upside attempt to correct the move is likely to be limited, as the environment is strongly bearish, although short term rallies are expected.
The pair had no immediate reaction to German producer price data released earlier today. The index rose 1.2 percent over the past 12 months and contracted 0.1 percent MoM, versus expectations of 1.5 and 0.2 percent respectively.

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