Forex: EUR/USD – Holds around 1.2860

on Jul 8, 2013
Listen Monday, July 8TH: The euro was trading lower earlier in today’s European session, close to the 1.28 barrier. German data released today has been mainly disappointing with exports down in May and the Sentix investor confidence index lower than expectations. At one point the euro advanced to 1.2860 but later in the session the pair retraced some 40 pips.

German industrial production contracted by one percent in May y/y, according to data released by the German Statistics Agency today at 11:00 BST. April had logged an increase of 0.9 percent. On a monthly basis production fell by one percent, worse than expectations for a 0.5 percent contraction and well short of April’s two percent growth.
ECB president Mario Draghi is to appear before the European Parliament’s Economic and Monetary Affairs Committee later today. His inputs to the committee’s deliberations will be closely monitored by the market, with the euro still under the influence of his comments following last week’s ECB decision to stick with the current cash interest rate and QE measures. Draghi said then that monetary policy will “remain accommodative as long as needed” and that interest rates will stay low for an “extended period of time since inflation is low and unemployment high”.
Demand for the dollar continues to be underpinned by Friday’s news that the US economy added 195,000 jobs in June, easily beating expectations for a 165,000 increase.

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