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28 Nov 2013
EUR/USD clings to 1.3600
FXstreet.com (Edinburgh) - The single currency remains well bid on Thursday, with the EUR/USD now holding steady around the 1.3600 handle post-EMU data.
EUR/USD muted on EMU releases
The pair remained mostly indifferent after confidence/sentiment gauges in the EMU exceeded expectations during November. Amongst the most relevant ones, Consumer Confidence climbed to 15.4 vs. -15.4 expected while Economic Sentiment bettered to 98.5 vs. 98.0 previously estimated. Next on tap will be the German advanced inflation figures, with -0.1% MoM and 1.3% YoY expected. In light of the softer EMU’s credit data published earlier, Analyst Peter Vanden Houte at ING assessed, “Even though the ECB just cut its refi rate, the pressure to do more will build, especially on the back of faltering credit supply. While we don’t believe a new rate cut is imminent, ideas to take specific measures to boost credit growth (e.g. a conditional LTRO mimicking the British funding for lending scheme) will most probably pop up again during the next meeting of the Governing Council”.
EUR/USD key levels
At the moment the pair is advancing 0.18% at 1.3598 with the next up barrier at 1.3628 (61.8% of 1.3822-1.3295) ahead of 1.3647 (daily cloud top) and then 1.3696 (low Oct.30). On the downside, a dip beyond 1.3564 (low Nov.28) would expose 1.3558 (low Nov.27) and finally 1.3529 (MA21d).
EUR/USD muted on EMU releases
The pair remained mostly indifferent after confidence/sentiment gauges in the EMU exceeded expectations during November. Amongst the most relevant ones, Consumer Confidence climbed to 15.4 vs. -15.4 expected while Economic Sentiment bettered to 98.5 vs. 98.0 previously estimated. Next on tap will be the German advanced inflation figures, with -0.1% MoM and 1.3% YoY expected. In light of the softer EMU’s credit data published earlier, Analyst Peter Vanden Houte at ING assessed, “Even though the ECB just cut its refi rate, the pressure to do more will build, especially on the back of faltering credit supply. While we don’t believe a new rate cut is imminent, ideas to take specific measures to boost credit growth (e.g. a conditional LTRO mimicking the British funding for lending scheme) will most probably pop up again during the next meeting of the Governing Council”.
EUR/USD key levels
At the moment the pair is advancing 0.18% at 1.3598 with the next up barrier at 1.3628 (61.8% of 1.3822-1.3295) ahead of 1.3647 (daily cloud top) and then 1.3696 (low Oct.30). On the downside, a dip beyond 1.3564 (low Nov.28) would expose 1.3558 (low Nov.27) and finally 1.3529 (MA21d).