Eur/usd - page 307
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EUR/USD: Euro Floats Above Flatline, Awaiting Incentives
The euro was seen slightly elevated shortly after the European open on Tuesday. Quiet trading is expected throughout the day, due to a lack of economic indicators on both sides of the Atlantic.
The single European currency traded 0.25% higher at $1.0976, hovering near opening levels of this week.
Yesterday's July PMI data from the Eurozone showed that the sector continued expanding in the area, despite the Greek manufacturing PMI plunging to 30.2, limiting any gains above the $1.10 handle.
The previous US session also offered a mixed picture of the world's largest economy. Activity in factories across the US was weaker in July after a rather upbeat reading in the previous month. The Institute for Supply Management (ISM) said its index of purchasing managers booked 52.7 in July compared to 53.5 seen in the month before.
"The details of the report were mixed, but the miss in the headline would normally have driven at least a modest USD negative reaction. But the market seems inclined to ignore weakness in US data, ahead of the employment reports," Raiko Shareef from BNZ commented on the release.
The main event for the EUR/USD pair remains Friday's US payrolls report.
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June 2015 Eurozone PPI -0.1% vs 0.0% exp m/m
Eurozone producer price index data for June 2015
Price still very flat overall with energy still the main driver. Year on year energy prices fell 7.0% vs -6.3% in May, in the Eurozone, and -9.8% vs -9.2% in the 28 states
No reaction from the euro at 1.0966
Euro little changed against dollar after U.S. factory data
The euro was almost unchanged against the dollar on Tuesday after data showing that U.S. factory orders rose broadly in line with forecasts in June, as investors stayed on the sidelines ahead of Friday’s U.S. jobs report for July.
EUR/USD was last at 1.0956, holding below the day’s highs of 1.0987.
The dollar showed little reaction after the Commerce Department reported that factory orders rose 1.8% in June, in line with the consensus forecast.
Investors were looking ahead to the latest U.S. nonfarm payrolls report, due to be released on Friday. Economists are expecting that the report will show jobs growth of 215,000 last month.
Monthly jobs gains above 200,000 are seen by economists as consistent with strong employment growth.
The Federal Reserve has said a strengthening labor market is a key factor in deciding when to raise short term interest rates.
The dollar had softened following the release of disappointing U.S. economic reports on Monday.
Official figures showed that U.S. consumer spending slowed in June and a separate report indicated that manufacturing activity moderated in July.
Other data showed that U.S. construction spending rose at the slowest rate in five months in June.
In the euro zone, Athens said Tuesday that it expects to conclude a bailout deal by August 18.
The main Athens stock index fell 1.3% on Tuesday after a record 16% drop in the previous session, with banking shares, which comprise about 20% of the Greece index, hardest hit.
Trading on the Athens bourse reopened on Monday following a five week shutdown.
Elsewhere, the dollar was steady against the yen, with USD/JPY at 124.05.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 97.58, little changed for the day.
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EURUSD hit an air pocket and breaks to new day lows
At least the range is no longer 56 pipsThe EURUSD has hit an air pocket and traders get out of the way after Lockhart's comments that a September liftoff for him would only be avoided if there is a "significant deterioration" in the economic data.
The pair has moved below the old low at the 1.0931 and also a low floor where there have been a number of swing lows going back to July 23rd (see yellow area in the chart above - green circles). Traders will be on alert of failures, but until then, the bears remain in control.
The next target is the low from last week at 1.08925. Below that, look for 1.0868 as the next target (low from July 22).
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EUR/USD current support level is 1.0888 which is 38.2% fibo level a break below will push the price till 1.0815. still the EUR/USD is bearish.
FED Lockhart's comment that : "Significant deterioration" in data would cause him to delay a rate rise. sent Dollar up (Euro down)
The euro recorded a sharp decline against the dollar on Tuesday. The negative trend of the previous session was extended and as a result, the pair broke the support at 1.0891, finishing below these levels. So the euro gave indications for the continuation of the bearish trend until the second key level at 1.0807. Tuesday session started at a price of 1.0949 and the finished at 1.0880. Bottom of the day was hit just two pips below.
June 2015 Eurozone retail sales -0.6% vs -0.2% exp m/m
Highlights of the June 2015 Eurozone retail sales data report 5 August 2015
EUR/USD fell below Fibo level 38.2% .the next support level is 1.0815. other option a rebound above 1.0880 will lead to a further incline to the next resistance level 1.0980. for now it is too risky for a position as the price is near the turn around point 1.0888.
EUR/USD: Pair Anemic, Hovers Below $1.09
The pair was not moving at all on Wednesday and was unchanged on the day, trading below the $1.09 handle as investors did not react to the final readings of European PMIs.
Later in the day, the ADP employment report for July is due, expected to post 215,000 job growth, down from the 237,000 in June. Moreover, the US trade balance for June is predicted to remain near June's deficit of $41.9 billion, while the ISM gauge for the non-manufacturing sector should improve from 56.0 to 56.3. Some volatility is likely after the reports, although most of the traders are off for holiday and liquidity is very thin.
Meanwhile, the French services PMI for July decreased from 54.1 to 52.1, while the German gauge stayed at June's level of 53.8.
The euro zone services sector maintained a solid hold on growth and continued expanding in July, with the final reading booking 54.0 points in the measured month, slightly worse than the 54.4 a month ago.
On Tuesday, some hawkish comments from Federal Open Market Committee member Dennis Lockhart's were observed, which strengthened the greenback and helped to breach the $1.09 handle to the downside.
"I think there is a high bar right now to not acting, speaking for myself," Lockhart said in an interview with Jon Hilsenrath of the Wall Street Journal.
"Despite the centrist Atlanta Fed President noting that it would take a considerable deterioration in the data for the Fed not to hike, we look for markets to remain cautious heading into this morning’s ADP and ISM non-manufacturing reports. We look for strengthening from both indices to reinforce the Fed’s rate hike bias, but also note that modest disappointment should not be viewed as derailing rate hikes," Gennadiy Goldberg, US Strategist at TD Securities, said in a note on Wednesday.
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