Eur/usd - page 428
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EUR/USD Weekly Outlook: Eyes on US Data, Greenback Still Vulnerable
There are fewer EU macro releases throughout the week and therefore the focus might be solely on the US economic figures, with the trend still bearish for the US dollar.
The European calendar starts on Monday with manufacturing PMIs across the euro zone for April. Later in the day, European Central Bank President Mario Draghi is due to deliver a speech entitled 'The future of financial markets: A changing view of Asia' at the Asian Development Bank annual meeting in Frankfurt, Germany.
Tuesday will bring PPI indices for March, which should improve month-on-month, but slow on a yearly basis. PPI indices might hint at changes in the more important CPI in the future.
PMIs from the euro zone will continue on Wednesday, with the services measures being released during the European session. Later in the day, the euro zone's retail sales for March are due and should stay near February levels.
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EUR/USD: Pair Eyes October 2015 Highs, Trades Elevated
The EUR/USD pair was trading slightly higher during the Frankfurt session on Monday and was hovering above $1.1260, with bigger movements expected during the US session.
Later in the day, manufacturing PMIs for April from across the euro zone are due, with the German gauge expected to improve from 50.7 to 51.9, while the French PMI should decline to 48.3 from 49.6 booked in March.
Moreover, the European Central Bank (ECB) President Mario Draghi is due to deliver a speech titled: "The future of financial markets: A changing view of Asia" at the Asian Development Bank's annual meeting in Frankfurt, Germany. This speech might cause some volatility as well.
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On the last Friday’s session the EURUSD rallied with a wide range and close near the high of the day, in addition closed above the previous day high, suggesting a strong bullish momentum.
The pair is trading above the 10, 50 and the 200-day moving averages that should act as a dynamic support.
The key levels to watch are: A daily resistance at 1.1556, other daily resistance at 1.1459, the previous swing high at 1.1398 (support), the 10-day moving average at 1.1307 (support) and the 50-day moving average at 1.1249 (Support).
Euro Zone Factories Grow Faster: April PMI
Economic activity in euro zone's manufacturing sector accelerated in April, final data showed on Monday.
The manufacturing PMI in the single currency area booked 51.7 points in the fourth month of the year, up from the previous month's 51.6 points, and above the preliminary reading of 51.5 points, Markit reported.
Operating conditions in the euro zone's manufacturing booked another reading above the 50-mark, which shows growth in factory activity. The last time the gauge showed a decline was in 2013.
"The PMI has now edged higher for two successive months, but has improved only marginally from what was a worryingly low base earlier in the year. The survey is signalling an anaemic annual rate of growth of manufacturing production of just less than 1%, which is half the pace seen in the months leading up to the recent slowdown. Prices also continue to fall, both in terms of raw material costs and average prices charged for goods leaving the factory gate, albeit at reduced rates compared to prior months. The survey data therefore so far show no signs of ECB stimulus or the weaker euro helping to revive the manufacturing sector, at least for the euro area as a whole. Hopes are therefore pinned on recent signs of increased bank lending and more aggressive quantitative easing providing the much needed boost," Chris Williamson, chief economist at Markit, said.
The PMI for the manufacturing sector shows the views of purchasing managers in the euro zone's factories on the status of sales, employment and their outlook in general, while the indicator is one of the most influential economic parameters, with a strong predictive ability for the condition of the economy.
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Yesterday EURUSD rallied with a wide range and close near the high of the day, in addition managed to close above the previous day high, suggesting a strong bullish momentum.
The pair is trading above the 10, 50 and the 200-day moving averages that should act as a dynamic support.
The key levels to watch are: A daily resistance at 1.1753, other daily resistance at 1.1556, daily support at 1.1459, the previous swing high at 1.1398 (support) and the 10-day moving average at 1.1340 (support).
EUR/USD: Euro Tests $1.16 on Soft Dollar, Hits Fresh 9-Month Highs
The single European currency was hovering around $1.16 mark on Tuesday, trading at highest since August 2015, largely driven by a soft US dollar.
On Tuesday the dollar index was seen 0.60% lower at 92.066, its weakest since January 2015, down more than 8% from its all-time high of 100.51.
The euro rose 0.56% to $1.1594, hitting its highest level of $1.1617 since August 2015 earlier in the session.
Apart from minor data and a speech from the European Central Bank's (ECB) Benoit Coeure, the calendar offers nothing of interest for EUR traders, hence the main driver will be the overall market sentiment.
In the previous session the European manufacturing sector showed some improvement in March, with Italian and German activity showing an improvement in contrast to France which saw activity contract further in April to 48, from 49.6 in March.
"The French numbers are in contrast to the GDP numbers last week which showed that the French economy grew 0.5% in Q1, while the rest of the euro zone economy outgrew, both the US and UK economies for the first time in a very long time, no doubt helped by the sharp fall in oil prices seen at the beginning of the year," Michael Hewson from CMC Markets wrote in a research note on Tuesday.
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The single currency recorded a decline against the dollar on Tuesday. After a volatile session, the euro lost 37 pips to a closing price of 1.1495. If the direction continue downwards, we can expect an attempt to test first support at 1.1450. On the upside, pair will target to resistance at 1.1630.