EURUSD Movement
For the 24 hours to 23:00 GMT, EUR rose marginally against the USD and closed at 1.2965, after Spanish Prime Minister, Mariano Rajoy stated that he would not rule out asking for a bailout from the European Union to meet its budget goals. Meanwhile, the Euro-zone finance ministers urged Greek authorities ?to solve remaining issues so as to swiftly finalize the negotiations.? Earlier, the Greek government had presented the 2013 budget bill that showed that they expect the recession to deepen further, with the economic contraction predicted at 4.5%, deeper than earlier estimate of a 3.8% decline.
In the Euro-zone, the unemployment rate rose to 11.6% in September, from a rate of 11.5% in August. Meanwhile, the annual consumer price inflation dropped to 2.5% in October, easing from September?s 2.6% reading.
In Germany, retail sales climbed 1.5% (MoM) in September, following a revised 0.1% rise in August, while consumer spending in France climbed 0.1% (MoM) in September.
In the Asian session, at GMT0400, the pair is trading at 1.2965, with the EUR trading marginally higher from yesterday?s close.
Data released this morning showed that the official manufacturing PMI in China rose to a reading of 50.2 in October, from a reading of 49.8 reported in September. Meanwhile, the HSBC PMI in China improved to a reading of 49.5 in October, the highest level in eight months and compared to a previous estimate of 49.1.
The pair is expected to find support at 1.2934, and a fall through could take it to the next support level of 1.2903. The pair is expected to find its first resistance at 1.3008, and a rise through could take it to the next resistance level of 1.3052.
Trading trends in the pair today are expected to be determined by the release of ADP employment change, manufacturing PMI, consumer confidence, construction spending and the ISM manufacturing PMI in the US.
The currency pair is trading in between its 20 Hr and 50 Hr moving averages.
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