COZfx: Euro-zone’s economic confidence weakened for the eighth-consecutive month in August in August
COZforex: For the past trading session, the EUR declined 0.38% against the USD and closed at 1.1663.
On the macro front, the Euro-zone’s final consumer confidence index slid to a level of -1.9 in August, confirming the preliminary print and following a revised level of -0.5 in the prior month. Market participants had anticipated the index to decline to a level of -1.9.
In the economic news, Germany’s seasonally adjusted unemployment rate remained unchanged at a rate of 5.2% in August, marking its lowest rate since German reunification in 1990 and at par with market expectations. Meanwhile, the preliminary consumer price index rose 2.0% on a yearly basis in August, in line with market expectations.
In the US, data showed that US personal income advanced 0.3% on a monthly basis in July, undershooting market expectations for an advance of 0.4%. In the prior month, personal income had recorded a rise of 0.4%.
Data showed that personal spending rose 0.4% on a monthly basis in July, in line with market expectations. In the previous month, personal spending had registered a similar rise.
On the other hand, the US seasonally adjusted initial jobless claims increased to a level of 213.0K in the week ended 25 August 2018, compared to a level of 210.0K in the prior week. Market participants had envisaged initial jobless claims to climb to a level of 212.0K.
In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1629 and a fall through could take it to the next support level of 1.1598; Meanwhile, the pair is expected to find its first resistance at 1.1705, and a rise through could take it to the next resistance level of 1.1750.
Going forward, investors will keep an eye on the Euro-zone’s unemployment rate for July and the consumer price index for August, set to release in a few hours. Later in the day, the US Chicago PMI and the Michigan consumer sentiment index, both for August, will keep traders on their toes.
(COZ forex UK)
COZforex: For the past trading session, the EUR declined 0.38% against the USD and closed at 1.1663.
On the macro front, the Euro-zone’s final consumer confidence index slid to a level of -1.9 in August, confirming the preliminary print and following a revised level of -0.5 in the prior month. Market participants had anticipated the index to decline to a level of -1.9.
In the economic news, Germany’s seasonally adjusted unemployment rate remained unchanged at a rate of 5.2% in August, marking its lowest rate since German reunification in 1990 and at par with market expectations. Meanwhile, the preliminary consumer price index rose 2.0% on a yearly basis in August, in line with market expectations.
In the US, data showed that US personal income advanced 0.3% on a monthly basis in July, undershooting market expectations for an advance of 0.4%. In the prior month, personal income had recorded a rise of 0.4%.
Data showed that personal spending rose 0.4% on a monthly basis in July, in line with market expectations. In the previous month, personal spending had registered a similar rise.
On the other hand, the US seasonally adjusted initial jobless claims increased to a level of 213.0K in the week ended 25 August 2018, compared to a level of 210.0K in the prior week. Market participants had envisaged initial jobless claims to climb to a level of 212.0K.
In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1629 and a fall through could take it to the next support level of 1.1598; Meanwhile, the pair is expected to find its first resistance at 1.1705, and a rise through could take it to the next resistance level of 1.1750.
Going forward, investors will keep an eye on the Euro-zone’s unemployment rate for July and the consumer price index for August, set to release in a few hours. Later in the day, the US Chicago PMI and the Michigan consumer sentiment index, both for August, will keep traders on their toes.
(COZ forex UK)
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