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EUR/USD: Euro trading higher this morning
Earlier the Euro came under pressure, after the release of weak investor confidence data from the Euro-zone. The Sentix investor confidence index declined to a reading of -10.6 in March, from a reading of -3.9 posted in the previous month. Meanwhile, the annual producer price inflation (PPI) slowed to 1.9% in January, in line with market expectation.
Yesterday, the Spanish Government reported that the number of unemployed people in Spain rose by 59400 in February, after a 132,100 increase during the previous month. Analysts were expecting the number of unemployed people to rise by 77,500 in February.
In the US, the Institute for Supply Management reported that its current business conditions index rose to a reading of 58.8 in February, compared to a reading of 56.7 recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3036, with the EUR trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2998, and a fall through could take it to the next support level of 1.2960. The pair is expected to find its first resistance at 1.3058, and a rise through could take it to the next resistance level of 1.3080.
The Euro-zone’s PMI data and retail sales, due later today, are keenly eyed by investors who anticipate the former to record a drop in February while the latter is expected to show modest improvement in January. In the US, investors hold a pessimistic outlook over the ISM non-manufacturing PMI data in February.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.