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COZfx: Spanish employment figures helped buoy Euro

Discussion in 'Analisa Fundamental' started by harryer, Jun 6, 2013.

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  1. harryer

    harryer Member

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    COZforex: For the 24 hours to 23:00 GMT, EUR rise marginally against the USD and closed at 1.3072, as Spanish employment numbers came in better than market expectations. The number of unemployed people in Spain slipped sharply by 98.3K in May, following a decrease of 46.1K registered in the previous month. However, the Euro’s upward momentum was capped as the producer price index (PPI) in the Euro-zone dropped 0.2% in April, lower than the expected 0.3% rose.

    Meanwhile, the International Monetary Fund (IMF) warned that the gap between France and its European peers would widen unless the country introduces fresh economic reforms.

    In the US trade deficit widened 8.5% to $40.3 billion in April from a revised deficit of $37.1 billion recorded in the previous month. Also, the Institute for Supply Management – New York reported that its current business conditions index slipped to a reading of 54.40 in May.

    In technical analysis, COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.3053 and a drop through could take it to the next support line of 1.3017. Meanwhile, the pair is predicted to find its first resistance at 1.3114, and a rose through could take it to the next resistance line of 1.3139.

    A string of important economic indicators are scheduled for release in the Euro-zone, with investors eyeing the services PMI, GDP and retail sales data. Meanwhile, in the US, MBA mortgage applications, ADP employment change and ISM non-manufacturing PMI are keenly awaited by investors.

    The currency pair is trading just above its 20 Hr and 50 Hr moving averages.

    (COZ forex UK)
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