EURUSD Euro Subdued Ahead of German CPI, US GDP Reports
- Buz Investors Euro Subdued This morning at 10:40 GMT, the EUR is trading at 1.0597 against the USD, 0.13% lower from the New York close.
- In economic news, data indicated that French GDP advanced as expected in 3Q 2016. This morning, the pair traded at a high of 1.0623 and a low of 1.0579. The Euro traded 0.23% higher against the US Dollar in the New York session
- yesterday, with the pair closing the session at 1.0611. The pair is expected to its find support at 1.0559 and its first resistance at 1.0638.
Euro Subdued EUR/USD continues to have a quiet week, as the pair trades at the 1.06 line. On the release schedule, Germany releases Preliminary CPI, with the markets expecting a small gain of 0.1%. The US will publish Preliminary GDP for the third quarter, with the estimate standing at 3.0%. As well, we’ll get a look at CB Consumer Confidence, which is expected to improve to 101.3 points.
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Eurozone inflation numbers remain low, despite the ECB cutting interest rates to record low levels. German Preliminary CPI came in at 0.2% in October and is expected to edge lower to 0.1% in the November report. On Monday, ECB President Mario Draghi addressed an ECB parliamentary committee. Draghi said that the Eurozone growth had been “moderate but steady” despite the effects of global economic and political uncertainty. Draghi also said that he expected the economy’s recovery to continue. The ECB will meet for a policy meeting next week.
It’s a virtual certainty that the Fed will raise interest rates a quarter-point in December, with the odds of a rate hike at 93 percent. The Fed minutes were released on Thursday, indicating that policymakers felt it appropriate to raise rates “relatively soon”. Earlier this month, Fed Chair Janet Yellen used the same phrase in her testimony before a congressional committee.
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