- The mixed dollar in the market, before more US economic data.
- EUR/USD in ranges above 1.0600.
- Wholesale inflation in the Eurozone slows down in November.
The EUR/USD is marginally up on Thursday, and moves sideways around 1.0610. This comes ahead of new US economic data and the American session.
The dollar operates without major changes throughout the market. Wednesday’s minutes from the Federal Reserve did not generate much noise on the dollar. For its part, the euro shows some strength on Thursday and also advances against the pound sterling.
The final reading of the Eurozone Producer Price Index for November was released, confirming a monthly drop of 0.9% and a decline in the annual rate from 30.8% to 27.1% (less than the 27.5% consensus). The economic calendar shows ADP’s private employment report ahead, followed by the weekly jobless claims report and then the final estimate of S&P Global services PMI. On Friday it will be the turn of non-farm payrolls and the unemployment rate. Tomorrow the preliminary estimate of the Eurozone consumer price index will also be released.
Limited by 1.0635
EUR/USD rallied on Wednesday and is validating that advance on Thursday. The rises are being halted by the 1.0635 area, which is important short-term resistance. A break above would support the euro to extend the rise. In the opposite direction, initial support emerges at 1.0600 and then a more relevant one at 1.0570/80, which if broken would leave the euro vulnerable.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
