FXstreet.com (Barcelona) - After recovering from the first plunge at 06:00 GMT (to 1.3046), the EUR/USD didn't hold the European opening levels of 1.3075 and fell back again as the EMU current account and Italian industrial data. For the second time today, the 1.3050 area is providing a safety net against further losses and the pair is bouncing from there.
The EMU current account s.a. surplus rose from €8.1B to €8.8B in August. The non-seasonally adjusted figure, however, dropped from €14.3B to €7.2B. Italy's industrial orders are weaker in both monthly and yearly basis, while industrial sales improved in August. Both annualized figures are still contractionary. Earlier in the European morning, the German September PPI had improving annualized figures, from +1.6% to +1.7%.
“EUR/USD charted an inside day yesterday, this reflects a slight loss of upside pressure and we would allow for some consolidation”, wrote Commerzbank analyst Karen Jones, expecting to find support at 1.3000/1.2995 ahead of key support at 1.2832/39 (200 day ma and uptrend).
The EMU current account s.a. surplus rose from €8.1B to €8.8B in August. The non-seasonally adjusted figure, however, dropped from €14.3B to €7.2B. Italy's industrial orders are weaker in both monthly and yearly basis, while industrial sales improved in August. Both annualized figures are still contractionary. Earlier in the European morning, the German September PPI had improving annualized figures, from +1.6% to +1.7%.
“EUR/USD charted an inside day yesterday, this reflects a slight loss of upside pressure and we would allow for some consolidation”, wrote Commerzbank analyst Karen Jones, expecting to find support at 1.3000/1.2995 ahead of key support at 1.2832/39 (200 day ma and uptrend).
