EUR/USD: Daily recommendations on major
|EUR/USD - 1.0314
Despite yesterday's intra-day rally from 1.0276 (Asia) to 1.0365 in NY after slightly softer-than-expected U.S. PPI data, subsequent retreat on broad-based rebound in usd due to rally in U.S. yields suggests further choppy trading below Wednesday's 5-week peak at 1.0368 would continue before prospect of marginal gain, loss of upward momentum should cap euro at 1.0400/10.
A daily close below 1.0275 would be the first signal recent upmove has formed a temporary top and risk stronger retracement towards 1.0203 on Monday.
Data to be released on Friday
New Zealand manufacturing PMI, food price index/
France ILO unemployment rate, U.K. GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, France CPI, Italy trade balance, EU industrial production, Germany current account.
U.S. import prices, export prices and University of Michigan sentiment.
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