- US PPI rose 0.4% MoM in January.
- Philly Fed up to 25.8.
- US yields off highs, around 2.92%.
The single currency keeps its bid tone intact in the second half of the week and now prompting EUR/USD to navigate within the daily range in the 1.2480/85 band.
EUR/USD bid on US data
The pair remains bid amidst a generalized bearish note surrounding the greenback and following today’s mixed US data.
In fact, the Philly Fed manufacturing index improved to 25.8 for the current month (vs. 21.1 initially forecasted) and producer prices rose at a monthly 0.4%, matching prior surveys.
Further data saw the NY Empire State index coming in below consensus at 13.10 while initial claims rose to 230K WoW, taking the 4-week average to 228.5K from 225.0K.
Next on tap in the US docket will be January’s industrial/manufacturing production and TIC flows.
The pair, in the meantime, is trading in the upper-1.2400s as sustainable breakout of the 1.2500 handle still appears elusive.
EUR/USD levels to watch
At the moment, the pair is up 0.22% at 1.2478 and a breakout of 1.2524 (high Feb.1) would target 1.2537 (2018 high Jan.25) en route to 1.2598 (61.8% Fibo of the 2014-2017 drop). On the flip side, the immediate support emerges at 1.2354 (21-day sma) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).
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