EUR/USD near daily tops around 1.1730 on EMU CPI, GDP

The pair keeps the bid tone near 1.1730, or daily highs.
The greenback remains subdued in the 94.30 area so far.
EMU’s advanced CPI figures came in above estimates.

Pablo Piovano FXStreet

The buying pressure around the European currency stays unabated so far today and is now lifting EUR/USD to test fresh daily highs in the 1.1730 area.

EUR/USD tests highs post-data

Spot managed to regain the 1.1730 region albeit losing momentum soon afterwards despite EMU’s advanced inflation figures tracked by the CPI are seen higher than expected during last month.

In fact, consumer prices are expected to rise at an annualized 2.1%, while prices stripping food and energy costs are seen advancing 2.0% over the last twelve months. In spite of the positive readings, the expected increase appears to be exclusively driven by higher energy prices.

On the not-so-bright side, preliminary GDP figures in Euroland see the economy expanding below expectations at 2.1% YoY and 0.3% inter-quarter during the April-June period.

Further data in the bloc saw the unemployment rate at 8.3% in June, matching estimates and May’s print.

EUR/USD levels to watch

At the moment, the pair is up 0.19% at 1.1728 and faces the initial hurdle at 1.1749 (high Jul.23) seconded by 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14). On the flip side, a breakdown of 1.1621 (low Jul.27) would target 1.1575 (low Jul.19) en route to 1.1527 (low Jun.28).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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