- EUR/USD back into positive territory, above 1.1350.
- US ISM manufacturing surpasses expectations but US Dollar retreats.
The EUR/USD pair rose further but remained below European session highs. It climbed back above the 20-hour moving average, and it is trading at 1.1357, the highest level for the US session.
The move to the upside took place even after better-than-expected manufacturing data, although price indicators of the indexes showed declines. The Markit’s Manufacturing PMI came in at 55.3 in November while the ISM Manufacturing rose to 59.3 for the same period, above the 57.5 of market consensus. “2019 looks set to bring some fresh challenges for the US economy, but for the time being, the latest rebound in the ISM manufacturing survey emphasises that things still look very healthy,” said analyst at ING.
The greenback lost strength during the last hour and favored the move higher in EUR/USD. Price action remained limited over the last hours, with the greenback consolidating daily losses. The improvement in risk appetite after the Trump-Xi Jinping meeting weakened the demand for the US dollar.
EUR/USD Levels to watch
To the upside, resistance levels might be located at 1.1360 (session high / 50-hour SMA), 1.1380 (daily high) and 1.1400 (Nov 29 high). On the flip side, support could be seen at 1.1320 (daily low), 1.1300 and 1.1275.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.