- EUR/USD trades steadily on higher ground, consolidating its earlier gains.
- US PPI beat expectations; other figures are mixed.
- US yields are lower while stocks are stable.
The EUR/USD is trading in a narrower range around $1.2480 down from a high of $.12510, seen earlieri in day. The pair had extended the gains seen on Wednesday.
Mostly positive US data, a drop in bond yields
The US Producer Price Index rose by 2.7% YoY, above 2.2% that had been expected. Core PPI advanced by 2.2% YoY. The Philly Fed Manufacturing Index increased to 25.8, above 21.1 that had been projected while the parallel figure from New York, the NY Empire State Index fell short of forecasts with a score of 13.1 points. Weekly Jobless Claims stood at 230K, within projections.
Later on, the US Industrial Output disappointed with a fall of 0.1% MoM, below expectations for a rise.
On Friday, the US will release Housing Starts, Building Permits, and the preliminary Michigan Consumer Sentiment Index.
US 10-Year Treasury Bond yields dropped to 2.891% after reaching four-year highs. Shares on the S&P500 Index are balanced on the day, shedding the gains seen earlier.
EUR/USD levels to watch
The high of the day is $1.2510. A breakout would open the door to $1.2524 (the top on February 1st) and then $1.2537 (the 2018-high seen on January 25th). On the downside, 1.2448 is the low of the day. A break would open the door to $1.2350 (early February low) and 1.2206 (February 9th low).
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