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EUR/USD stays near highs around 1.1460

The demand for the shared currency remains firm at the end of the week, taking EUR/USD to the upper end of the range in the 1.1460/70 band.

 

EUR/USD boosted by US results

 

The greenback was badly punished after US inflation figures and retail sales missed consensus in June, prompting yields of the key 10-year benchmark to plummet to the 2.30% area in the wake of the releases.

 

Further data from the US docket saw the advanced gauge of the consumer sentiment expected to tick lower to 93.1 in July while June’s industrial production expanded more than expected 0.4% inter-month, on the brighter side (if any at all).

 

Poor CPI prints poured cold water over expectations of further tightening by the Federal Reserve in H2. In fact, CME Group’s FedWatch tool now places the probability of a rate hike at the December meeting  at levels below the 50% based on Fed Funds futures prices.

 

EUR/USD levels to watch

 

At the moment, the pair is gaining 0.49% at 1.1454 facing the immediate hurdle at 1.1489 (2017 high Jul.12) followed by 1.1500 (psychological handle) and finally 1.1616 (2016 high May 3). On the flip side, a breach of 1.1371 (low Jul.13) would target 1.1321 (21-day sma) and finally 1.1311 (low Jul.5).

Check the website for more information: https://freshforex.com/analitics/news/all/finnews_1420312.html

 

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