30 Apr 2015
EUR/USD spiking in a technical breakout - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the dollar ended the day mixed across the board, with the EUR being among the best daily performers, as the EUR/USD pair advanced up to 1.1248, a fresh 2-month high in the European opening.
Key Quotes:
"There were several relevant macroeconomic releases all through the day among which the most notable were the EU inflation that printed 0.0% yearly basis in April, against previous -0.1%, whilst the unemployment rate in the region held a 11.3% against expectations of a decline towards 11.2%. German Retail Sales dropped 2.3% in March, but the year-on-year reading beat expectations, up to 3.5%."
"The upward momentum in the common currency, had little to do with fundamentals, mostly related to the technical breakout higher. In the US, unemployment weekly claims for last week printed 262K better than the 290K expected, whilst the Chicago PMI ticked higher up to 52.3 in April. Finally, consumer spending surged 0.4%, against expectations of a 0.5% advance, although incomes remained flat. Late in the US session, the pair extended its advance up to 1.1265 as Wall Street tumbled before the closing bell."
"The market took positively US figures, pushing the dollar higher mid American session, albeit EUR/USD buyers surged around the key 1.1120 Fibonacci support, pushing the pair back higher."
Key Quotes:
"There were several relevant macroeconomic releases all through the day among which the most notable were the EU inflation that printed 0.0% yearly basis in April, against previous -0.1%, whilst the unemployment rate in the region held a 11.3% against expectations of a decline towards 11.2%. German Retail Sales dropped 2.3% in March, but the year-on-year reading beat expectations, up to 3.5%."
"The upward momentum in the common currency, had little to do with fundamentals, mostly related to the technical breakout higher. In the US, unemployment weekly claims for last week printed 262K better than the 290K expected, whilst the Chicago PMI ticked higher up to 52.3 in April. Finally, consumer spending surged 0.4%, against expectations of a 0.5% advance, although incomes remained flat. Late in the US session, the pair extended its advance up to 1.1265 as Wall Street tumbled before the closing bell."
"The market took positively US figures, pushing the dollar higher mid American session, albeit EUR/USD buyers surged around the key 1.1120 Fibonacci support, pushing the pair back higher."