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Market Overview
EURUSD: Euro Remains Lower on Friday
The EURUSD pair was 0.3% weaker during the US session on
Friday and was trading at around 1.1360 as traders sold the shared currency
after weaker than expected inflation numbers.
The euro zone’s CPI inflation slipped to 2.0% year-on-year in
November, down from 2.2% in October. This was broadly expected by economists,
but the core inflation gauge slowed as well to 1.0% from 1.1% previously, while
analysts had forecast this measure to stay unchanged at 1.1%.
Moreover, the unemployment rate also failed to meet
expectations and came out at 8.1% against forecasts of a slight improvement to
8.0%.
Additionally, German retail sales surprised on the upside
when they accelerated to 5.0% on the yearly basis, up from -2.8% previously.
Later in the day, the Federal Reserve Bank of New York
President John Williams is due to participate in a panel discussion titled
"The Global Economy: Addressing a Future Downturn" at the 80th
Plenary Meeting of the Group of Thirty in New York. As John Williams is an FOMC
voting member in 2018, his speech could spur some volatility on the financial
markets.
The main support for the pair is now at 1.1340, where the
broken bearish trend line is located. If broken, the euro could decline back to
1.13 and possibly lower.
On the upside, the resistance is at 1.14 and afterward near
previous lows and highs at 1.1440.
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