EUR/USD is showing little movement on Friday, as the pair trades slightly below the 1.28 line in the European session. On Thursday, US Unemployment Claims dropped to 264 thousand, while the Philly Fed Manufacturing Index and Industrial Production both beat estimates. There is just one Eurozone release on Friday, with Deutsche Bundesbank President Jens Weidmann speaking at an event in Riga, Latvia. In the US, it’s another busy day, with the release of Building Permits and the UoM Consumer Sentiment. As well, Federal Reserve Chair Janet Yellen will deliver remarks at an event in Boston.
Earlier in the week, US retail sales and inflation numbers sagged, and the euro took full advantage, gaining over 100 points against the dollar. Core Retail Sales dipped 0.2%, its first decline since April 2013. It was a similar story with Core Retail Sales, which posted a decline of 0.3%, its first loss since January. This points to a decrease in consumer spending, a key component of economic growth. Meanwhile, PPI fell by 0.1%, after a reading of 0.0% a month earlier. All three events missed their estimates.
There was better news on Thursday, as US Unemployment Claims dropped to 264 thousand, marking a 14 -year low. The estimate stood at 286 thousand. Manufacturing numbers were a mix, as Industrial Production gained 1.0%, its best showing since November. The Philly Fed Manufacturing Index dipped to 20.7 points, but this beat the estimate of 19.9 points.
EUR/USD for Friday, October 17, 2014
EUR/USD October 17 at 8:20 GMT
EUR/USD 1.2785 H: 1.2815 L: 1.2781
- EUR/USD has shown little movement in the Asian and European sessions, trading close to the 1.28 line.
- 1.2688 is providing strong support.
- On the upside, 1.2806 is fluid and was breached earlier in the day. 1.2905 is stronger.
- Current range: 1.2688 to 1.2806
Further levels in both directions:
- Below: 1.2688, 1.2518, 1.2407, 1.2286 and 1.2144
- Above: 1.2806, 1.2905, 1.2984 and 1.3104
OANDA’s Open Positions Ratio
EUR/USD ratio is not showing much movement on Friday. This is consistent with the lack of movement we’re seeing from the pair. The ratio is almost evenly split between long and short positions, indicative of a lack of trader bias as to what direction the pair will take.
- 9:00 Deutsche Bundesbank President Jens Weidmann Speaks.
- 12:30 US Building Permits. Estimate 1.04M.
- 12:30 US Fed Chair Janet Yellen Speaks.
- 12:30 US Housing Starts. Estimate 1.02M.
- 13:55 US Preliminary UoM Consumer Sentiment. Estimate 84.3 points.
- 13:55 US Preliminary UoM Inflation Expectations.
*All release times are GMT