Euro-Zone’s Producer Price Index Rose For The First Time In Five Months In June

For the 24 hours to 23:00 GMT, the EUR rose 0.32% against the USD and closed at 1.1799.

On the macro front, Euro-zone’s producer price index rose 0.7% on a monthly basis in June, recording its first increase in prices since January and more than market expectations for a rise of 0.5%. In the earlier month, the index had recorded a fall of 0.6%.

In the US, factory orders climbed more-than-expected by 6.2% on a monthly basis in June, compared to a revised rise of 7.7% in the prior month. Additionally, final durable goods orders rose 7.6% on a monthly basis in the US, compared to a revised jump of 15.1% in the previous month. The preliminary figures had recorded a rise of 7.3%.

In the Asian session, at GMT0400, the pair is trading at 1.1818, with the EUR trading 0.16% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1752, and a fall through could take it to the next support level of 1.1686. The pair is expected to find its first resistance at 1.1853, and a rise through could take it to the next resistance level of 1.1888.

Going forward, traders would keep a watch on Euro-zone’s Markit services PMI for July and retail sales for June, along with Germany’s Markit services PMI for July, slated to release in a few hours. Later in the day, the US ADP employment change, Markit services PMI and ISM non-manufacturing PMI, all for July, along with trade balance for June and the MBA mortgage applications, would keep investors on their toes.

The currency pair is trading above with its 20 Hr and 50 Hr moving averages.