COZfx: Euro-zone’s economic growth expected to continue its robust momentum in 2018: ECB Bulletin
COZforex: For the past trading session, the EUR rose 0.33% against the USD and closed at... COZfx: Euro-zone’s economic growth expected to continue its robust momentum in 2018: ECB Bulletin
COZforex: For the past trading session, the EUR rose 0.33% against the USD and closed at 1.1940.
Yesterday, the European Central Bank, in its economic bulletin report, stated that the Euro-bloc’s economic expansion continues to be solid and broad-based and the region is expected to sustain its nascent growth into next year. Further, the central bank expects underlying inflation in the single currency region to pick up gradually and reiterated that the solid recovery still requires monetary policy stimulus to bring inflation to the target in a sustainable way.
The US Dollar fell against a basket of major currencies, following a pair of downbeat economic reports in the US.
Data revealed that advance goods trade deficit unexpectedly widened to $69.7 billion in November, hitting its highest level since March 2015, reigniting worries that trade could act as a drag on the nation’s fourth-quarter growth. The advance goods trade deficit had recorded a revised level of $68.1 billion in the prior month, while markets were anticipating it to narrow to $67.9 billion.
In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1914 and a fall through could take it to the next support level of 1.1886; Meanwhile, the pair is expected to find its first resistance at 1.1965, and a rise through could take it to the next resistance level of 1.1988.
Trading trend in the Euro today is expected to be determined by the release of Germany’s flash consumer price index for December, slated to release in a few hours.
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