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26 Mar 2013
Forex: EUR/USD calm at 1.2850/70 after disappointing US data
FXstreet.com (Barcelona) - The publication of overall disappointing data at 14:00 GMT didn’t trigger any decisive move in the FX market yet. The EUR/USD has been mostly trading sideways, between 1.2850 and 1.2870.
US consumer confidence fell from 68.0 (revised from 69.6) to 59.7 in March (consensus of 68.0), while New Home Sales dropped from 0.431M (revised from 0.437M) to 0.411M (consensus of 0.422M). Richmond Fed manufacturing was also a disappointment, at 3 (from 6, consensus of 8).
Earlier, US Durable Goods Orders rose 5.7% in February, beating consensus of 3.8%. January data was revised higher from -4.9% to -3.8%. Excluding transportation, durable goods orders dropped -0.5%, disappointing expectations of +0.5%, but saw its January print being revised higher from 2.3% to 2.9%. The ex-transportation print at -0.5% was the first negative one in five months.
“Yesterday's sell-off bottomed at 1.2830 and current rebound should be considered corrective, preceding next slide towards 1.2700 zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial minor resistance at 1.2890, followed by the key area at 1.2950.
US consumer confidence fell from 68.0 (revised from 69.6) to 59.7 in March (consensus of 68.0), while New Home Sales dropped from 0.431M (revised from 0.437M) to 0.411M (consensus of 0.422M). Richmond Fed manufacturing was also a disappointment, at 3 (from 6, consensus of 8).
Earlier, US Durable Goods Orders rose 5.7% in February, beating consensus of 3.8%. January data was revised higher from -4.9% to -3.8%. Excluding transportation, durable goods orders dropped -0.5%, disappointing expectations of +0.5%, but saw its January print being revised higher from 2.3% to 2.9%. The ex-transportation print at -0.5% was the first negative one in five months.
“Yesterday's sell-off bottomed at 1.2830 and current rebound should be considered corrective, preceding next slide towards 1.2700 zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial minor resistance at 1.2890, followed by the key area at 1.2950.