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EURUSD: Euro Remains Lower on Friday

30 November 2018

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.

Disclaimer:

Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

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Everything posted herein is the Personal Opinion of the Author(s) and does not represent a statement made by TeleTrade. TeleTrade is providing this for informational purposes.

Peter Bukov

Market focus

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  • France: consumer price index growth slowed to 0.1% in May
  • Germany: wholesale price growth slowed in May
  • Competitive currency devaluation could prompt global financial chaos - ex-PBOC chief

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