EUR/USD Flat; U.S. Data To Be Followed Today

Posted by: : Shayne HeffernanPosted on: June 27, 2014 EUR/USD Flat; U.S. Data To Be Followed Today

The euro was trading flat against the greenback on Friday at 1.3612. The data released in both the United States and Europe were equally supportive for their individual currencies. The pair is expected to get support at 1.3574, and resistance at 1.3677.

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Jobless Claims Data Improved

On Thursday, the U.S. Department of Labor released jobless claims data, according to which, the number of people, who applied for unemployment benefits declined by 2,000 to 312,000 during the week ended on June 21, as against the previous week’s data of 314,000. However, the fall in the jobless claims data was lower than the analysts’ expectations of 4,000 fall to 310,000. Along side this, the comments from the Federal Reserve President James Bullard that the data as well as other indicators point to recovery in the economy and thus, sent out hint that the Fed might increase interest rates sooner during the beginning of the year 2015. Earlier on Wednesday, the Commerce Department had published that the U.S. GDP contracted at an annual rate of 2.9% during the first three months of the year. Responding to that data, Bullard said, “I think the market’s right to shake this off.”

Today, the data pertaining to the consumer sentiment in the U.S. will be closely followed.

Europe Data

In the meanwhile, back in the European nation, the official data reflecting the consumer spending in France indicated an increase of 1% in May, as against the fall of 0.2% in April. The reading also exceeded the market estimate of a 0.4% gain. Also, Spain and Germany will release initial data relating to consumer price inflation today.

Apart from this, Ukraine is said to have enters into an association agreement with the EU, which will strengthen the political and economic relations between the two regions. It is to be noted that the move by the Ukrainian president, earlier this year, to not to enter into a deal with EU had led to mass demonstrations and election ofa new government in Kiev

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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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