FX News - April 30 2014: Mixed CPI Data Lifts EUR/USD

FX Strategy Articles > FX Trading Tips

The EUR/USD pair broke past the 1.3850 again during today’s European session after the release of a number of CPI-related data in Europe. Italian CPI figures in April either met expectations or exceeded them. It was as expected at 0.2% on a monthly basis, while it grew by 0.6% over the past 12 months. Numbers were slightly better with the CPI (EU Norm) as these reached 0.6% (0.5% expected) for both the monthly and annual bases. The European Union’s CPI was slightly lower than expected at 0.7% instead of 0.8%. While this caused an initial dip in the EUR/USD pair, the market still reacted to it positively, which brought the pair to reach a peak at 1.3857. It is currently trading at 1.3849, with initial resistance seen at 1.3846, followed by 1.3881. Meanwhile, initial support is at 1.3771, followed by 1.3737.

Last week has been a tough one for the AUD/USD pair as it struggled to break past 0.9300, a level it has dipped under due to the weaker than expected CPI data from Australia. While the pair has been on an uptrend so far since yesterday and peaked at 0.9295 in today’s trading, it began to slip again during the European session. It then bottomed out at 0.9261, the lowest level in today’s trading. It is currently trading at 0.9269, with initial resistance seen at 0.9305, followed by 0.9328. Meanwhile, initial support is at 0.9247, followed by 0.9224.

After dropping under the 102.60 level earlier, the USD/JPY has made a recovery in today’s European session. The BoJ announced that it would maintain rates at 0.1% and Japan released a number of economic data, all of which might have caused the dip in the pair’s performance earlier. It has so far peaked today at 102.67, and is currently trading at 102.58. Initial resistance for the pair is 102.88, followed by 103.13. Meanwhile, initial support is at 102.55, followed by 102.30.

By FX Strategy Team, Published on 30th of April 2014
eTorro - Trading Starts Here

Start Trading Forex with up to $10,000

  • 100s Videos and FX Strategy articles
  • Advice from our FX traders
  • Practive free with using real time