Topic: Hotforex.com - Market Analysis and News.
Date : 1st September 2014
EURUSD TRADING NEAR ITS FRIDAY’S CLOSE. GERMAN FINAL GDP CAME OUT AS EXPECTED.
EURUSD dropped sharply on Friday and closed at 1.3131. The Unemployment Rate in the Euro area remained at 11.5 percent in July. The Retail Sales in Germany fell 1.4 percent on a monthly basis in July. Data from the United States revealed that the Consumer Sentiment Index rose to a level of 82.5 in July marking its 7 year high level. The biggest surprise on the market was the Chicago Fed PMI which came out at a reading of 64.3 in August. Market had expected a rise to a reading of 56.0.
Data released today indicated that the German Final GDP data came out in line with the market expectations at a reading of -0.2 percent.
The US banks will be closed today due to the observance of the Labor Day.
Support for the EURUSD is seen at 1.3118 and resistance is seen at 1.3217.