6 Jan 2014
EUR/USD falls on positive US data expectations
FXstreet.com (London) - EUR/USD rallied overnight on expectations of strong US data, before rebounding from a one-month dollar high. The pair is currently trading at USD1.3588.
Positive data would support the Fed
Consensus expectations are for a rise in the US ISM non-manufacturing index from 53.9 to 54.6 in December. It is also expected that November US factory orders rose 1.7 percent, recouping 0.9 percent falls in October.
The early session move continued the bearish EUR/USD trend that ran through last week. The dollar has steadily strengthened following the Federal Reserve’s decision on 18 December to move to cut it’s monthly asset purchases by USD10bn to USD75bn, citing a strengthening US economic outlook. Positive data releases this afternoon would be seen as strengthening the Fed’s case for steady tapering.
Bullish dollar
EUR/USD is trading at USD1.3588, down 0.04 percent after rebounding from lows at USD1.3572. The pair opened the session at USD1.3592.
Positive data would support the Fed
Consensus expectations are for a rise in the US ISM non-manufacturing index from 53.9 to 54.6 in December. It is also expected that November US factory orders rose 1.7 percent, recouping 0.9 percent falls in October.
The early session move continued the bearish EUR/USD trend that ran through last week. The dollar has steadily strengthened following the Federal Reserve’s decision on 18 December to move to cut it’s monthly asset purchases by USD10bn to USD75bn, citing a strengthening US economic outlook. Positive data releases this afternoon would be seen as strengthening the Fed’s case for steady tapering.
Bullish dollar
EUR/USD is trading at USD1.3588, down 0.04 percent after rebounding from lows at USD1.3572. The pair opened the session at USD1.3592.