23 Jan 2014
EUR/USD continues to climb on bullish momentum
FXstreet.com (London) - EUR/USD continues its bullish momentum, with weaker-than-expected US data adding to solid European PMI data earlier in the session.
US home sales downturn
December existing home sales ended a strong 2013 with a slight slowdown. Home sales increased by 1.0 percent to 4.87m form a downwardly-revised November print, coming in below expectations. House sales have been hit rising mortgage rates but last year still saw the strongest sales since 2006.
Strong European PMIs
This morning, European PMIs beat consensus expectations with the private sector economy growing for a seventh consecutive month in January, with the rate of growth accelerating to the fastest since June 2011.
The headline PMI (tracking output across both manufacturing and services) rose from 52.1 in December to 53.2. The Flash PMIs from Markit indicated that growth picked up in Germany and the rate of decline eased in France, while the rest of the region also saw a strengthening upturn.
New orders across the euro area rose for a sixth successive month, albeit growing at a rate unchanged on December
EUR/USD is currently trading at USD1.3683, a one-week high. The pair has climbed 0.96 percent on the session from its opening of USD1.3546.
US home sales downturn
December existing home sales ended a strong 2013 with a slight slowdown. Home sales increased by 1.0 percent to 4.87m form a downwardly-revised November print, coming in below expectations. House sales have been hit rising mortgage rates but last year still saw the strongest sales since 2006.
Strong European PMIs
This morning, European PMIs beat consensus expectations with the private sector economy growing for a seventh consecutive month in January, with the rate of growth accelerating to the fastest since June 2011.
The headline PMI (tracking output across both manufacturing and services) rose from 52.1 in December to 53.2. The Flash PMIs from Markit indicated that growth picked up in Germany and the rate of decline eased in France, while the rest of the region also saw a strengthening upturn.
New orders across the euro area rose for a sixth successive month, albeit growing at a rate unchanged on December
EUR/USD is currently trading at USD1.3683, a one-week high. The pair has climbed 0.96 percent on the session from its opening of USD1.3546.