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ECONOMIC DATA PUSHES EURUSD DOWN 0.5% AT MARKET OPEN

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ECONOMIC DATA PUSHES EURUSD DOWN 0.5% AT MARKET OPEN

March 4 2015, 10.5am GMT

STOCK.com

Poor data from Europe on Wednesday and positive expectations for Friday’s U.S data bring the euro down.

EURUSD is attempting to break the $1.1114 level, and such a scenario could raise the odds for a lower reading below $1.1000.

Traders are speculating on a positive result of U.S Nonfarm Payrolls (Friday). Even though the forecast is lower at 240K versus the January figure of 257K, the trend since December shows that the actual figure has beaten expectations on the NFP figure month on month.

US non farm pay role on STOCK.com

U.S Unemployment Rate for February is forecasted at a positive figure of 5.6% below the January figure of 5.7% adding to the bullish position for the U.S dollar.

Meantime, the data revealed for Europe on Wednesday was below expectations, driving investors to take a bearish stance on the single currency, though the figures still indicates economic growth at a slow pace:

  • German Services PMI (Feb) reported 54.7, below expectations of 55.5 and previous of 55.5.        
  • Eurozone Markit Composite PMI (Feb) fell to 53.3, below the forecast of 53.5 and the same January figure.
  • Eurozone Services PMI (Feb) also came in lower at 53.7 from the forecast of 53.9, and previous 53.9.

Technical breakdown: Reaching a $1.1114 key support level will activate all the selling orders that clustered below this level, which raises the odds for lower readings targeting $1.1070.

MT4 Chart: EURUSD

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