Euro-Zone’s Industrial Production Advanced More-Than-Estimated In January

For the 24 hours to 23:00 GMT, the EUR rose 0.43% against the USD and closed at 1.1337.
On the data front, the Euro-zone’s seasonally adjusted industrial production advanced 1.4% on a monthly basis in January, compared to a fall of 0.9% in the prior month. Market participants had anticipated industrial production to climb 1.0%.
In the US, data indicated that the US producer price index rose 1.9% on an annual basis in February, in line with market expectations. In the previous month, the index had registered a gain of 2.0%. Moreover, the nation’s flash durable goods orders unexpectedly climbed 0.4% on a monthly basis in January, defying market expectations for a decline of 0.4%. In the preceding month, durable goods orders had recorded a revised gain of 1.3%. Additionally, the US construction spending rebounded 1.3% on a monthly basis in January, rising to a 9-month high level and following a revised drop of 0.8% in the prior month. Market participants had envisaged construction spending to rise 0.4%. Also, the MBA mortgage applications rebounded 2.3% on a weekly basis in the week ended 08 March 2019, compared to a drop of 2.5% in the previous week.
In the Asian session, at GMT0400, the pair is trading at 1.1322, with the EUR trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1286, and a fall through could take it to the next support level of 1.1251. The pair is expected to find its first resistance at 1.1348, and a rise through could take it to the next resistance level of 1.1375.
Amid lack of macroeconomic releases in the Euro-zone today, investors would closely monitor Germany’s consumer price index for February, slated to release in a few hours. Later in the day, the US new home sales for January along with initial jobless claims, will keep traders on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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