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Euro holding steady at 1.3250 prior to US Employment Data

Posted by Chris Advincula on Jun 7, 2013 7:38:00 AM

June 7 Friday 11:40 GMT

The euro recovered to its former levels at 1.3265 after the better than expected German Industrial Production data and from a short covering rebound to 1.3250 after having declined to 1.3225. Trading has been confined to a narrow 45 pip range prior to the much awaited U.S. Employment Data.

Germany’s Real SA Industrial Output rose to +1.8 percent in April, better than the median forecast of +0.1 percent. The previous month of March was revised to +1.2% from +1.4%. The German data was the third consecutive monthly increase and the best gain since March last year. 

The Bundesbank downgraded its outlook for the German economy today, while pointing to a gradual recovery within the scope of this year. 

The U.S. Non-Farm Payroll data is forecasted to show an increase of 163,000 for the month of May compared to the gain of 165,000 in April scheduled at 12:30 GMT today.

 

Chris Advincula

WorldWideMarkets

 

EURO.6.7 resized 600

Chart: FXTrek.com

 

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