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technical analysis

The US dollar is rebounding after a patch of strong economic reports from the United States.

The ISM non-manufacturing PMI was higher at 55.0, beating estimates of 54.5. It was also higher compared to November’s print of 53.9.

The trade balance figures also narrowed as exports outstripped imports. However, given the broader middle east tensions, investor sentiment remains in check.

Eurozone Flash Inflation Within Estimates

The latest flash inflation estimates for the eurozone for January matched expectations. Headline inflation rose by 1.3%, matching forecasts, while core CPI was also up 1.3% during the period ending January 2020.

However, the euro remained unimpressed by the big change in inflation. In a separate report, eurozone retail sales rose by 1.0%, beating estimates of a 0.6% increase.

EURUSD Back to Lower Support

The declines in the common currency sent EURUSD back to the support area of 1.1131. This comes amid a failure to breakout above the resistance level. The formation ...

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