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Sep. 29, 2022

Euro-Dollar currency pair posts 0.29% gain

Live - Updated 27 minutes ago.

After dipping down to 0.9636, the Euro regains earlier losses and reaches 0.9764.

Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 215,000 with a reading of 193,000. Highly important GDP data from United States beat analyst expectations of -0.6 with a reading of -0.6.

At the same time, Germany Consumer Price Index released today at 12:00 UTC with a figure of 10%, while the previous figure was 7.9%.

EUR/USD made an initial breakout above its 5 day Simple Moving Average at 0.9691, a potential indicator of a newly emerging bullish phase. On the other hand, note that after reaching the known resistance zone beginning at 0.9735, the Euro price action retreated approximately 29 pips.

Overall, looking at the technical analysis landscape, it seems Euro-Dollar might continue pointing upwards in the short term.

Other currencies are also rising as having closed the previous session at 1.8986, GBP/NZD is up 2.18% today to currently trade at around 1.94. Having closed the previous session at 1.4821, GBP/CAD is up 2.04% today to currently trade at around 1.5124. GBP/JPY leaps up 1.65% to trade around 159.46.

Positive indicators for Euro-Dollar are expected going forward as Germany Unemployment Change is projected to outperform its last figure with 20,000. It previously stood at 28,000; data will be released tomorrow at 07:55 UTC.

Furthermore, the market is looking at Euro Zone Consumer Price Index is expected tomorrow at 09:00 UTC. Tomorrow at 06:00 UTC data for Germany Retail Sales will be released, with an expected decline to -1% from the preceding figure of 1.9%.

As things stand, Euro-Dollar is 1.45% away from a significant low of 0.9596 first set 2 days ago.

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Week to date

Euro-Dollar drifts up to 0.9764 (a 0% gain) after closing the previous session at zero .

Trading week at a glance - EUR/USD is up to 0.9764, after closing yesterday at zero. Overall, a 0% move or 9,763 pips this week. (Start trading Euro-Dollar at FXTM today).

On the flip side, following a previous reading of 88.6, Business Climate Index in Germany released Monday fell short of the 87 figure expected by analysts with an actual reading of 84.3. United States Initial Jobless Claims beat analyst expectations of 215,000 and the previous reading of 209,000 with new data of 193,000.

Meanwhile, Germany Consumer Price Index came out at 10%, while a consensus of analysts was expecting 9.4%. Germany Consumer Price Index released today at 12:00 UTC with a figure of 1.9%, while the previous figure was 0.3%. Italy 10-Year BTP Auction came out at 4.7.

Outlook for rest of the week: Positive indicators for the Euro are expected going forward as Germany Unemployment Change is projected to outperform its last figure with 20,000. It previously stood at 28,000; data will be released tomorrow at 07:55 UTC.

The market is looking forward to the release of new data: Euro Zone Consumer Price Index figure is projected at 9.7%. It previously stood at 9.1%; data will be released tomorrow at 09:00 UTC. France Consumer Price Index is expected tomorrow at 06:45 UTC.