EURUSD on Friday rose 0.56% to 1.06384. Week ending 2023-03-10 rose 0.04%. Pair in consolidation. What you need to know.
|Week ending 2023-03-10|
|Week 2023-03-10||0.04%||4.7 Pips|
Upcoming key events for the new week (London Time)
Tue 12:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Wed 12:30 PM USD Retail Sales (1-mth)
Wed 12:30 PM USD Retail Control Group
Thu 01:15 PM EUR European Central Bank Monetary Policy Decision Statement
Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
What happened over the week
📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment in February exceed forecast and dropped to 311K compared to previous figure 504, revised from 517K in January. Source
🇺🇸 📆 USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 ☢️ 🇪🇺 EUR GDP (3-mth) in Q4 dropped to 0% compared to previous figure 0.1% in Q3. Source
📆 🇩🇪 EUR Retail Trade Turnover (1-month) in January below forecast and improved to -0.3% compared to previous figure -5.3% in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source
📆 🇪🇺 EUR Retail trade turnover (1-mth) in February below forecast and rose to 0.3% compared to previous figure -1.6, revised from -2.7% in January. Source
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday rose 0.56% to 1.06384. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-03-10, the pair rose 0.04% or 4.7 pips higher.
Looking ahead on Monday, EURUSD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.07007 or at least consolidates above Weekly Pivot level of 1.06210. On the downside, we are looking at week low 1.05240 or 1.05414 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07007 would suggest bullish bias after recent positive movement.
For the month of March, EURUSD is up by 0.6% or 63.6 pips higher.
Weekly key levels to watch out:
You might also be interested in:
January job openings and quits decrease; layoffs and discharges increase Source: Bureau of Labor Statistics Publications
In Q4 2022, payroll employment increased by 0.2% Source: INSEE
GDP stable and employment up by 0.3% in the euro area Source: Eurostat
U.S. International Trade in Goods and Services, January 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Volume of retail trade up by 0.3% in both the euro area and the EU Source: Eurostat
#EURUSD Trending on Twitter
Important Notice: We do not endorsed nor verified the posts provided by Twitter widget.