30 Mar 2015
EUR/USD: muted reaction to the US pending home sales data
FXStreet (Mumbai) - The EUR/USD pair showed little reaction to the upbeat pending home sales data in the US as continues to trade around 1.0840-1.0830.
USD lacks support from Treasury yields
The Treasury yields in the US failed to strengthen after the data showed Pending home sales rose 12.00% year-on-year in February, compared to the previous figure of 8.4%. Month-on-month the data beat expectations to rise 3.1% in February. Earlier today, the official data also showed personal spending and income ticked up in February.
However, the EUR/USD pair managed to sustain around 1.0840 levels as the Treasury yields stay weak. The 10-year yield now trades marginally lower at 1.942%, while the 2-year yield, which mimics short-term interest rate expectations, is down 1.2 basis points to 0.571%. Meanwhile, the gains in the EUR are being capped by Greek issue.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0867 (10-DMA), above which gains could be extended to 1.0910. On the other hand, support is seen at 1.0826 and 1.08 levels.
USD lacks support from Treasury yields
The Treasury yields in the US failed to strengthen after the data showed Pending home sales rose 12.00% year-on-year in February, compared to the previous figure of 8.4%. Month-on-month the data beat expectations to rise 3.1% in February. Earlier today, the official data also showed personal spending and income ticked up in February.
However, the EUR/USD pair managed to sustain around 1.0840 levels as the Treasury yields stay weak. The 10-year yield now trades marginally lower at 1.942%, while the 2-year yield, which mimics short-term interest rate expectations, is down 1.2 basis points to 0.571%. Meanwhile, the gains in the EUR are being capped by Greek issue.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0867 (10-DMA), above which gains could be extended to 1.0910. On the other hand, support is seen at 1.0826 and 1.08 levels.