EUR/USD forex technical analysis round-up: Jul. 11

ForexNewsNow | Published on July 11, 2011 at 2:58 am

The euro was losing ground vis-a-vis the US dollar today, trading at 1.4194 as of around 6:45 A.M., GMT.

The single currency is down 0.477% on the day and has reached a session high of 1.4228 with a low of 1.4182 so far.

Earlier this morning, INSEE – the French institute of statistics and economic studies – released a report showing that French manufacturing output clearly increased in volume (+1.5%) in May despite being barely stable in April 2011 (+0.1%).

While analysts anticipated a fall by -0.5%, industrial output during the month of May strongly increased as well (+2.0%), which may be an indication of increasing growth in one of the euro zone’s largest economies.

Today’s most influential event for the markets will most likely be the Bank of Japan interest rate decision. The rate is currently at 0.10% and most analysts predict that the rate will remain unchanged.

 

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