- Spot remains parked around the 1.1700 area on Thursday.
- The greenback struggles to gather extra upside traction.
- US Core PCE, Personal Spending matched expectations in July.
The demand for the single currency remains somewhat subdued in the second half of the week, with EUR/USD looking to stabilize around 1.1700 the figure.
EUR/USD keeps the red after US, German data
The pair keeps the red figures so far today, reverting a 4-day positive streak, as some fresh demand appeared supporting the buck, all in response to renewed and heightened concerns in the EM FX space as well as on the US-China trade front.
In the data space, unconvincing advanced German inflation figures for the month of August have undermined the upside impetus. Across the pond, July’s US Core PCE rose at a monthly 0.2% and 2.0% on a yearly basis, both prints coming in in line with forecasts.
Further US data saw Personal Income expanding 0.3% MoM in July while Personal Spending rose 0.4% MoM, both readings matching consensus. Additionally, Initial Claims rose by 213K WoW, taking the 4-Week Average to 212.25K from 213.75K.
EUR/USD levels to watch
At the moment, the pair is losing 0.12% at 1.1693 facing the next support at 1.1652 (low Aug.29) seconded by 1.1617 (55-day SMA) and finally 1.1603 (10-day SMA). On the flip side, a break above 1.1734 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9).
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