FXStreet (Edinburgh) – The single currency keeps pushing higher during the first half of the week, now lifting EUR/USD to session tops in the mid-1.1300s.
EUR/USD attention to Greece, EMU data
Chinese inflation figures lower than expected during May prompted investors to factor in the likeliness of further easing by the PBoC in the upcoming periods, propping up the sentiment towards the risk-on trade early in the session.
In the meantime, Greece headlines remain as the main catalysts for the pair’s price action so far, with recent rumours speaking about the possibility that the EU creditors could extend its bailout programme until Q1 2016. In the very near term, Wednesday’s meeting between A.Tsipras, A.Merkel and F.Holland will be the salient point.
In the data space, EMU’s GDP figures for the first quarter are due next. Prior surveys expect the bloc’s economy to have expanded at an annual rate of 1.0%.
EUR/USD levels to watch
The pair is now advancing 0.26% at 1.1321 with the next hurdle at 1.1346 (high Jun.9) ahead of 1.1383 (high May 13) and then 1.1400 (psychological level). On the downside, a breach of 1.1272 (low Jun.9) would open the door to 1.1084 (low Jun.8) and finally 1.1049 (low Jun.5).
(Market News Provided by FXstreet)