EUR/USD stays above 1.2400 on upbeat ADP
- The pair keeps the daily range above 1.2400 the figure after ADP.
- US ADP report came in stronger than expected at 235K in February.
- Later in the NA session, US trade balance figures and the Beige Book are due.
The positive performance of the European currency stays unchanged so far today and is now taking EUR/USD to the 1.2415/20 band, a tad lower than session tops.
EUR/USD now looks to US data, ECB
The pair remained within the familiar range today despite the US ADP report showed the US private sector added 235K jobs during February, more than the 195K initially estimated albeit lower than January’s 244K (revised from 234K).
The softer tone around the greenback continues to drive the sentiment in the global markets today, all amidst a pick up in the risk-off trade following the resignation of Trump’s economic adviser, Gary Cohn.
Looking ahead, Trade Balance figures are due next seconded by the publication of the Fed’s Beige Book and the speech by Atlanta Fed R.Bostic (voter, centrist) on economic outlook.
EUR/USD levels to watch
At the moment, the pair is gaining 0.02% at 1.2406 and a break above 1.2433 (high Mar.7) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18). On the downside, immediate contention emerges at 1.2313 (10-day sma) followed by 1.2272 (low Mar.1) and finally 1.2206 (low Feb.9).