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Forex - EUR/USD remains lower after E.Z. CPI data

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Investing.com -

Investing.com - The euro remained lower against the U.S. dollar on Monday, after the release of lower-than-expected inflation data out of the euro zone, while concerns over developments in Crimea continued to weigh.

EUR/USD hit 1.3880 during European morning trade, the session low; the pair subsequently consolidated at 1.3893, edging down 0.15%.

The pair was likely to find support at 1.3834, the low of March 11 and resistance at 1.3966, the high of March 13 and a two-and-a-half year high.

Official data showed that euro zone consumer price inflation rose 0.3% last month, below expectations for a 0.4% increase, after a 1.1% decline in January.

Year-on-year, consumer price inflation rose 0.7% in February, compared to expectations for a 0.8% increase, after a 0.8% gain in January.

Core consumer price inflation, which excludes food, energy, alcohol, and tobacco, rose 0.5% in February, after a 1.7% fall the previous month.

Meanwhile, market sentiment remained under pressure after over 90% of Crimean voters on Sunday chose to break with Ukraine and join Russia. U.S. President Barack Obama said Washington rejected the results of the referendum and warned that the U.S. was ready to impose sanctions on Moscow.

The euro was steady against the pound, with EUR/GBP dipping 0.01% to 0.8357.

Later in the day, the U.S. was to publish data on manufacturing activity in the Empire State, as well as reports on industrial production and long term securities transactions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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