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EUR/USD Overlooks Current Account Data As Geopolitical Concerns Loom

EUR/USD Overlooks Current Account Data As Geopolitical Concerns Loom

Edward Hyon,

Talking Point:

  • Eurozone ECB Current Account SA (May) (Euros): 19.5B Actual Vs 21.6B Prior (Revised Higher).
  • Eurozone Current Account NSA (May (Euros): 8.9B Actual Vs 18.8B Prior (Revised Higher).
  • EUR/USD Overlooks Current Account Figures As Geopolitical Anxiety Overshadows.

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The Euro area Current Account surplus, seasonally adjusted, grew to 19.5B in May, European Central Bank data showed today. The data that summarizes the flow of goods, services, income and transfer payments in and out of the Eurozone nations to other countries, slowed from 21.6B in April. On an unadjusted basis, the Eurozone Current Account surplus totaled 8.9B versus 18.8B in the prior month.

Ahead of the data, the Euro gained against the Greenback to trade as high as 1.3532. But after the release, EUR/USD remained uneventful. This limited reaction may be due to traders being more focused on the global headlines that increased volatility earlier in the session. DailyFX Currency Strategist Ilya Spivak says “volatility may be on tap all the same however as geopolitical jitters rattle financial markets”.

From a technical standpoint, Ilya Spivak mentions near-term support rests at 1.3502-12 (28.2% Fib Exp.) and resistance at 1.3583-607 (23.6% Fib, trend line). He is currently short EUR/USD at 1.3644 in line with his long-term fundamental outlook.

EUR/USD 5 Minute Chart

EUR/USD Overlooks Current Account Data As Geopolitical Concerns Loom

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

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Edward Hyon, DailyFX Research Team

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