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Currency Analyst since 2010

July 10: European session

EUR/USD edged down to $1.3630. On the upside resistance is at $1.3650. French industrial production contracted by 1.7% vs. expected growth of 0.5%, while the nation’s consumer prices once again stagnated. European stocks are falling for a fifth day in a row. Euro Stoxx 50 index is down by 0.7%. According to the ECB’s monthly bulletin released today, the regulator’s monetary stance will continue to ease in the coming months.

GBP/USD slipped to $1.7110 as the UK trade balance came out worse than expected. Trade deficit extended from 9.0B to 9.2B in May, while the market consensus was only 8.8B. The data gives more arguments for a later policy tightening.

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