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EUR/USD as yet unmoved by disappointing EU Industrial production data
The latest EU industrial production data has just been released. The markets were expecting a lower reading of +0.2% in April, down from a revised 0.5% rise in March. The actual data revealed a 0.1% fall. The annualised number is even worse, falling by 3%, where a 1.9% fall was forecast. The EUR/USD has so far not reacted to this poor data, but that is not to say it will not. Earlier this morning the EUR/USD ran into a big buyer at 1.0801. A lot of volume went through the market at that price point, but it held and that saw it edge back above 1.0810 over the following couple of hours. It has drifted back since, but unless that buyer ahead of 1.0800 steps out of the way, the price action looks very curtailed just now. The EUR/USD is currently trading at 1.0807
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