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Euro higher in a steadier European part of the session

Thursday, Jun 04 2015
It is a steadier European part of Thursday's session without any major data releases from Eurozone. Retail PMI rose for the third consecutive month in May to 51.4, from 49.5 in April. Actual like-for-like sales compared with the same month one year ago showed little change, as was the case in the previous survey period.   
 
However, traders are still being influenced by yesterday's ECB Press Conference. European Central Bank revised up its inflation forecast for this year, after the latest inflation data showed that euro zone consumer prices rose for the first time in six months in May. Furthermore, ECB President Mario Draghi also said the bank saw no reason add more monetary stimulus following the recent rally in European bond yields.
 
Greek debt crisis is still one of the major global concerns for euro traders. Talks between Greek Prime Minister Alexis Tsipras and European Commission President Jean-Claude Juncker in Brussels late Wednesday ended without an agreement needed to unlock more financial aid before the country runs out of money. However the two sides were said to be close to a deal and were expected to hold further talks on Friday.
 
Euro broke above 1.13 handle and is currently being traded few points above 1.1320 level. Pair is likely to find support around 1.1250 area and resistance near 1.14 handle. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
More in this category: « Australian Retail Sales unchanged, Trade Balance deficit grew BoE holds interest rates at 0.5% »

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