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Euro lower in a steadier European part of the session

Thursday, Jun 11 2015
Only minor importance French CPI and French Non-Farm Payrolls data was released this morning, however, euro is spending European part of the session in decline. French CPI rose by 0.2%, missing predictions on 0.3% increase, while French Non-Farm Payrolls showed no change, beating forecasts on 0.1% decline. The rise in consumer prices in May was mainly due to seasonal increases in prices of food and some services related to tourism with the upcoming summer season. Moreover, prices of petroleum products and some manufactured products have continued to recover.
 
Euro remains under pressure, with negotiations between Greece and its lenders still going on. Bundesbank president Weidmann said time is running out for Greece, and the risk of insolvency is increasing by the day. However, Germany Chancellor Angela Merkel said that Greek PM Tsipras has agreed to step up reform efforts. Greece’s bailout agreement with the European Union and the International Monetary Fund is set to expire at the end of this month and it cannot make further debt repayments without a new deal.
 
Euro is currently being traded around 1.1260 area. Pair is likely to find support around 1.1230 level and resistance near 1.1350 area. Later today, in the US session, Retail Sales and Unemployment Claims figures are scheduled for a release.
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