EUR/USD sits at 1.4735, effectively unchanged from where we closed out Thursday in North America with Asian trade being confined to an uninspired narrow range.
Asian stocks generally did well, with Chinese November industrial production rising 19.2% y/y vs median forecast of +18.2%, and these factors will have lent EUR/USD some underpinning. Another thing supporting the pairing is the little fact everytime we get below 1.4700 we don’t have to wait long for decent Asian sovereign buy interest to emerge.
European stocks look likely to open flatish and we’ve no major euro zone economic data releases, so things don’t look overly promising if you’re looking for a lot of volatility this morning unless we get a surprise.
Technical supports 1.4710, 1.4670 and 1.4620/30, resistances 1.4740/50 and 1.4780.
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