Through the course of todays trade the EUR/USD cross diminished its value to near six week low, because of the disappointing data from US and the shrinkage of Euro-zones Gross Domestic Product.
The euro slides down to 1.2844 against the US dollar, its lowest level since April 4th, then gained some ground and reached 1.2870-77. The pair was expected to find support at 1.2846, while resistance levels were set at 1.3029, highest value from Tuesday.
It was reported, that the Producer Price Index fell by 0.7% on a monthly basis, mismatching the forecast of 0.6% decrease, while during the previous month the indicator shorted its value by 0.6%.
The Core Producer Price Index gained 0.1% during April, matching estimations, while during the previous period it rose by 0.2%.
Additionally, the New York Empire Manufacturing Index dropped to -1.43 during May, opposing the forecasts of 4.00, while during the previous month it reached 3.05.
The euro weakened its positions during earlier session, because preliminary data made clear, that Euro-zones GDP fell by 0.2% in the first quarter, after a 0.6% decrease during the previous quarter.
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