The euro extended its positions against US dollar during Wednesday trade session, as dollar registered losses against the yen, which caused impact on greenbacks positions against other major currencies.
During the later hours of European session EUR/USD reached 1.2977, highest value for current trade, after which consolidation followed at levels 1.2950-1.2955. Support was meant to be received at current session low, 1.2837, while resistance was expected at the psychological 1.3000 level.
Japanese yen erased almost all of yesterdays decline against the US dollar, as Japanese shares experienced volatile trade and risk appetites of investors dried, boosting demand for the yen.
Additionally, The Organization for Economic Cooperation and Development reduced its growth forecast for global economy to 3.1% this year, as it was 3.4% six months ago.
Earlier today reports showed that the number of unemployed people in Germany rose by 21 000 during May, opposing forecasts for a mere increase by 5000 people. Seasonally adjusted data, regarding Unemployment Rate in Germany, showed stability at 6.9%.
Preliminary Consumer Price Index (CPI) in Germany rose by 0.4% during May on a monthly basis, surpassing expectations for 0.2% rise, while during the preceding period consumer inflation showed a 0.5% decline. In annual terms, German Preliminary Consumer Price Index (CPI) registered a 1.5% rise during May, again above expectations for 1.3% increase and 1.2% increase during the previous period. Inflationary pressure in Germany is expected to remain moderate in the coming months. Additionally, recorded mixed data of business activity in Germany reflected a situation, in which the economy performed below expectations, implying that there was considerable unutilized capacity. According to German central bank, economy was to recover during Q2.
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