Forecast: How will U.S. consumer credit data impact USD/EUR?

NEW YORK (Forex News Now) – The US Federal Reserve is due on Tuesday to publish important data on the US consumer credit, in a major realtime forex news event.

The report is expected to show that the total value of outstanding consumer credit that requires instalment payments fell by 0.9% in October, according to at least two major online FX trading news outlets, down from a rise of 2.1% the previous month.

The Fed is scheduled to release the report at 8:00 P.M., GMT; as such it could affect currency market trading late in the day.

According to EUR/USD analysis, a smaller-than-forecast drop in the value of outstanding consumer credit, or an increase, could push EUR/USD toward short-term support around Friday’s low of 1.3193.

But should the opposite occur, the currency pair could head toward short-term resistance around the close of Nov. 16, 1.3483.