EUR/USD unfazed on US data, around 1.2300

• The pair remains apathetic in the 1.2300 neighbourhood.
• US 10-year yields trade close to 2.77%, middle of the range.
• US ISM Non-manufacturing came in at 58.8 in March, below consensus.

The single currency remains bid on Wednesday, taking EUR/USD to the 1.2300 handle amidst a generalized offered bias around the buck.

EUR/USD ignored US data

The pair is parked in the 1.2300 neighbourhood today after US Factory Orders expanded less than forecasted 1.2% during February and Durable Goods Orders expanded at a monthly 3.0%.

In addition, the critical US ISM Non-manufacturing missed estimates in March at 58.8, while Markit’s Services PMI followed suit at 54.0 for the same period.

Still around the buck, St.Louis Fed J.Bullard (2019 voter, centrist) said there is no need to raise rates, as outlook for Q1 GDP remains uncertain. Bullard also suggested that inflation expectations are closer to the Fed’s target, albeit still low.

Coming next, Cleveland Fed L.Mester (voter, hawkish) is also due to speak.

EUR/USD levels to watch

At the moment, the pair is advancing 0.27% at 1.2304 and a break above 1.2330 (21-day sma) would target 1.2478 (high Mar.27) en route to 1.2537. On the other hand, immediate contention emerges at 1.2254 (low Apr.3) followed by 1.2241 (low Mar.21) and finally 1.2206 (low Feb.9).