US dollar maintained bid tone against the Euro and other major currencies during the past couple of sessions, and eyes the US NFP release for more action in the near term.
Japanese Leading Economic Index released by the Cabinet Office came in at 105.1.
Japanese Coincident Index was also released which posted a reading of 113 in January 2015.
German Industrial Production released by the Statistisches Bundesamt Deutschland registered an increase of 0.6% in January 2015, which was more than the expectation of 0.5%.
France Trade Balance i.e. balance between exports and imports of total goods and services released by MINEFA registered a reading of €-3.726B, compared to the last reading of €-3.400B.
France Budget Balance report was also released representing difference between income and expenditure at the end of the budget's period came in at €-9.4B in January 2015.
Swiss Foreign Currency Reserves which is the foreign currency deposits and bonds held by Swiss National Bank came in at 509.3B, compared to the last reading of 498.4B
German Industrial Production
Earlier today during the London session, the German Industrial Production, which measures outputs of the German factories and mines was released by the Statistisches Bundesamt. The market was expecting it to increase by 0.5% in January 2015, compared to the preceding month. However, the outcome was above the forecast, as the German Industrial Production gained by 0.6%. The last reading was also revised up from 0.1 to 1%. When we consider the yearly change, then the German Industrial Production increased by 0.9%, which was again on the better side compared to the forecast of 0.7%. The last reading was also revised up from a decline of 0.7% to a gain of 0.5%.
The report added that the production in industry when we exclude energy and construction remained around the same levels as that of the last month. Moreover, the production of intermediate goods and the production of consumer goods was down by more than 0.3%. On the other hand, there was a rise in the production for capital goods which climbed by 0.5%. Lastly, the production in construction also gained by 5.0%.
France Trade Balance
The France Trade Balance which represents balance between exports and imports of total goods and services was released by MINEFA. The outcome was not as expected, as there was a deficit of €-3.726B in January 2015, compared to the last reading of €-3.400B. The Euro was seen trading in a range after the releases in the Euro zone. There was no major impact, as the EURUSD pair was already trading around critical support levels and declined heavily recently.
Technical Outlook – Euro
The Euro created a new low recently and traded a few pips below the 1.1000 support area, which is amazing considering the importance of the level. The pair is now weakened a lot in the recent times, and there are still many people who cannot believe that the pair is trading around the 1.10 area.
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UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.
US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound
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