Disappointing US Retail Sales Calls For Upside In EURUSD

Disappointing US Retail Sales Calls For Upside In EURUSD

By: Simon Furman | Where To Trade | On:12-02-2015 13:41
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Key Highlights

  • US dollar moved lower after the disappointing retail sales report released during the NY session.

  • US retail sales released by the US Census Bureau registered a decline of 0.8% in January 2015, compared to the preceding month decline of 0.9%.

  • Japanese Prelim Machine Tool Orders released by the Japan Machine Tool Builders Association registered an increase of 20.4% in January whereas the last reading was of 33.8%.

  • Germany consumer price index released by the Statistiches Bundesamt Deutschland registered a decline of 0.4% in January 2015, compared with same month of the last year.

  • German HICP is an index of consumer prices calculated and published by Destatis registered a decline of 0.5% in January 2015, compared with same month of the last year.

  • Euro area Industrial Production released by the Eurostat declined by 0.2% in December whereas the market was expecting a rise of 0.3%.

  • US Initial Jobless Claims released by the US Department of Labor increased from the previous revised reading of 279K to 304K.

  • Canadian New Housing Price Index (NHPI) released by the Statistics Canada registered a rise of 1.7% in December 2014 just as the last time.

US Retail Sales

Earlier during the NY session, the US retail sales report was released by the US Census Bureau. The outcome was disappointing as the US retail sales declined by 0.8% whereas the market was expecting a decline of only 0.5%. The report mentioned that for January, adjusted for seasonal variation and holiday and trading-day differences in the retail trade were $439.8 billion. The core retail sales also came on the negative side, as it declined by 0.9%, compared to the forecast of 0.4%. Moreover, the food services and drinking places increased by 11.3% from January 2014, and auto rose by 10.7% from last year.

The US Initial Jobless Claims were also released by the US Department of Labor. The outcome was disappointing as it registered a rise from the previous revised reading of 279K to 304K.

London Session Recap

Today, there were some releases during the London session the Euro area which had an impact on the EURUSD pair. The Germany consumer price index was released by the Statistiches Bundesamt Deutschland. The market was expecting it to decline by 1% in January 2015, compared to December 2014. The end result was not as expected, as the German CPI declined by 1.1%. In terms of the yearly change, the German consumer price index fell by 0.4% in January 2015 whereas the last reading was an increase of 0.2%. The Euro Area Industrial Production was the next one released by the Eurostat. The market was expecting an increase of 0.2% in December 2014, but the outcome was not good. The Euro Area Industrial Production remained at 0%.

Technically, the EURUSD pair managed to climb higher towards the 1.1360 level where it failed to break higher. The 200 hourly moving average acted as a barrier for the pair on the upside.

Simon Furman

Simon Furman

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