Euro Collapses As ECB?s Draghi Ignites Losses

Euro Collapses As ECB?s Draghi Ignites Losses

By: Oliver Miller | Where To Trade | On:11-03-2015 11:21
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Key Highlights

  • Euro collapsed against the US dollar and traded towards the 1.0600 support area.

  • Chinese Industrial output released by the National Bureau of Statistics of China measuring the volume of production of Chinese Industries such as factories and manufacturing facilities registered a rise of 6.8% in February 2015, compared to the same month a year ago.

  • Chinese retail sales rose by 10.7% in February 2015 in terms of the yearly change, compared to the expectation of 11.7%, and the last reading was of 11.9%.

  • Chinese Urban investment i.e. the total amount money of the activities in construction and purchase of fixed assets rose by 13.9% in February 2015, compared to the expectation of 15%

  • French Nonfarm Payrolls released by INSEE came in at 0% in the fourth quarter of 2014, compared to the preceding quarter of 2014.

  • French current account report was also released, which registered a trade deficit of €-0.3B.

  • EURUSD came crashing down and tested the 1.0600 support area, and other pairs such as GBPUSD and AUDUSD also followed with a swing move lower.

Chinese Industrial Production

Earlier today during the Asian session, the Chinese industrial output measuring the volume of production of Chinese Industries such as factories and manufacturing facilities was released by the National Bureau of Statistics of China. The market was expecting a solid increase in the Chinese industrial output in February 2015, compared to the same month a year ago. However, the outcome was not as the market expected, as it rose only by 6.8%, compared to the forecast of 7.8% which is a lot lower compared to the last gain of 7.9%.

There was one more release scheduled as the Chinese retail sales measuring the total receipts of the retailed consumer goods was published. Again, the market was hoping was a rise of more than 11.5% in February 2015, compared to the same month a year ago. However, the Chinese retail sales managed to post a gain of 10.7%. This was also on the lower side, when compared to the last rise of 11.9%.

France Nonfarm Payrolls

In the Euro zone, the French Nonfarm Payrolls report was released by INSEE. The outcome was somehow better than the last time, as the payroll employment in principally market was stable at 0% in the fourth quarter of 2014 compared to the preceding quarter of 2014, compared to the last decline of 0.3%.

The report added that excluding temporary work, employment fell by 25,400 jobs, which was a bit less compared to Q3’s decline of 37,800 jobs. Moreover, the industry and construction continued to fall and posted a decline of 0.3% and 1.3% respectively.

 

Technical Outlook – Euro

There was no relief for the Euro, as it fell sharply against the US dollar. It cracked the 1.0600 support area and looks set for a test of the 1.0550 level. There is even a chance that the pair might collapse to trade near the 1.0500 support area where there is a possibility of buyers appearing.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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