Euro Consolidates Gain Post Euro Area GDP

Euro Consolidates Gain Post Euro Area GDP

By: James Ansher | Where To Trade | On:13-02-2015 14:44
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Key Highlights

  • Euro traded higher earlier today against the US dollar, but failed to capitalize gains after the Euro area GDP.

  • France Gross Domestic Product released by INSEE registered an increase of 0.1% in the fourth quarter of 2014, compared with the preceding quarter gain of 0.3%.

  • German Gross Domestic Product released by the Statistisches Bundesamt Deutschland registered an increase of 0.7% in the fourth quarter of 2014 whereas the market was only expecting a gain of 0.3%.

  • Euro area GDP released by the Eurostat came in at 0.9% in Q4 2014 whereas the expectation was of 0.8% compared to the same quarter of the preceding year.

  • Italian Gross Domestic Product released by the National Institute of Statistics registered a decline of 0.3% in Q4 2014, compared with same quarter of the preceding year.

  • Portugal GDP released by the Statistics Portugal came in at 0.7% in Q4 2014, down from the time reading of 1.1%.

  • US Export Price Index released by the U.S. Department of labor decreased by 2% in January 2015, compared to the expectation of a 0.9% decline.

  • US Import Price Index was also released which registered a decline of 2.8%.

US Export Price Index

Earlier during the NY session, the Export Price Index was released by the U.S. Department of labor. The outcome was not in line with the expectation, as the US Export Price Index decreased by 2% whereas the market was expecting a decline of only 0.9%. When we consider the yearly change, then the US Export Price Index declined by 5.4% in January 2015, compared to the same month of the last year. The report highlighted that Fuel prices declined heavily by 16.9% in January following declines of 11.3% in December, which is the largest monthly drop for the index since December 2008.

The US Import Price Index was also released, which also somehow in line with forecast. The US Import Price Index decreased by 2.8% whereas the market was expecting a decline of 3.2%. The yearly change Index declined by 8% in January 2015, compared to the same month of the last year. One important point to note that this is the largest 12-month decline since September 2009.

London Session Recap

Today, there were several important releases lined up during the London session the Euro area. The Euro Area Euro Area Gross Domestic Product was published by the Eurostat. The forecast was slated for an increase of 0.2% in the fourth quarter of 2014, compared to Q3 2014. However, the outcome somehow above the forecast, as the Euro area GDP managed to rise by 0.3%. In terms of the yearly change the Euro area GDP rose by 0.9% in Q4 2014, compared to the same quarter a year ago. Overall, the outcome was encouraging and helped the Euro to some extent.

Technically, the EURUSD pair surged higher earlier today to challenge the 1.1500 resistance area. Currently, it is correcting lower and testing the 1.1375 support area.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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