Euro Continues To Decline As Sellers Take Control

Euro Continues To Decline As Sellers Take Control

By: James Ansher | Where To Trade | On:16-01-2015 09:34
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Key Highlights

  • Euro continued to decline against the US dollar as the economic data failed to impress buyers.

  • German consumer price index released by the Statistiches Bundesamt Deutschland remained unchanged in December 2014 at 0% just as the market expected.

  • German HICP calculated and published by Destati increased by 0.1% in December 2014.

  • France Budget Balance released by MINEFA registered a trade deficit of €-90.8B, down from the last deficit of €-84.7B.

  • Swiss Retail Sales conducted and released by the Swiss Federal Statistical Office declined by 1.2% in November 2014, compared with the preceding month’s gain of 0.3%.

  • Indian Trade Deficit released by the Ministry of Commerce and Industry came in at $9.43B, down from $16.86B in December.

  • Euro Zone CPI released by the Eurostat declined by 0.2% whereas the last reading was an increase of 0.3%.

  • British pound stayed above the 1.5180 support area against the US dollar.

  • USDCAD pair looks set for a test of the 1.2000-20 resistance area in the near term.

US Consumer Price Index

Earlier during the NY session, the US Consumer Price Index was released by the US Bureau of Labor Statistics. The forecast was slated for an increase of 0.7% in December 2014, compared with the same month of the last year. However, the outcome was a touch higher as the US Consumer Price Index rose by 0.8% in December 2014. Moreover, the month-over-month decline was around -0.4%. Overall, the result was not bad, and the US dollar traded higher after the release.

German and Euro Zone CPI

Earlier during the London session, there were a couple of releases lined up in the Euro area including the consumer price index. The first one was the German consumer price index released by the Statistiches Bundesamt Deutschland. The market was expecting it to remain flat in December 2014 at 0%. The outcome was in line with the forecast. Moreover, the year-over-year change was also as expected with an increase of 0.2%. However, we cannot overlook the fact that it declined from 0.6% to 0.2%. The report highlighted that towards the end of the year, a stronger decline was observed in the prices of energy products, which fell by 6.6% compared with December 2013. The data was on the negative side, as the German CPI registered a level which is the lowest level since October 2009.

Moreover, the Euro zone consumer price index was also released by the Eurostat. The forecast was of a 0.2% decline. When we look at the monthly change, then the CPI declined by 0.1% in December 2014, compared with the preceding month’s decline of 0.2%. The Euro was not impressed by the result and was seen trading back towards the 1.1580 level against the US dollar.

Technically, the EURUSD pair looks like heading towards the 1.1500 support area which holds the key in the medium term. The mentioned level is a major barrier for the Euro sellers and we might witness a strong reaction if the pair reaches there.  

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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