Euro Gains Momentum Post CPI

Euro Gains Momentum Post CPI

By: Simon Furman | Where To Trade | On:17-03-2015 12:08
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Key Highlights

  • Euro traded higher against the US dollar and looks set for more gains as buyers gain control.

  • Japanese Leading Economic Index representing an economic indicator that consists of 12 indexes such as account inventory ratios, machinery orders, stock prices and other leading economic indicators released by the Cabinet Office came in at 105.5 in January 2015.

  • Japanese Coincident Index was also released around the same time which came in at 113.3 in January 2015, compared to the last revised reading of 110.9.

  • Euro zone consumer price index released by the Eurostat registered an increase of 0.6% in February 2015, compared to the last decline of 1.6%.

  • In terms of the yearly change the Euro zone CPI posted a decline of 0.3% in February 2015, compared to the same month a year ago.

  • Euro Zone Employment Change released by the Eurostat posted a reading of 0.1% in the fourth quarter of 2014, compared to the preceding quarter.

  • In terms of the yearly change, the Employment Change came in at 0.9% in Q4 2014.

Euro Zone CPI

Earlier today during the London session, the Euro Zone consumer price index i.e. the changes in the price of goods and services was released by the Eurostat. The market expecting the Euro zone CPI to increase by 0.6% in February 2015, compared to the preceding month. The outcome was in line with the expectation, as the Euro zone CPI posted a rise, compared to the last decline of 1.6%.

In terms of the yearly change, the Euro zone CPI registered a decline of 0.3% in February 2015, compared to the same month a year ago which was in line with the forecast. The report mentioned that the negative annual rates were observed in twenty Member States in which the worst was in Greece posting a decline of 1.9%. This was followed by Bulgaria declining by 1.7%, and Lithuania by 1.5%. There were some positive contribution, including 0.7% from Sweden, followed by 0.6% in Malta.

The Euro Zone core consumer price index was forecasted for an increase of 0.6% in February 2015, compared to the same month a year ago. The outcome was above the forecast as the Euro zone core CPI came in at 0.7%.

Euro Zone Employment Change

There was one more release lined up as the Euro Zone Employment Change i.e. a measure of the change in the number of employed people in the Euro-Zone was released by the Eurostat. The report stated the employment was up by 0.1% in the fourth quarter of 2014, compared to the preceding quarter.

In terms of the yearly change, the Euro Zone Employment Change registered an increase of 0.9% in the fourth quarter of 2014, compared to the same quarter a year ago.

Technical Outlook – EURUSD

The Euro was seen trading higher and tested the 1.0610 resistance area against the US dollar. Let us see whether the EURUSD pair can break higher and test the 1.0650 level or not moving ahead.

Simon Furman

Simon Furman

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Simon Furman is one of the best financial analyst with 27 years of trading experience

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