Euro Lower As Dollar Gains Traction

Euro Lower As Dollar Gains Traction

By: Ben Myers | Where To Trade | On:19-03-2015 09:34
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Key Highlights

  • Euro traded lower against the US dollar as the latter one managed to gain back strength.

  • Australian Foreign Exchange Transaction report representing the movements of the exchange of the AUD for others, likewise others for the AUD released by the Reserve Bank of Australia posted a reading of 409M in February 2015, compared to the last reading of 296M.

  • Japanese All Industry Activity Index measuring the monthly change in overall production by all industries of the Japanese economy released by the Ministry of Economy, Trade and Industry posted an increase of 1.9% in January 2015, compared to the forecast of 1.7%.

  • Swiss Trade Balance i.e. a measure of balance amount between import and export released by the Federal Customs Administration posted a reading surplus of 2473M in February 2015.

  • Swiss imports came in at 13653M in February 2015, compared to last revised 13054M.

  • Swiss exports posted a reading of 16125M in February 2015, compared to last 16463M.

  • Swiss interest rate decision was also lined up in which the central bank increased the interest rates from -0.75% to -0.25%.

Swiss Trade Balance

Earlier today during the London session, Swiss Trade Balance i.e. a measure of balance amount between import and export was released by the Federal Customs Administration. The forecast was slated for a trade surplus of 2,870M in February 2015, compared to the preceding month. However, the outcome was on the lower side, as the Swiss Trade Balance posted a surplus of 2473M.

The Swiss imports posted a reading of 13653M in February 2015, compared to preceding month in which it came in at 13054M. Similarly, the Swiss exports registered a reading of 16125M in February 2015. Overall, the data was not that bad, but missed the forecast by some margin.

There was one more release in Switzerland, as the Economic Forecasts i.e. a study of forecasts of major GDP components was released by the Swiss State Secretariat for Economic Affairs. The report highlighted that “the decision of the Swiss National Bank (SNB) taken on 15 January to abolish the exchange rate floor of 1.20 franc to 1 euro and the subsequent appreciation of the Swiss franc, the economic indicators for Switzerland have worsened”. This was not good at all considering the current economic situation.

SNB Interest Rate Decision

The most important event was the SNB interest rate decision. The market was not expecting any change in the interest rate. However, the central bank surprised the market with a rate hike. They increased the rates from -0.75% to -0.25%. This came as a relief for the Swiss buyers, as the Swiss franc gained a few bids after the release.

Technical Outlook – Swiss franc

The Swiss franc was seen gaining pace against the Euro. The EURCHF pair traded lower and tested the 1.0550 support area. The mentioned level holds the key for the pair, as a break below the same might ignite losses in the near term. On the upside, the 1.0600 is a hurdle.  

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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