Euro Lower Despite Positive Economic Confidence
Euro headed lower earlier today against the US dollar as the latter one recovered ground against most major currencies, and pushing the EURUSD pair lower in the near term.
In the Euro area, Spanish HICP i.e. a measure of price movements or inflation harmonized released by the National Institute of Statistics registered a decline of 0.7% in February 2015.
In Switzerland, the KOF Swiss Leading Indicator i.e. a joint survey with leading indicator which measures future trends of the overall economic activity was released, which came in at 90.8.
Italian Consumer Confidence released by the National Institute of Statistics registered an increase from the last revised reading of 107.7 to 110.9 in March 2015.
Euro Zone Consumer Confidence, which is a leading index that measures the level of consumer confidence in economic activity released by the European Commission came at -3.7 as expected.
Euro Zone Business climate indicator was also released, which gained from the last reading of 0.07 to 0.23 in March 2015, compared to the forecast of 0.18.
Euro Zone Industrial Confidence i.e. an index that measures the level of industrial executives’ confidence posted an increase from the last reading of -4.7 to -2.9 in March 2015.
Euro Zone Consumer Confidence
Earlier during the London session, the Euro Zone Consumer Confidence, which is a leading index that measures the level of consumer confidence in economic activity was released by the European Commission. The forecast was lined up for an increase from -6.7 to -3.7 in March 2015. The outcome was in line with the forecast, as the Euro zone consumer confidence came in at -3.7.
Moreover, the Euro Zone Business climate indicator was also released. The market was expecting it to rise from the last reading of 0.07 to 0.18 in March 2015. However, the outcome was on the higher side, as the Euro Zone Business climate indicator came in at 0.23. Similarly, the Industrial Confidence i.e. an index that measures the level of industrial executives’ confidence also gained by a good margin. It registered a rise from the last reading of -4.7 to -2.9 in March 2015.
Italian Consumer Confidence
There was one more release lined up in the Euro area, as the Consumer Confidence i.e. a survey of the consumer opinions in Italy was released by the National Institute of Statistics. The market was expecting it to stay at 110.9 in March 2015. However, the outcome was mixed, as the last reading was revised down to 107.7, and the current reading managed to post 110.9 in March 2015. Italian Business Confidence was on the better side, as it increased from the last revised reading of 100.5 to 103.7 in March 2015.
Technical Outlook – Euro
The Euro traded lower earlier during the London session, as sellers gained momentum. The EURUSD pair tested the 1.0810 support area and managed to hold the ground after positive releases in the Euro zone. On the upside, the 1.0880 level is an immediate hurdle for EURUSD.
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UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.
US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound
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