Euro Nosedives As Sellers Take Control

Euro Nosedives As Sellers Take Control

By: Ben Myers | Where To Trade | On:10-04-2015 17:11
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Key Highlights

  • Euro nosedived earlier during the London session against the US dollar, as the greenback was seen gaining pace against most of its counterparts.

  • Australian investment lending for homes, which gauges number of fixed loans released by the Australian Bureau of Statistics registered a decline of 3.4% in February 2015.

  • Swiss Unemployment Rate released by the State Secretariat for Economic Affairs (SECO) registered a reading of 3.2% in March, just as the market expected and the last rate was 3.2%.

  • France Industrial Output representing volume of production of French industries such as factories and manufacturing released by INSEE remained flat at 0% in February 2015.

  • Spanish Industrial Output measuring the volume of production of Spanish industries such as factories and manufacturing released by the National Institute of Statistics registered an increase of 0.6% in February 2015, compared to the same month a year ago.

  • French Budget Balance, which is the difference between income and expenditure at the end of the budget's period released by MINEFA posted a reading of €-23.45B in February 2015.

  • Swiss franc was also seen trading lower against the US dollar, as sellers stepped in.

Swiss Unemployment Rate

Earlier today, the Swiss Unemployment Rate representing the number of unemployed workers divided by the total civilian labor force was released by the State Secretariat for Economic Affairs (SECO). The market was no change in the rate in March 2015, and the outcome was as expected as the Swiss Unemployment Rate came in at 3.2%. Moreover, when we speak of the non-seasonally adjusted terms, then the market was expecting no change. However, the outcome was above the forecast, as the Swiss unemployment rate declined from 3.5% to 3.4% in March 2015.

The USDCHF pair was not impressed by the result as the pair was seen trading higher. The Swiss franc buyers failed to gain any momentum and as a result the pair climbed higher and broke the 0.9760 level.

France Industrial Output

In the Euro zone, there were some low risk events lined up. The first one was the France Industrial Output representing volume of production of French industries such as factories and manufacturing, which was released by INSEE. The forecast was lined up for a decline of 0.1% in February 2015, compared to the preceding month. However, the outcome was above the expectation, as the France Industrial Output remained flat at 0%. In terms of the yearly change, there was nothing much for the Euro to cheer. The France Industrial Output increased by 0.3% in February 2015, compared to the same month a year ago.

The report mentioned that considering the last three months change, output climbed in the manufacturing sector by around 0.6%. Overall, as the whole the industry was up by 1.3%.

Technical Outlook – Swiss Franc

The US dollar surged higher and broke an important resistance of 0.9760 to trade higher. However, if faces one more hurdle around the 0.9800-20 levels where sellers might put up a fight moving ahead.

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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