Euro Post Gains As German Employment Report Beats Forecast

Euro Post Gains As German Employment Report Beats Forecast

By: Simon Furman | Where To Trade | On:26-02-2015 16:23
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Key Highlights

  • Euro traded lower earlier against the US dollar, but after the German employment report it managed to gain traction and traded back higher.

  • German unemployment change published by the German Statistics Office registered a reading of -20K in February whereas the market was expecting it to be around -10K.

  • German unemployment rate remained stable at 6.5%.

  • Australian Private Capital Expenditure released by the Australian Bureau of Statistics decreased by 2.2% in the fourth quarter of 2014 whereas there was a gain of 0.6% last time.

  • German GfK Consumer Confidence which is a leading index and measures the level of consumer confidence in economic activity was also released, and came in at 9.7, up from 9.3.

  • Spanish Gross Domestic Product released by the National Institute of Statistics registered a gain of 0.7% in the fourth quarter of 2014 whereas there was a gain of 0.5% last time.

  • Euro zone Consumer Confidence released by the European Commission came in at -6.7 in February, as expected by the Forex market.

  • Italian Consumer Confidence released by the Istat came in at 110.9 in February 2015.

German Employment Report

Earlier today, the German unemployment change and the unemployment rate report was be published by the German Statistics Office. The market was expecting the unemployment change to stay at -10K in February 2015, compared to the preceding month. However, the outcome was on the positive side, as the German unemployment change registered a reading of -20K. The German unemployment rate remained stable at 6.5% in February 2015. This was on the positive side and helped the Euro to some extent.

There were some other releases lined up in the Euro area as well including the Consumer Confidence which was released by the European Commission. The market is expecting a gain from the last reading of -8.5 to -6.7 in February 2015. The outcome was in line with the forecast, which was again on the positive side.

Italian Retail Sales

There were a couple of releases in Italy, including the business confidence and the retail sales data. The Italian Business Confidence released by the Istat came in at 99.1, which was above the last revised reading of 97.6. This was also above the forecast of 98.0. The Italian Retail Sales was also released by the National Institute of Statistics. The forecast was slated for a minor decline this time in December 2014, compared to the same month a year ago. However, the outcome was better, as the Italian Retail Sales posted an increase of 0.1%.

Technical Outlook - Euro

The Euro was seen trading higher not only against the US dollar, but also against a few other currencies. However, the momentum was not there, as the shared currency struggled to clear important resistance area. The EURUSD traded higher towards the 1.1380 level where sellers again managed to protect the upside in the near term. On the downside, the 1.1320 level could act as a barrier for the Euro sellers moving ahead.  

 

Simon Furman

Simon Furman

Think Global - Act Local

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

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