Euro, Pound Failed To Recover Against US Dollar

Euro, Pound Failed To Recover Against US Dollar

By: Ben Myers | Where To Trade | On:06-01-2015 09:59
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Key Highlights

  • Euro and the British pound attempted a recovery against the US dollar, but failed.

  • France consumer confidence index, released by INSEE registered an increase from the previous revised reading of 88 to 90.

  • Spanish Purchasing Managers Index (PMI) Services released by Markit Economics climbed from 52.7 to 54.3.

  • Italian services PMI posted a decline from 51.8 to 49.4.

  • France services PMI managed to climb from 47.9 to 50.6.

  • German services PMI remained at 52.1 whereas the market was expecting it to decline to 51.4.

  • Euro area services PMI increased from 51.1 to 51.6, but less than the forecast of 51.9.

  • UK PMI service released by both the Chartered Institute of Purchasing & Supply and the Markit Economics declined from 58.6 to 55.8.

  • GBPUSD lost most of its gains and traded back towards the 1.5180-50 area.

Canadian Industrial Product Price

Earlier during the NY session, the Canadian Industrial Product Price was released by the Statistics Canada. The forecast was slated for a decrease of 0.8%, but the outcome was a touch better as the Canadian Industrial Product Price decreased only by 0.4% in November 2014, compared with the preceding month. Moreover, the Raw Materials Price Index (RMPI) declined by 5.8%.

London Session Recap

Today, there were a few important economic releases lined up in the Euro zone and the UK, including the France services PMI, Italian services PMI, German services PMI, Euro area services PMI and UK services PMI. The outcome was mixed in the Euro area as some services PMI’s came above the expectation and at the same time others missed the mark. The surprising ones were the Spanish and France services PMI’s, as both registered a healthy rise. The most disappointing one was Italian services PMI, which registered a contraction with a reading of 49.4, down from the previous reading of 51.8. The Euro area services PMI was mixed, as it climbed from 51.1 to 51.6, but the market was expecting it to rise a bit more to 51.9. Overall, the data was mixed and failed to help the Euro in the near term. The German services PMI also came above the forecast and stayed at 52.1 instead of a decline. The EURUSD pair failed to trade above the 1.1980 level and traded back lower. It might be heading towards creating a new low moving ahead.

In the UK, the Services Purchasing Managers Index (PMI) was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics. The market was expecting it to decline from the previous reading of 58.6 to 58.5. However, the outcome was below the expectation, as the UK services PMI fell to 55.8. The impact on the British pound was negative as it traded lower towards the 1.5160 area.

Technically, the EURUSD pair might be heading lower in the near term. There is a chance of a test of 1.1820-00 support area where the Euro buyers might fight to protect downside in the short term.

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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