Euro Sellers in Control Post NY Empire State Manufacturing Index

Euro Sellers in Control Post NY Empire State Manufacturing Index

By: Oliver Miller | Where To Trade | On:15-09-2014 07:48
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Euro Sellers in Control Post NY Empire State Manufacturing Index

Key Highlights

  • EURUSD traded lower after the Euro zone trade balance data release.
  • Swiss Producer Price Index (PPI) registered a decline in August, which is weighing on the Swiss franc buyers in the short term.
  • NY Empire State Manufacturing index in September jumped to 27.4, which is a multiyear high.
  • EURUSD pair trading lower and eyeing for a test of the 1.2900 level.

NY Empire State Manufacturing

About an hour ago, the NY Empire State Manufacturing index was released by the Federal Reserve Bank of New York. The market was expecting a small rise from 14.7 to 16.0. However, the outcome surprised the market, as the NY Empire State Manufacturing index in September climbed to 27.4, which is a new high of 2014. The report mentioned that the new orders index rose up three points to 16.9, and the shipments index jumped by two points to 27.1. This was definitely an encouraging outcome, which might boost the US dollar further in the short term.

The EURUSD pair was seen trading lower after the release. The pair spiked below the 1.2920 level, and traded as low as 1.2907. However, the Euro buyers managed to hold the downside in the pair, as the pair traded back above the 1.2910 level. As of writing the pair is trading around the 1.2928 level, with resistance ahead at 1.2940, followed by the 1.2960. On the downside, intraday support of 1.2907 might come into play.

 

Moreover, the US industrial production figures were also published just after the NY Empire State Manufacturing index by the Board of Governors of the Federal Reserve. The market was expecting a rise of 0.3% in the US industrial production. However, the outcome missed the mark, as the US industrial production registered a decline of 0.1% in August 2014. Furthermore, the US index for manufacturing output declined by 0.4%. This is the first decline since January 2014.

Swiss Franc Mixed Post PPI Data

The Swiss Producer Price Index (PPI) was released earlier during the London session by the Federal Statistical Office. The market was expecting the Swiss Producer and Import Prices to gain by 0.2% in August. However, the outcome was not in line with the forecast, as the Swiss PPI dived by 0.2% August 2014 compared with the previous month. When we consider in terms of year-over-year change, then the Swiss PPI decreased by 1.2%, which is 0.2% more than the forecast.

This was one of the reasons for the decline in the Swiss franc during the London session. The USDCHF pair traded higher from the intraday low of 0.9319, and traded towards the 0.9360 level. The US releases further helped the US dollar and in turn pushed the USDCHF pair up. As of writing the USDCHF pair is trading around the 0.9350 level, with support ahead at 0.9340 and today’s low of 0.9319. Resistance ahead at 0.9380, followed by the all-important 0.9400 area. The bias remains neutral as of now until the pair show signs of reversal.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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