Euro Skyrockets as Dollar Remains Lower

Euro Skyrockets as Dollar Remains Lower

By: Ben Myers | Where To Trade | On:17-04-2015 09:42
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Key Highlights

  • Euro and many other currencies were seen trading higher during the past few sessions against the US dollar as the market sentiment tilted in favor of the US dollar sellers.

  • Swiss Retail Sales, which is a survey of goods sold in the last month and serves as an indicator of the Swiss consumer demand conducted by the Swiss Federal Statistical Office registered a decline of 2.7% in February 2015, compared to Feb 2015 and the last fall was of 0.3%.

  • Euro zone Current Account representing the net flow of current transactions, including goods, services, and interest payments into and out of the Euro-Zone released by European Central Bank posted a reading of €26.4B, lower compared to the forecast of €29.4B in Feb 2015.

  • In terms of the non-seasonally adjusted basis, the Euro zone Current Account came in at €13.8B in February 2015, up from the last reading of €8.2B.

  • Euro Area consumer price index released by the Eurostat registered an increase of 1.1% in March 2015, compared to the last rise of 0.6%.

  • In terms of the yearly change the Euro zone CPI decreased by 0.1% in March 2015, compared to the same month a year ago.

Euro Area CPI

Earlier today during the London session, the Euro Area consumer price index i.e. the changes in the price of goods and services was released by the Eurostat. The forecast was of a 1.1% rise in the Euro Area CPI in March 2015, compared to the preceding month. The end result was In line with the forecast, as the Euro area CPI registered an increase of 1.1%, compared to the last gain of 0.6%.

When considering the yearly change, then the Euro area CPI registered a decline of 0.1% in March 2015, compared to the same month a year ago. This was also as per the market’s expectation. The report stated that the negative annual rates were examined in twelve Member States. One of the steeped declines was noticed in Greece, which registered a decline of 1.9%, followed by Cyprus of -1.4%. There were a few sectors which helped in the increases in the CPI including the restaurants & cafés.

The Euro area core consumer price index was lined up for a rise of 0.6% in March 2015, compared to March 2014. Once again, the result was as expected. This was on the positive side for the Euro, and helped the EURUSD to some extent to gain ground.

Swiss Retail Sales

In Switzerland, the retail sales report pointing the survey of goods sold in the last month and serves as an indicator of the Swiss consumer demand conducted by the Swiss Federal Statistical Office was released. The outcome was on the lower side, as the Swiss retail sales declined by 2.7% in February 2015, compared to the last decline of 0.3%.

Technical Outlook – Euro

The Euro was seen gaining pace during the London session, and the EURUSD pair traded above 1.0800 level one more time.

 

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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