Euro Stays Bearish But Sellers Seem To Be Exhausted

Euro Stays Bearish But Sellers Seem To Be Exhausted

By: Darryl Frankfort | Where To Trade | On:09-02-2015 12:00
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Key Highlights

  • Euro traded lower against the US dollar during the London session despite positive releases in the Euro zone.

  • German Trade Balance released by the Statistisches Bundesamt Deutschland came in at €21.8B in December 2014, compared to the last reading of €17.9B.

  • German Current Account came in at €25.3B, up from the last revised reading of €18.9B.

  • German Exports of goods and services increased by 3.4%, compared to the last decrease of 2.2%.

  • German imports decreased by 0.8% whereas the market was expecting a decline of 0.4%.

  • Euro area Sentix Investor Confidence increased to 12.4 from the last reading of 0.9.

  • Greece Industrial Production released by the National Statistics Service decreased by 3.8% whereas the last revised gain of 2.5%.

  • Indian Gross Domestic Product released by the Ministry of Statistics increased by 7.5%, compared with the reading of 5.3%.

  • Canadian Housing starts released by the Canadian Mortgage and Housing Corporation registered a reading 187.3K, whereas the market was expecting it to be around 177.5K.

  • US labor market conditions index decreased to 4.96 in January, and the reading was revised to 7.3.

Canadian Housing Starts

Earlier during the NY session, the Canadian Housing starts report was released by the Canadian Mortgage and Housing Corporation. The market was expecting it to stay around the 177.5K mark, but the outcome was on the higher side with a reading of 187.3K in January 2015. Moreover, the last reading was also revised down from 180.6K to 179.6K. In the report, Bob Dugan, CMHC’s Chief Economist mentioned that the “overall, economic and demographic factors remain supportive of housing demand. The moderation in new home construction reflects inventory management by builders and is in line with CMHC’s expectations.”

London Session Recap

There were a few released in the Euro area today, which were mostly on the positive side, but failed to help the Euro. The German trade balance data was released by the Statistisches Bundesamt Deutschland earlier today. The market was expecting the German trade balance to register a trade surplus of €18.3B in December 2014, compared to the preceding month. However, the result was above the expectation, as it registered a trade surplus of €21.8B. This was one of the highest readings and also exceeded the previous peak of €195.3B achieved in 2007 according to the report. Moreover, the last reading was also revised up from €17.7B to €17.9B. The German exports came in at €1,133.6B, and imports registered a reading of €916.5 billion. In terms of percentage, the exports increased by 3.4% and imports decreased by 0.8%. 

The Euro area Sentix Investor Confidence was also released by the Sentix GmbH today. The forecast was slated for a minor increase this time around from 0.9 to 3.0 in February 2015. However, the outcome was way above the expectation, as the Euro area Sentix Investor Confidence came in at 12.4. This is one of the highest readings since February 2006 according to the report.

Technically, the EURUSD pair weakened a lot and traded towards the 1.1300 level where it found support.

EURUSD Slow and Steady Uptrend

EURUSD Slow and Steady Uptrend

By: Ben Myers | Where To Trade | On:02-05-2015 11:21

Euro traded higher versus the US Dollar Intraday, and registered a new weekly high as buyers were optimistic after a report which points that better growth is possible in the Euro Area.

Euro Above 1.1200 And Looks Set For More Gains

Euro Above 1.1200 And Looks Set For More Gains

By: Simon Furman | Where To Trade | On:30-04-2015 11:11

Euro continued to gain momentum against the US dollar as the latter one weakened recently, which means there is more room for gains in the EURUSD pair.

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

By: Oliver Miller | Where To Trade | On:29-04-2015 11:06

UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.

EURUSD Looks Set To Break 1.0920

EURUSD Looks Set To Break 1.0920

By: Darryl Frankfort | Where To Trade | On:28-04-2015 10:53

Euro managed to gain bids during the London session against the US dollar, and it looks like the pair might break the recent high of 1.0920 to trade close to the 1.0950 level.

FX Market Continues To Consolidate Post Dollar Losses

FX Market Continues To Consolidate Post Dollar Losses

By: James Ansher | Where To Trade | On:27-04-2015 10:46

US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound

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