Euro Trades Higher As Sentiment Improves

Euro Trades Higher As Sentiment Improves

By: Oliver Miller | Where To Trade | On:24-10-2014 02:36
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Key Highlights

  • US new home sales missed the forecast and declined to 467K compared with the previous revised reading of 466K in September 2014.
  • German Gfk consumer confidence released during the London session came better than expected with a reading of 8.5, up from the previous revised reading of 8.4.
  • Italian retail sales released by the National Institute of Statistics registered a decline of 0.1%, just as happened at the last time. It declined by 3.1% (YoY), compared to last time decline of 1.7%
  • UK Gross Domestic Product released by the National Statistics registered a growth rate of 0.7% in the third quarter (QoQ), as expected by the Forex market.
  • Italian consumer confidence fell by 0.5 points from the previous revised reading of 101.9 to 101.4.
  • US dollar was seen trading lower during the late London session, as the pairs such as EURUSD and AUDUSD surged higher.

 

US New Home Sales Data

Earlier during the NY session, the US new home sales data was released by the US Census Bureau. The market was expecting the US new home sales to register a decline from 504K to 470K. However, the outcome was very disappointing, as the new home sales declined to 467K. The most important point was that the previous reading was also revised down from 504K to 466K in September 2014.

 

UK Gross Domestic Product

There was an important release lined up during the London session in the UK i.e. the Gross Domestic Product was released by the National Statistics. The market was expecting the change in gross domestic product (GDP) to register an increase of 0.7% in the third quarter of 2014 in, compared with growth of 0.9% in the second quarter 2014.

 

Where To Trade - UK GDP

 

The outcome was in line with the expectation, as the UK GDP grew by 0.7% in Q3 2014. Moreover, when we consider the yearly change, then the UK GDP grew by 3.0% in Q3 2014, compared with the same quarter of the last year. The report mentioned that the output rose in all four main industrial sectors within the economy in the third quarter of 2014. The outcome was positive, but there was a downshift. However, the GBPUSD pair reacted with a positive note and was seen trading higher after the release. It looks like the pair has managed to find support around the 1.6000 level, which is a good sign in the short term.

Moreover, there was a release in the Euro zone as well. The German Gfk consumer confidence was released. The market was expecting a decline of 0.3 points. However, the outcome was better as the German Gfk consumer confidence registered an increase of 0.1 points. Moreover, the previous reading was revised higher from 8.3 to 8.4.

Technically, the EURUSD pair was seen trading higher after the release. The pair traded in the positive territory throughout the London session. It again challenged the 1.2680 level before the release in the US. We need to see how it reacts before the market close. 

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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