Euro Trading Positive Ahead of Draghi?s Speech

Euro Trading Positive Ahead of Draghi?s Speech

By: Darryl Frankfort | Where To Trade | On:16-03-2015 12:03
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Key Highlights

  • Euro after finding bids around the 1.0460 level managed to correct higher and closed back above the all-important 1.050 area ahead of ECB Draghi’s speech.

  • European Central Bank (ECB) President Mario Draghi’s speech is lined up later today in Frankfurt, which has the potential to ignite a lot of moves in the EURUSD pair.

  • Indian WPI Inflation representing price movements similar to the Consumer Price Indices (CPI) released by the Ministry of Commerce and Industry posted a decline of 2.06% in February 2015.

  • Swiss Producer and Import Prices i.e. is an indicator of consumer price inflation provided by the Federal Statistical Office registered a decline of 1.4% in February 2015, compared to Jan 2015.

  • In terms of the yearly change the Swiss Producer and Import Prices posted a decline of 3.6% in February 2015, compared to the same month a year ago.

  • Swiss retail sales also registered a decline in January 2015 of 0.3% in January 2015, compared to the same month a year ago whereas the last gain was of 2.2%.

Swiss PPI

Earlier today during the London session, the Swiss Producer and Import Prices i.e. is an indicator of consumer price inflation was released by the Federal Statistical Office. The market was not expecting the Swiss PPI to decline a lot, but the outcome was a disappointing one. The Swiss PPI posted a decline of 1.4% in February 2015, compared to the preceding month. This was certainly a lot lower when compared to the market expectation. The Swiss franc was seen trading lower, but the good part was the fact that the US dollar was seen correcting lower today. So, the upside in USDCHF pair was contained.

In terms of the yearly change, the Swiss PPI registered a decline of 3.6% in February 2015, compared to the same month a year ago. Overall, the data was on the negative side, and might weigh on the Swiss franc moving ahead.

Swiss Retail Sales

There was one more release lined up as the Swiss retail sales i.e. a survey of goods sold in the last month and serves as an indicator of the Swiss consumer demand was published. The Swiss retail sales posted a nice 2.2% gain in December 2014, but this time in January it declined by 2.1%.

In terms of the yearly change, the Swiss retail sales registered a decline of 0.3% in January 2015, compared to the same month a year ago. When we exclude the fuel, then the retail sector fell by around 2.3% in January 2015, compared with December 2014.

Technical Outlook – USDCHF

The US dollar was seen correcting during the start of the week especially during the Asian session. We need to see how long this can continue. Due to the correction in the US dollar losses in the Swiss franc were contained to some extent. The USDCHF pair traded lower and tested the 1.0040 support area. On the upside, the 1.0080 level remains a key.

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FX Market Continues To Consolidate Post Dollar Losses

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