Euro Weakened Further As Dollar Gain Bids

Euro Weakened Further As Dollar Gain Bids

By: Simon Furman | Where To Trade | On:13-01-2015 15:03
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Key Highlights

  • US NFIB Business Optimism Index released by the NFIB Research Foundation jumped from 98.1 to 100.4

  • US dollar continued to move higher as most major currencies struggled to hold the ground.

  • UK Consumer Price Index released by the National Statistics increased by only 0.5% in December 2014 whereas the market was expecting it to be around 0.7%.

  • German wholesale price Index released by the Statistisches Bundesamt Deutschland declined by 1% in December 2014 compared with the last time decrease of 0.7%.

  • Japanese Eco Watchers Survey – Outlook released by the Cabinet Office increased from 44 to 46.7.

  • Japanese Eco Watchers Survey – Current increased from 41.5 to 45.2.

  • UK Producer Prices Index Output, released by National Statistics decreased by 0.8%.

  • UK Retail Price Index was up from the last reading of -0.2% to 0.2%.

  • EURUSD moving back towards the 1.1740 support area as the US dollar gained bids.

  • GBPUSD moved lower after the horrible consumer price index release.

US NFIB Business Optimism Index

Earlier during the NY session, the US NFIB Business Optimism Index released by the NFIB Research Foundation. The market was expecting it to rise by 0.5 points in December 2014. However, the outcome was positive, as the US NFIB Business Optimism Index jumped from 98.1 to 100.4. The US dollar was seen trading higher after the release. The EURUSD pair came under pressure and was seen approaching the 1.1740 support area. Let us wait and see how the EURUSD pair trades in the coming sessions.

London Session Recap

There were a couple of releases in the Euro area and the UK today, including the German wholesale price index and the UK consumer price index. The first one was the German wholesale price Index released by the Statistisches Bundesamt Deutschland. The market was expecting it to decline this time, but the outcome was below the mark. The German WPI declined by 1% in December 2014, compared with the previous decline of 0.7% on the monthly basis. In terms of the yearly change, the German WPI declined by 2.3%, which was more than Novembers’ 1.1%. The Euro came under pressure as it traded lower against the US dollar. The EURUSD pair failed around the 1.1800 resistance area and looks like eyeing for a test of the 1.1740 level.

The UK Consumer Price Index was the next major release published by the National Statistics. The market was expecting it to increase by 0.7% this time, but the outcome was below the expectation. TheUK CPI rose by 0.5% in December 2014, compared with the previous increase of 1% on the yearly basis. In terms of the monthly change, the German UK CPI remained unchanged at 0%.

Technically, the GBPUSD pair was seen heading lower after the release. It moved towards the 1.5080 support area where it managed to find buyers. The GBPUSD pair is currently trading around the 1.5150 level with resistance ahead at 1.5180. Any further upside might face resistance around 1.5200.

Simon Furman

Simon Furman

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