Euro trimmed most its gains against the US dollar, plus traded back lower as buyers fails to hold the momentum, and the 1.0700 turned out to be a major hurdle.
Japanese Industrial Production stating outputs of the Japanese factories and mines released by the Ministry of Economy, Trade and Industry posted a decrease of 2% in March 2015.
Japanese Capacity Utilization measuring the percentage of the Japanese production capacity also declined by 3.2% in March 2015, compared to the last increase of 3.6%.
Germany consumer price index released by the Statistiches Bundesamt Deutschland registered an increase of 0.5% in March 2015, just as the market was expecting.
In terms of the yearly change, the Germany consumer price index gained by 0.3% in March 2015, compared to the same month a year ago which was also as forecasted.
German HICP i.e. an index of consumer prices calculated and published by Destatis posted an increase of 0.1% in March 2015, compared to March 2014.
French Consumer Price Index released by INSEE registered a rise of 0.7% in March 2015, compared to the last decline of 0.3% and was in line with the forecast.
In terms of the yearly change, the French Consumer Price Index registered no change.
Earlier today in the Euro zone, the German consumer price index representing price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the Statistiches Bundesamt Deutschland. The forecast was lined up for an increase of 0.5% in March 2015, compared to the preceding month. The outcome was as in line with the expectation and was same as the last month. When we consider the yearly change, then the German consumer price index was again as expected with a rise of 0.3%.
The report mentioned one of the main reasons for decline in the CPI in March 2015 was due to the yearly change in prices for mineral oil products, which declined by more than 10%. Considering of the energy products there was a decline like gas fell by 1.2% and electricity was down by 0.2%. Moreover, the German services price increased by around 1.2% in March 2015 compared with March 2014. Overall, the report was broadly as expected.
There was one more release in the Euro Zone, as the French Consumer Price Index was released by INSEE. The forecast was of a 0.7% increase in March 2015, compared to the preceding month. Once again, the outcome was in line with the expectation as the French CPI registered a gain of 0.7%. Speaking of the yearly change, the French CPI was unchanged in March 2015, which was on the better side when compared to the last decline of 0.3%.
Technical Outlook – EURUSD
The Euro was hammered, as sellers managed to take it lower once more against the US dollar. EURUSD failed briefly around the 1.0700 level and moved back lower to test 1.0580.
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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.
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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