EURUSD Fails Once Again, Moves Below 1.0800

EURUSD Fails Once Again, Moves Below 1.0800

By: Oliver Miller | Where To Trade | On:09-04-2015 17:05
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Key Highlights

  • Euro trimmed all of this week’s gain and moved lower against the US dollar, as the latter one got bid during the past couple of sessions and the shared currency lost a lot of ground.

  • German Trade Balance i.e. balance between exports and imports of total goods and services released by the Statistisches Bundesamt Deutschland recorded a trade surplus of €19.7B in February 2015 whereas the market was expecting it to come around €20.0B.

  • German imports and exports both increased in February 2015 by 1.9% and 1.5% respectively.

  • German Current Account representing the net flow of current transactions, including goods, services, and interest payments into and out of Germany came in at €16.6B in February 2015.

  • German Industrial Production pointing outputs of the German factories and mines released by the Statistisches Bundesamt Deutschland increased by 0.2% in Feb 2015, compared to Jan 2015.

  • In terms of the yearly change, the German Industrial Production posted a decline of 0.3% in February 2015, compared to the last increase of 0.9% in the non-seasonally adjusted terms.

  • EURUSD fell during the past session and tested the 1.0740-20 levels where sellers struggled.

German Trade Balance

Earlier during the London session, the German Trade Balance, which highlights the balance between exports and imports of total goods and services was released by the Statistisches Bundesamt Deutschland. The market was expecting a trade surplus of €20.0B in February 2015, compared to the preceding month. However, the outcome was lower than the forecast, as the German Trade Balance registered a trade surplus of €19.7B in February 2015. This was not all, as there was a revision for the last reading. It was revised down from €19.7B to €19.6B. Overall, the report was on the negative side and missed the mark. When we speak of the German exported goods, then the total value was of 95.7 billion euros or 1.5% more compared to the last month. And, the German imported goods was increased by 1.8% in February 2015 to the total value of 76.5B euros.

Moreover, the foreign trade balance managed to post a surplus of 19.2 billion euros in February 2015, compared to February 2014 reading in which the surplus of the foreign trade balance was 16.2 billion euros.

The German current account balance was also released pointing balances of trade in goods including supplementary trade items. It posted a surplus of 16.6 billion euros in February 2015, which was better compared to the last surplus €15.9B.

German Industrial Production

There was one release scheduled in the Germany as the Industrial Production highlighting outputs of the German factories and mines was released by the Statistisches Bundesamt Deutschland. The outcome was on in line with the forecast, as the German Industrial Production increased by 0.2% in February 2015.

Technical Outlook – Euro

The EURUSD pair remained lower today, and there is a chance that it might break the 1.0720 level to test the 1.0650 level. We need to see how it trades in the coming session.

 

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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