Euro gained today during the London session against the US dollar as buyer’s sentiment improved, which helped the EURUSD pair to move higher in the short term.
Italian Industrial Orders, which is an indicator that includes shipments, inventories, and new and unfilled orders released by the National Institute of Statistics registered an increase of 0.8% in February 2015, compared to the preceding month vs the forecast of a minor decline.
In term of the yearly change, the Italian Industrial Orders rose by 2% in February 2015.
Italian Industrial Sales highlighting the volume of production of Italian industries such as factories and manufacturing managed to increase by 0.4% in February 2014.
In term of the yearly change, the Italian Industrial Sales declined by 0.9% in February 2015.
Italian Retail Sales i.e. a measure of changes in sales of the Italian retail sector released by the National Institute of Statistics fell in February 2015 by 0.2%, compared to the Jan 2015.
In terms of the yearly change, the Italian Retail Sales rose by only 0.1% in February 2015.
EURUSD traded back above the 1.0760, which can be considered a positive sign.
Italian Industrial Sales and Orders
Earlier during the London session, the Italian Industrial Orders, which is an indicator that includes shipments, inventories, and new and unfilled orders was released by the National Institute of Statistics. The market was expecting it to register a minor decline in February 2015, compared to the preceding month. However, the outcome was better than expected, as the Italian Industrial Orders posted an increase of 0.8%. When we consider the yearly change, then also the Italian Industrial Orders exceeded the forecast and rose by 2% in February 2015, compared to the same month a year ago.
The Italian Industrial Sales, which shows the volume of production of Italian industries such as factories and manufacturing was on the lower side. The monthly change in the Italian Industrial Sales was +0.4% in February 2015, compared to the preceding month. However, the yearly change was a disappointing one, as the Italian Industrial Sales declined by 0.9% February 2015, compared to the same month a year ago. Although it was a bit better when compared to the last fall of 2.5%.
Italian Retail Sales
There was one more release lined up in Italy, as the Retail Sales, which helps in determining changes in sales of the Italian retail sector was released by the National Institute of Statistics. The outcome was again disappointing, as the market was expecting it to increase by 0.3% in February 2015, compared to the preceding month. However, the outcome was lower, as there was a decline of 0.2%.
Technical Outlook – Euro
The EURUSD pair managed to regain some ground earlier during the London session, as it traded above the 1.0750-60 resistance area. The pair almost challenged the 1.0800 swing area where buyers were seen struggling. On the downside, the 1.0750 area might act as a support for the pair.
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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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