EURUSD Regain Buyers, Trades Above 1.0850

EURUSD Regain Buyers, Trades Above 1.0850

By: Simon Furman | Where To Trade | On:08-04-2015 16:31
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Key Highlights

  • Euro managed to regain bids against the US dollar and traded higher despite poor economic releases in the Euro zone like the German factory orders.

  • German Factory orders i.e. an indicator that includes shipments, inventories, and new and unfilled orders released by the Deutsche Bundesbank posted a decline of 0.9% in February 2015, compared to the preceding month and expectation was of 1.5 gain%.

  • In terms of the yearly change, the German Factory orders declined by 1.3% in February 2015, compared to the same month a year ago.

  • France Trade Balance, which is a balance between exports and imports of total goods and services released by MINEFA registered a trade deficit of €-3.449B in February 2015, compared to the forecast of €-3.800B deficit.

  • France imports and exports came in at €40.800B and €37.300B respectively.

  • Japanese Eco Watchers Survey, which closely watches region-by-region economic trends released by the Cabinet Office posted an increase from 53.2 to 53.4 in March 2015.

  • EURUSD remained lower and tested the 1.1020 support area during the London session.

German Factory Orders

Earlier today during the London session, the German Factory orders i.e. an indicator that includes shipments, inventories, and new and unfilled orders was released by the Deutsche Bundesbank. The market was expecting it to increase by 1.5% in February 2015, compared to the preceding month. However, the outcome missed the mark and came below the expectation, as the German Factory orders declined by 0.9%. However, the last reading was revised up from -3.9% to -2.6%. When we speak of the yearly change, then the German Factory orders fell by 1.3%. This was higher when compared to the last decline of 0.3% which was also revised up from -0.1% to -0.3%.

France Trade Balance

There was one more important release lined up in the Euro zone, as French Trade Balance, which is a balance between exports and imports of total goods and services released by MINEFA. The market was expecting it to register a trade deficit of €-3.800B in February 2015, compared to the last deficit of €-3.710B. However, the outcome was a bit on the higher side, as the French Trade Balance came in at €-3.449B. The French exports posted a reading of €37.300B and imports came in at €40.800B.

The report stated that there was an increase in exports, which was mainly driven by a surge in transport equipment deliveries like aircraft and satellites. There was a rebound noted in sales of chemicals as well. When we analyze imports, then there was a rise in automotive, pharmaceuticals, electrical equipment, and clothing. However, there were a few sectors, which posted declines like contraction of energy supplies and a flow of chemical purchases.

Technical Outlook – Euro

The Euro surged higher today against the US dollar, and cleared the 1.0850 level. There was a reaction noted around the 1.0880 level, and it would be interesting to see whether the pair can continue to trade higher in the near term or not.

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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