GBPUSD Nosedives As Dollar Gains Traction Again
British pound fell sharply against the US dollar, and cleared the 1.4850 support area.
German wholesale price Index released by the Statistisches Bundesamt Deutschland registered a decline of 2.1% in February 2015, compared to the same month a year ago.
In terms of the monthly change, the German wholesale price Index posted an increase of 0.5% in February 2015, which was a lot more when compared to the last decline of 0.4%.
Japanese Industrial Production released by the Ministry of Economy, Trade and Industry measuring outputs of the Japanese factories and mines came in at 3.7% in January 2015.
In terms of the monthly change the Japanese Industrial Production posted a decline of 2.8%.
Japanese Capacity Utilization representing the percentage of the Japanese production capacity which is actually used over the short-time period also registered an increase of 3.6%.
Investors eying the Canadian employment report which will be released during the NY session and expectation is of a -5.0K change in the employment.
German Wholesale Price Index
Earlier today during the London session, the German wholesale price Index representing the value of sales made by wholesalers in Germany was released by the Statistiches Bundesamt Deutschland. The market was expecting no major increase in the prices in February 2015, compared to the preceding month. However, the outcome was above the expectation, as the German wholesale price Index gained by 0.5%, compared to the last decline of 0.4%. When we consider the year-over-year change, then the German wholesale price Index declined by 2.1%%, which was also lower when compared to the last decline of 2.6%.
The report stated there was a major impact on the overall performance in February 2015, compared to the same month last year. The wholesale of solid fuels and related products was down by nearly 15.7 in the term of yearly change, but when we consider monthly change, then it posted a rise of 2.7%. The rise in the German WPI this time was mainly due to the gains in prices of petroleum products.
Furthermore, the prices in wholesale of dairy products, eggs and edible oils and fats was lower by more than 7%, which was very negative aspect and had a major impact on the overall development from February 2014 to February 2015. This was not all, as there was a decline in the wholesale of grain, seeds and animal feeds, which was down by 6.4%.
The release was somehow negative for the Euro and caused a minor downside reaction in the EURUSD pair. The 1.0620-40 area is acting as a hurdle for the pair and pushing the pair back lower.
Technical Outlook – EURCHF
The Euro continued to trade in a range against the Swiss franc and looks like forming a base around the 1.0620-00 area. As long as the pair is above the mentioned level there is a chance of more upsides in the near term. On the upside, a break above the 1.0700 area might call for more gains.
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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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