New Lows For EURUSD And Highs For USDJPY

New Lows For EURUSD And Highs For USDJPY

By: Simon Furman | Where To Trade | On:10-03-2015 11:14
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Key Highlights

  • Euro and the Japanese yen lost more ground and created new lows against the US dollar.

  • Japanese Prelim Machine Tool Orders representing movements in tool orders by manufacturers released by the Japan Machine Tool Builders'' Association registered an increase of 28.9% in February 2015, compared to the same month a year ago.

  • Swiss Unemployment Rate released by the State Secretariat for Economic Affairs (SECO) registered an increase to 3.2% in February, and the last rate was revised up from 3.1% to 3.2%.

  • France Industrial Output representing volume of production of French industries such as factories and manufacturing released by INSEE gained by 0.4% in January 2015.

  • In terms of the yearly change, the France Industrial Output declined by 2.2%.

  • Spanish Retail Sales released by the National Institute of Statistics registered an increase of 4.1% in January 2015, compared to the same month a year ago.

  • Greece Consumer Price Index released by the National Statistics Service registered a decline of 2.2% in February 2015 whereas the market was expecting it to decline by 2.5%.

Swiss Unemployment Rate

Earlier today, the Swiss Unemployment Rate was released by the State Secretariat for Economic Affairs (SECO). The market was expecting it to rise from 3.1% to 3.2%. The outcome was as expected, as the Swiss Unemployment Rate came in at 3.2% in February. Moreover, the last reading was revised up from 3.1 to 3.2%. , and the last rate was revised up from 3.1% to 3.2%. This was definitely disappointing, and likely to weigh further on the Swiss franc.

The USDCHF pair was already seen trading higher towards the 0.9980 level. It broke an important resistance area around the 0.9900-10 area and busted higher. It looks set to challenge the 1.0 area in the near term.

France Industrial Output

There was a couple of releases lined up in the euro zone as well, including France Industrial Output representing volume of production of French industries such as factories and manufacturing, which was released by INSEE.

The market was expecting it to decline by 0.3% in January 2015, compared to the preceding year. However, the outcome was better than the forecast, as the France Industrial Output increased by 0.4%. In terms of the yearly change, the outcome missed the mark. It registered a decline of 2.2% in January 2015, compared to the same month a year ago whereas the market was expecting it to increase by 0.1%.

The report stated that the output increased by a slight margin in the manufacturing sector by around 0.2 in terms of the quarter change, and as well as in the industry as a whole. However, the release failed to help the euro which continued to move lower towards the 1.0750 level.

Technical Outlook – Swiss Franc

There was immense bearish pressure noted on the Swiss franc, which was seen heading lower. The USDCHF pair blasted above the 0.9940 level and looks set for a test of the all-important 1.0 area.

Simon Furman

Simon Furman

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