No Hope For EURUSD Post CPI Release

No Hope For EURUSD Post CPI Release

By: Darryl Frankfort | Where To Trade | On:31-03-2015 14:33
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Key Highlights

  • Euro traded lower earlier against the US dollar to test 1.0720 as buyers fail to protect downside.

  • German unemployment change published by the German Statistics Office registered a reading of -14K in March whereas the market was expecting it to be around -12K.

  • German unemployment rate posted a decline from the last rate of 6.5% to 6.4%.

  • Euro zone consumer price index, which gauges the changes in the price of goods and services released by the Eurostat registered a decline of 0.1% in March 2015, compared to the last decline of 0.3% and the expectation was of -0.1%.

  • Euro zone core CPI posted an increase of 0.6% in March 2015 just as expected by the market.

  • Euro Zone unemployment rate released by the Eurostat posted a reading of 11.3% in February 2015, compared to the forecast of 11.2% and last revised reading of 11.4%.

  • German Retail Sales released by the Statistisches Bundesamt Deutschland registered a rise of 3.6% in February 2015 whereas the market was expecting it be around 3.7%.

  • In terms of the monthly change, the German Retail Sales fell by 0.5% in February 2015, compared to the expectation of a 0.8% decline.

Euro Zone Consumer Confidence

Euro Zone CPI

Earlier today during the London session, the Euro Zone consumer price index i.e. the changes in the price of goods and services was released by the Eurostat. The forecast was lined up for a decline of 0.1% in March 2015, compared to the preceding month. The outcome was as expected, as the Euro zone CPI stayed at -0.1%, compared to the last decline of 0.3%.

The Euro zone core CPI registered a rise of 0.6% in March 2015, compared to the same month a year ago which was also as expected. The report mentioned that the services sector is expected to have one of the highest annual rates, followed by food, alcohol & tobacco, which is expected to rise by 0.6%.

German Employment Report

There was one more important release in the Euro zone, as the German unemployment change and the unemployment rate report was be published by the German Statistics Office. The market was expecting the unemployment change to post a reading of -12K in March 2015, compared to the preceding month. However, the outcome was above the forecast, as the German unemployment change registered a reading of -14K. The German unemployment rate was also on the better side, as it declined from 6.5% to 6.4% in March 2015.

There were another release in Germany, as the Retail Sales report was published by the Statistisches Bundesamt Deutschland. The market was expecting it to decline by 0.8% in February 2015, compared to the preceding month. However, the outcome was above the forecast with a decline of 0.5%.

Technical Outlook – Euro

The Euro fell sharply and tested the 1.0720 support area against the US dollar. It would be interesting to see how long the EURUSD pair can manage to hold the ground.  

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