No Relief For Euro Buyers Post Impressive US GDP

No Relief For Euro Buyers Post Impressive US GDP

By: Oliver Miller | Where To Trade | On:26-09-2014 10:30
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Key Highlights

  • US Gross Domestic Product Annualized increased by 4.6% in the second quarter of 2014.
  • German Gff Consumer Climate Index missed the mark, and registered a decline from 8.6 to 8.3.
  • French Consumer Confidence remained at flat 86 in September, compared to the previous month.
  • Italian Business Confidence registered a decline from the previously revised reading of 95.4 to 95.1.
  • EURUSD seems to be stabilizing around the 1.2700-10 levels, but need to hold the mentioned level for a substantial retracement.
  • GOLD managed to gain traction and traded above the $1220 level during the London session.

US GDP

The US Gross Domestic Product Annualized measuring the output of goods and services increased by 4.6% in the second quarter of 2014, just as the market was expecting. This GDP estimate is up from the previous estimate, which suggested a decline of 2.1%. The report mentioned that this particular increase was helped by the positive contributions from personal consumption expenditures (PCE), exports, private inventory investment and nonresidential fixed investment. This was again on the positive side, which might lift the US dollar in the short term.

Personal Consumption Expenditures and core Personal Consumption Expenditure data were also released around the same time. The outcome was again in line with the expectation. Personal Consumption Expenditures prices increased by 2.3% in the second quarter of 2014, and core Personal Consumption Expenditure rose by 2.0%. Both the readings were on the positive side, compared to the previous reading.

German Gfk Consumer Confidence

There was a major release lined up during the London session today i.e. the German GfK Consumer Confidence was published. The market was expecting a decline from 8.6 to 8.5 in October. However, the report mentioned that the German GfK Consumer Confidence is expected to be around 8.3 in October 2014, which is 0.3 points less than September. The report mentioned that the mood of German consumers worsened again in September. This is not at all a good sign considering the recent conditions in the Euro zone. There was an important point to note that continued global tension has started affecting the mindset in Germany. The companies are losing confidence that we would see a good growth in the second half of the year. This hampered the consumer confidence further.

Moreover, the French consumer confidence was also released by the INSEE. The report suggested that the French consumer confidence was 86, an unchanged index from the last month as expected by the market. Furthermore, the Italian Business Confidence was also published during the London session. The Italian confidence index in manufacturing fell from 95.4 to 95.1. Moreover, the confidence index in construction fell to 75.4 from 76.7 in September 2014, compared to August 2014.

The EURUSD pair mostly traded in a range during the London session, and none of the above mentioned events caused moves in the pair. However, after the US GDP release, the pair was again under pressure and was seen heading towards the last low of 1.2696. 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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