US dollar after trading sharply higher against the Aussie dollar and the Kiwi dollar corrected lower as NZDUSD and AUDUSD gained traction.
Japanese Consumer Confidence measuring the level of sentiment that individuals have in economic activity released by the Cabinet Office registered a rise from 39.1 to 40.7.
Germany consumer price index released by the Statistiches Bundesamt Deutschland registered an increase of 0.9% in February 2015, compared to the time decline of 1.1%.
In terms of the yearly change, the Germany consumer price index rose by 0.1% just as the market expected in February 2015, compared to the same month a year ago.
French Consumer Price Index released by INSEE registered an increase of 0.7% in February 2015, compared to the time decline of 1.1% and more than expectation of 0.6%.
In terms of the yearly change, the French Consumer Price Index declined by 0.3%.
Spanish Consumer Price Index released by the National Institute of Statistics posted an increase of 0.2% just as the market expected in February 2015.
German Consumer Confidence
Earlier today during the London session, the German consumer price index representing price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the Statistiches Bundesamt Deutschland. The market was expecting increase of 0.9% in February 2015, compared to the preceding month. The outcome was as expected and on the higher side, compared to the last decline of 1.1%. When we consider the year-over-year change, then the German consumer price index gained by 0.1%, which was also in line with the forecast.
The report stated that the low inflation rate in February 2015 was mainly due to downward slide in prices of mineral oil products, which was down by more than 15.1% on February 2014. This was one of the biggest decline, as the heating oil prices fell by 22% and motor fuels by 12.7%. There was decline in other sectors as well, including the instance gas declining by 1.3%. If we exclude the energy prices then the CPI would have been higher in February 2015 may be around 1.0%. Lastly, the prices of goods was also down by around 1.4% in February 2015 compared with February 2014.
In the Euro zone, the French Consumer Price Index was released by INSEE. The market was expecting it to increase by 0.6% in in February 2015, compared to the preceding month. However, the outcome was a touch better as the French CPI registered an increase of 0.7%. When we consider the year-over-year change, the time decline of 1.1% and more than expectation of 0.6%.In terms of the yearly change, then the French Consumer Price Index declined by 0.3%.
Technical Outlook – Euro
The Euro traded as low as 1.0500 level recently where buyers just managed to hold the downside in the EURUSD pair. The pair corrected higher and traded back towards the 1.06400 level where sellers appeared again.
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