Quiet NY Session Might Push The Dollar Lower

Quiet NY Session Might Push The Dollar Lower

By: Oliver Miller | Where To Trade | On:7-10-2014 10:30
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Key Highlights

  • US Economic Optimism Index released by the Investor's Business Daily (IBD) TechnoMetrica Institute of Policy and Politics (TIPP) came in at 45.2, unchanged from 45.2.
  • German industrial production registered a monster decline of 4% in August 2014, compared to a gain of 1.6% in the previous month.
  • Swiss consumer price index failed to impress the Swiss buyers and registered a gain of 0.1% in September 2014, compared to the last month.
  • Swiss retail sales exceeded the market expectation, and increased by 1.9% in August 2014.
  • UK manufacturing production rose by 3.9% in August, compared to the last month reading of 3.5% according to the National Statistics.
  • GBPUSD is trading higher Intraday, and looks set to post a good gain compared to the recent days.

US IBD/TIPP Economic Optimism

The US Economic Optimism Index was released by the Investor's Business Daily (IBD) TechnoMetrica Institute of Policy and Politics (TIPP). The market was expecting it to rise from 45.2 to 46.3. However, the Economic Optimism Index stayed at 45.2 in October 2014. This is about 0.1 points above its 12-month average of 45.1. So, the reading was not bad considering the average. However, the reading is still below the 50 mark, which means pessimism. According to the report published IBD/TIPP conducted the national poll of 889 adults from September 27 to October 3. The US dollar was seen trading lower after the release, and the worst performing pair was USDJPY.

Moreover, the US JOLTS Job Openings data was also released, that is a survey done by the US Bureau of Labor Statistics. The outcome was a touch better than expected. The market was expecting a reading 4.71M, up from 4.605M, but the end result was good, as it managed to pull a reading of 4.835M.

German Industrial Production

The market was expecting a decline of 1.5% in August 2014, from the previous month on a price, seasonally and working day adjusted basis. However, the outcome was even worse, as the German industrial production declined by 4%. When we consider the yearly change, then it declined by 2.8%, compared to the last time rise of 2.7%. If we exclude the energy, then industrial production fell by 4.8%, which is even worse.

Overall, the outcome was on the disappointing side, and the effect was also visible. The Euro was under pressure and it was seen struggling to hold yesterday’s gain. The French Government Budget Balance measuring the difference in value between the government's income and expenditure was also released during the London session. The outcome was also not encouraging for the Euro buyers.

Where To Trade - German IP

 

The Euro failed to overtake the 1.2670 resistance area against the US dollar, which looks like a major hurdle for the EURUSD pair. As of writing, it looks like the pair is consolidating and setting up for the next move. On the downside, the 1.2580 is a support area, followed by the 1.2550 level. Let us see how the pair behaves in the coming sessions.

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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