- Canadian Housing starts in September 2014 registered a better than expected reading of 197.3K.
- Swiss unemployment rate, released during the London session came in at 3.2% as expected.
- UK Halifax House Price Index registered a better than expected reading and increased by 0.6% versus the forecast of 0.2% in September 2014.
- Spanish Industrial production registered a gain of 0.6%, but was softer than expected. The market was expecting a rise of 1.4%.
- US MBA Mortgage Applications report was released by the Mortgage Bankers Association, which registered an increase of 3.8%, compared to the last reading of -0.2%.
- FOMC is the most important event lined up later during the NY session.
- EURUSD managed to hold the ground during the London session, and looks like set for gains moving ahead.
Canadian Housing Starts
About an hour ago, the Housing Starts was released by the Canadian Mortgage and Housing Corporation. The market was expecting the trend measure of housing starts in Canada to be around 196.1K units in September compared to 191,095 in August. However, the outcome was a bit better, as the Canadian Housing starts measure stood at 197.3K. The outcome was mostly in line with the expectation, and that is the reason why the Canadian dollar was broadly unchanged after the release.
The FOMC meeting minutes is the next major release which can impact the market a lot in the upcoming few hours. Let us see how the market sentiment changes after the release of meeting minutes.
Swiss Unemployment Data
There was no major market moving event lined up during the London session. Some of the low risk events include Swiss unemployment data, Spanish industrial production and Halifax House Price Index. The first in the line was the Swiss unemployment rate, which was released by the State Secretariat for Economic Affairs (SECO). The forecast was of no change from the previous reading of 3.2% in the seasonally adjusted terms. The outcome was as expected as the Swiss unemployment rate stayed at 3.2% in September 204. If we consider non-seasonally adjusted terms, then too the outcome was in line with the forecast with a reading of 3.0%.
The next major release was the Spanish industrial production data, which was published by the National Institute of Statistics. The market was expecting production to increase by 1.4% in August 2014, compared to the last month of the previous year. However, the outcome was a touch lower than the forecast. The Spanish industrial production managed to register a gain of 0.6% in August 2014. Nevertheless, the EURUSD pair was not bothered at all after the release.
Moving ahead, there is a fact which we highlighted recently as well that the Euro might continue to struggle around the 1.2700-10 levels. Only a break and a daily close above the mentioned area might call for a sharp reversal in the pair. On the downside, the 1.2600 level could act as a barrier for the Euro sellers in the short term.
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UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.
US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound
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