US Dollar Clear Winner; Euro Biggest Loser

US Dollar Clear Winner; Euro Biggest Loser

By: James Ansher | Where To Trade | On:05-01-2015 10:40
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Key Highlights

  • US dollar continued to march higher against most major currencies after a minor correction.

  • Spanish Unemployment Survey released by the Spanish Government registered a reading of -64.4K, which was less than the forecast of -72.0K.

  • In Switzerland, the SVME Manufacturing Purchasing Managers Index (PMI) was released which climbed from the previous reading of 52.1 to 54.0.

  • UK PMI Construction released by the Chartered Institute of Purchasing & Supply and Markit Economics declined from the last reading of 59.4 to 57.6.

  • Euro area Sentix Investor Confidence index released by the Sentix GmbH increased to 0.9, up from -2.5.

  • Portugal Business Confidence released by Statistics Portugal fell from 0.5 to 0.3.

  • Portugal Consumer confidence was also released which remained at -22.3.

  • Germany consumer price index released by the Statistiches Bundesamt Deutschland remained flat at 0.0% whereas the market was expecting it to rise by 0.2%.

  • EURUSD looks set for more losses in the near term below the 1.1850 level.

US ISM New York Index

Earlier during the NY session, the US ISM New York Index was released by NAPM-New York. The outcome was way above the expectation, as the index jumped from 62.4 to 70.8. The US dollar was again bid against most counterparts. Let us see how the US dollar behaves in the coming sessions against the Euro and British pound.

London Session Recap

Today, there were a couple of economic releases lined up in the Euro zone and the UK, including the German CPI, Spanish unemployment data and UK construction PMI. The outcome of all these events was not good enough to put pressure on the US dollar sellers. The most important release in the Euro area was the Germany consumer price index released by the Statistiches Bundesamt Deutschland. The market was expecting it to rise by 0.2% in December 2014, compared with the preceding month. However, the outcome was not according to expectation, as it remained flat at 0% in December 2014. Moreover, the year-over-year change is expected to be around 0.2% in December 2014, but the market was expecting it to increase by 0.3%. Overall, the outcome was not as the investors were expecting. This increased bearish pressure on the Euro in the short term.

In the UK, the Construction Purchasing Managers Index (PMI) was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics. The market was expecting it to decline from the previous reading of 59.4 to 59.0. However, the outcome missed the mark, as the UK construction PMI fell to 57.6. The British pound was also seen trading lower after the release, as the GBPUSD fell back towards the 1.5200 support area.

Technically, the GBPUSD opened the week below the 1.5300 support area and traded as low as 1.5187. Later, the pair managed to correct a bit higher, but sellers again got a reason to take it lower. There is a lot of pressure on the GBPUSD, which could take it towards the 1.5150 support area.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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By: James Ansher | Where To Trade | On:27-04-2015 10:46

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