US Dollar Climbs Higher; Swiss Franc Under Pressure
US dollar moved higher against many major currencies especially against the Swiss Franc.
German IFO business sentiment index released by the CESifo Group increased from 105.5 to 106.7 more than the Forex market was expecting.
German IFO Expectations also registered an increase from the previous revised reading of 101.3 to 102.0 whereas the forecast was slated for a rise to 102.5.
German IFO Current Assessment was also released, which rose more than expected from the precious reading of 110.0 to 111.7 more than the forecast of 110.7.
Spanish Producer Price Index released by the INSEE decreased by 3.7% in December 2014, compared with the same month of the last year.
Euro traded a touch higher after trading as low as 1.1097 against the US dollar.
Swiss franc remained under pressure today, as it traded lower not only against the US dollar, but also against the Euro and British pound.
Dallas Fed conducts the Texas Manufacturing Outlook registered a reading of -4.4, compared to the last reading of 4.1.
Dallas Fed Manufacturing Index
Earlier during the NY session, the Dallas Fed conducts the Texas Manufacturing Outlook was released. The outcome was not positive, as the index fell to -4.4 In January 2015. Moreover, the previous reading was revised down from 4.1 to 3.5. So, overall the outcome was disappointing, which weighed on the US dollar in the near term. The report added that the production index, which is a key measure of state manufacturing conditions came in at 0.7. This indicates that the output was essentially unchanged from December 2014 to January 2015.
German IFO Business Climate Index
Earlier during the London session, there was an important release lined up in the Germany, as the IFO Expectations and Business climate index was released by the CESifo Group. The market was expecting an increase from the last reading of 105.5 to 106.3 in January 2015. However, the result was above the forecast as the German IFO business climate index jumped to 106.7. Furthermore, there were some other data released as well, including the German IFO Current Assessment. This was also on the positive side, as it rose from the last reading of 110.0 to 111.7. The most optimistic thing to note was the fact that this was the third successive increase in the German IFO business climate index. The German IFO Expectations was on the lower side, compared to the forecast. The market was expecting a rise from 101.1 to 102.5. However, it came in at 102.0, which was a bit lower. The report stated that the assessments of the current business situation were better. Moreover, the manufacturers also expressed greater confidence in near-term business developments.
Technically, the EURUSD pair earlier today traded lower below the 1.1100 level, which was a short-term support. There is a possibility of a chance for a move towards the 1.10 level moving ahead. However, a lot depends on the FX market sentiment and price action in the Euro.
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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