US Dollar Continues To Outperform; Euro Falls Below 1.1800
Euro had no reason to move higher against the US dollar and moved lower to break the 1.1800 level to set a new low for the week.
German Factory orders released by the Deutsche Bundesbank declined by 2.4% In November 2014, compared with the last time increase of 2.9%.
UK Halifax House Price Index released by the HBOS increased by 0.9% in December 2014 whereas the last reading was also revised up from 0.4% to 0.5%.
Euro Area Producer Price Index (PPI) released by the Eurostat registered a decline of 0.3% same as the last time.
Euro Area retail sales report was also released which increased by 0.6% in November 2014, compared with the last revised reading of 0.6%.
Euro area Consumer Confidence released by the European Commission declined from to -12.0.
Euro area Industrial Confidence came in at -4, down from -4.3.
BOE kept the interest rates unchanged and made no change in the asset purchase program.
US Initial Jobless Claims
Earlier during the NY session, the Initial Jobless Claims was released by the US Department of Labor. The market was expecting it to register a decline from 298K to 290K. However, the outcome was very a bit lower, as the US Initial Jobless Claims decreased by only 4K to 294K. Moreover, the US Continuing Jobless Claims came in lower at 2.452M, compared with the last revised reading of 2.351M.
London Session Recap
The London session was very production today, but the theme was same, as the Euro and the British pound continued to trade lower. There were some releases lined up in the Euro area and the UK including the Euro area retail sales, Consumer Confidence, Industrial Confidence, Producer Price Index (PPI), UK Halifax House Price Index and the BOE interest rate decision. None of the mentioned events were positive enough to lift the Euro or the British pound against the US dollar. The only positive report in the Euro area was the retail sales released by the Eurostat. The market was expecting it to increase by 0.1% in November 2014, compared with the preceding month. However, the outcome was a positive one, as the Euro area retail sales increased by 0.6%. There was a negative report as well, as the German Factory orders, which was released by the Deutsche Bundesbank registered a decline of 2.4% In November 2014. Overall, the Euro traded lower during the London session.
Moreover, in the UK the House Price Index released by the HBOS. The outcome was mixed, as the monthly change came above the expectation, but the yearly change came below the forecast. Furthermore, the BOE interest rate decision was also a nonevent and failed to help the GBPUSD pair.
Technically, the GBPUSD pair fell below the 1.5100 support area and traded as low as 1.5035. The British pound buyers failed on more than one occasion to take the pair higher and it look like it might continue trading lower.
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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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