US Dollar Fails To Capitalize On Strong Employment Data

US Dollar Fails To Capitalize On Strong Employment Data

By: James Ansher | Where To Trade | On:09-01-2015 14:30
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Key Highlights

  • US nonfarm payrolls released by the US Department of Labor came above the forecast with a reading of 252K.

  • German Industrial Production released by the Statistisches Bundesamt Deutschland declined by 0.1% In November 2014, compared with the last time revised increase of 0.6%.

  • German Trade Balance was also released which came in at €17.7B, down from the last revised reading of €20.8B.

  • German Imports of goods and services increased by 1.5% November 2014 whereas the market was expecting it to be around 0.4%.

  • Swiss Consumer Price Index, issued by the Swiss Federal Statistical Office declined by 0.5% In December 2014, compared with November 2014.

  • UK Industrial Production released by the National Statistics declined by 0.1% In November 2014, compared with the last time revised decline of 0.3%.

  • UK manufacturing production was better as it gained by 0.7% whereas the market was expecting it to be around 0.3%.

  • UK trade balance came in at £-1.406B, down from the previous reading of £-2.246B.

US Initial Jobless Claims

Earlier during the NY session, the US nonfarm payrolls report was released by the US Department of Labor. The market was expecting it to register a gain of 240K. However, the outcome was on the higher side, as the US nonfarm payrolls increased by 252K. Moreover, the US unemployment rate also decreased from 5.8% to 5.6%. This was strong bullish signal for the US dollar and helped it to a certain extent. However, the upside was contained as the US dollar is already trading around escalated levels. We need to see how it trades in the coming sessions, as the Euro and the British pound might recover ground in the near term.

London Session Recap

There were several releases lined up during the London session, including the German Industrial Production, German Trade Balance, Swiss Consumer Price Index, UK Industrial Production and UK trade balance. The first major release was in the Euro area i.e. the German Industrial Production which was released by the Statistisches Bundesamt Deutschland. The market was expecting it to increase by 0.4% in In November 2014, compared with the last time increase of 0.2%.However, the outcome was mixed, as it registered a decline of 0.1% and the previous reading was revised up from 0.2% to 0.6%. The German trade balance data was the next one which registered a surplus of €17.7B, down from the last revised reading of €20.8B. In Switzerland, the Consumer Price Index was issued by the Swiss Federal Statistical Office. The outcome was disappointing, as it registered a decline of 0.5% In December 2014, compared with November’s reading of 0%.

In the UK the industrial production, manufacturing production and the trade balance data were released by the National Statistics. The outcome was mixed, but was on the positive side to some extent. The UK manufacturing production registered an increase of 0.7%, compared with the expectation of 0.3%. However, on the other hand, the industrial production declined by 0.1% In November 2014.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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