US Gross Domestic Product Annualized released by the US Bureau of Economic Analysis increased by 2.6% in Q4 2014, compared with the same quarter of the last year.
Euro was not affected much as the market expected after the Euro zone inflation report.
Euro Zone Consumer Price Index released by Eurostat registered a decrease of 0.6% in January 2015, compared with the previous month.
German Retail Sales released by the Statistisches Bundesamt Deutschland registered an increase of 0.2% in January 2015, compared with the previous month gain of 0.9%.
In Switzerland, the KOF Swiss Leading Indicator was released, which came in at 97.0, down from the previous revised reading of 98.8.
Italian Unemployment Rate released by the National Institute of Statistics declined from 13.3% to 12.9% in December 2014.
Italian Producer Price Index was also released, which declined by 0.7% in December 2014 more than the last decline of 0.2%.
UK Consumer Credit released by the Bank of England declined to £0.578B, down from the previous revised reading of £1.233B and less than expectation of £1.200B.
Euro zone Unemployment Rate released by the Eurostat declined to 11.4% from 11.5%.
USDJPY declined and traded back towards the 117.50 support area.
Earlier during the NY session, the US Gross Domestic Product Annualized was released by the US Bureau of Economic Analysis. The forecast was slated for increase of 2.6% in the fourth quarter of 2014, compared with same quarter a year ago. This was on the lower side, as the market was expecting it to be around 2.6%, and the last reading was 5%. However, the US dollar managed to gain traction after the release.
Euro Zone CPI
Earlier during the London session, there were a lot of releases lined up in the Euro area, including the consumer price index, German retail sales, Euro area unemployment and Italian producer price index. The most important one was the Euro Zone consumer price index, which was released by the Eurostat. The market was expecting for a rise of 0.6% in the January 2015, compared with the same month of the last year. However, the result failed to match the forecast, as the Euro zone CPI increased by 0.5%. When we consider the monthly change, then the Euro zone CPI decreased by 0.6%, compared with the forecast of 0.5%. This was also a lot lower compared to the last month decline of 0.2%. The worst contributor to the decline in the Euro zone CPI was driven by the fall in energy prices. It was down by -8.9% in January, compared with -6.3% in December. The food, alcohol & tobacco prices are also expected to decrease in January 2015.
Technically, the EURUSD pair found support around the 1.1300 area where the Euro buyers managed to defend the downside. However, later the EURUSD pair climbed above the 1.1300 level once, but failed to gain momentum. There seems to be a resistance forming around the 1.1340 level, which might contain upside in the near 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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