US Dollar Recovers Sharply Intraday

US Dollar Recovers Sharply Intraday

By: Ben Myers | Where To Trade | On:27-03-2015 14:19
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Key Highlights

  • US dollar after falling sharply against the Euro and the British pound managed to recover ground and traded back higher as buyers stepped in to protect losses in the near term.

  • In the Euro area, the Import price index, which measures the change in prices for goods imported by Germany released by Deutsche Bundesbank registered a decline of 3% in February 2015, compared to the same month a year ago and the expectation was of a 3.5% decline.

  • In terms of the monthly change, the German Import price index gained by 1.4% vs 0.7% forecast.

  • Italian Industrial Orders i.e. an indicator that includes shipments, inventories, and new and unfilled orders released by the National Institute of Statistics registered a decline of 3.6% in January 2015, compared to the same month vs the expectation of a gain.

  • In term of the yearly change, the Italian Industrial Orders decreased by 5.5% in January 2015.

  • Italian Retail Sales i.e. a measure of changes in sales of the Italian retail sector released by the National Institute of Statistics registered a rise of 0.1% in January 2015, compared to the last decline of 0.1% which was also revised up from -0.2%.

  • In terms of the yearly change, the Italian Retail Sales gained by 1.7% in January 2015.

German Import Price Index

Earlier during the London session, the German Import price index, which measures the change in prices for goods imported by Germany was released by Deutsche Bundesbank. The forecast was lined up for a decrease of 3.5% in February 2015, compared to the same month a year ago. However, the outcome was a bit on the higher side, as the German Import price index came in at 3.0%.

In terms of the monthly change, the German Import price index managed to post an increase of 1.4% in February 2015, compared to the preceding month. The market was expecting only a rise of 0.7%. The report stated that “in January 2015 and in December 2014 the annual rates of change were +0.4% and +0.1%, respectively, and from January 2015 to February 2015 the index rose by 0.3%”.

Moreover, when we exclude the crude oil and mineral oil products, then the index of import prices rose by 0.8% compared with the level of a year earlier.

Italian Retail Sales

There was one more release lined up in the Euro area, as the Italian Retail Sales i.e. a measure of changes in sales of the Italian retail sector was released by the National Institute of Statistics. The market was not expecting it to gain by much, but the outcome was a better one, as the Italian Retail Sales posted an increase of 0.1% in January 2015, compared to the preceding month. This was better than the last decline of 0.1%. In terms of the yearly change, the Italian Retail Sales registered an increase of 1.7% in January 2015.

Technical Outlook – Euro

The EURUSD traded towards the 1.0800 support area where the Euro buyers just managed to hold the losses. On the upside, the 1.0850 is a resistance area moving ahead.

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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