US dollar continued to trade higher after strong buying interest seen this past week.
Japanese Eco Watchers Survey, which closely watches region-by-region economic trends released by the Cabinet Office registered a reading of 53.2 in February 2015.
Japanese Eco Watchers Survey current came in at 50.1 in January 2015, compared to the last reading of 45.6, which was overall positive, but failed to help the Japanese yen.
Japanese GDP was also on the positive side, but failed to encourage the Japanese yen buyers.
German Trade Balance i.e. balance between exports and imports of total goods and services released by the Statistisches Bundesamt Deutschland registered a trade surplus of €19.7 in January 2015 whereas the market was expecting it to come around €21.1B.
German imports and exports both declined in January 2015 by 0.3 and 2.1 respectively.
Euro and other major currencies remain under pressure and might continue to trade lower.
German Trade Balance
Earlier today during the London session, the Trade Balance i.e. balance between exports and imports of total goods and services was released by the Statistisches Bundesamt Deutschland. The market was expecting it to register a trade surplus of €21.1B in January 2015, compared to the preceding month. However, the outcome was just below the forecast, as the German Trade Balance posted a trade surplus of €19.7 in January 2015. The last reading was also revised down from €21.8 to €21.6. The report stated that the Germany exported goods to the value of 89.9 billion euros, which was 0.6% lower compared to the last month. Imported goods was down by 2.3% in January 2015 to the value of 74.0 billion euros.
Moreover, speaking of the current account balance which measures balances of trade in goods including supplementary trade items registered a surplus of 16.8 billion euros in January 2015. This was also on the lower side considering the market expectation. Furthermore, when we consider the yearly change, exports to the EU countries fell by 0.7%, and imports from those countries declined by 2.7%.
There was a crucial release lined up in Japan today, as the Gross Domestic Product was released by the Cabinet Office. It comprised of the monetary value of all the goods, services and structures produced in Japan. The forecast not lined up for an increase in the fourth quarter of 2014. However, the outcome surprised the market with a rise of 0.4%, compared to the preceding quarter. Moreover, when we consider the yearly change, then the Japanese GDP grew by 1.5% in the fourth quarter of 2014, compared to the same quarter a year ago.
Technical Outlook – Euro
The Euro finally managed to find buyers around the 1.0800-40 support area and corrected higher. There are several hurdles on the way up for the pair including the 1.10 resistance area. Let us see how the pair reacts if at all it reaches there in the near term. On the downside, the recent low formed might act as a support.
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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