US Dollar Slammed Post Awful Retail Sales

US Dollar Slammed Post Awful Retail Sales

By: Darryl Frankfort | Where To Trade | On:15-10-2014 13:33
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Key Highlights

  • NY empire state manufacturing index fell sharply by more than 20 points from the previous reading of 27.54 to 6.17.
  • US retail sales decreased by 0.3% in September 2014, compared to the last month’s gain of 0.6%.
  • UK employment report was published during the London session, which was mostly mixed as the unemployment rate fell from 6.2% to 6.0% and claimant count change missed the forecast of -35K.
  • German consumer price index released in September 2014 came in at 0.8%, compared to the last time.
  • Swiss ZEW expectation released registered a decline to -30.7 from -7.7, which was a lot lower than the forecast of -12.0.
  • EURUSD pair somehow showing resiliency, as the market was able to digest the economic releases during the London session.

 

US Retail Sales Data

About an hour ago, the US retail sales data was released by the US Census Bureau. The market was already expecting a decline of 0.1% in September 2014, compared to the last month’s gain of 0.6%. However, the outcome was even more disappointing as the US retail sales decreased by 0.3%. Moreover, the core retail sales data was also disappointing, as it declined by 0.2%.

The NY empire state manufacturing index was also released around the same time. The market was expecting a fall from 27.54 to 20.50. However, it came as a disaster as it fell sharply by more than 20 points from the previous reading of 27.54 to 6.17.

The Euro was seen trading higher after the release. Basically, the US dollar traded lower against almost all major currencies.

 

UK Employment Data

There were a few important releases lined up during the London session mainly in the UK. The UK unemployment rate, claimant count change, claimant count rate, average earnings including bonus and excluding bonus were published by the National Statistics. The most important one was the UK unemployment rate, which fell from 6.2% to 6.0%. The market was only expecting a 0.1% fall. The report broadly stated that the employment continued to rise and unemployment continued to fall. There were about 30.76 million people in work, which was 46,000 more than for March to May 2014.

The average earning excluding bonus increased by 0.9%, compared to the last time rise of 0.8%. The market was expecting it to remain at 0.8%. Moreover, the average earning including bonus increased by 0.7%, compared to the last time rise of 0.6%, which was as expected.

There were some releases in the Euro zone as well, including the German consumer price index released by Statistiches Bundesamt Deutschland. The German consumer prices increased by 0.8% in July 2014, compared to the same month of the last year. This was mostly in line with the expectation. However, the report somehow lifted the mood of the Euro buyers.

Where To Trade - German CPI

The EURUSD pair moved higher after the release and traded towards the 1.2680 resistance area. It managed to hold the mentioned level, and it would be interesting to see how the pair reacts in the coming hours.  

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