US Dollar Slides Further As Sellers Gain Control

US Dollar Slides Further As Sellers Gain Control

By: Oliver Miller | Where To Trade | On:26-03-2015 14:12
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Key Highlights

  • US dollar nosedived against most major currencies, as sellers were seen in control, and pairs such as EURUSD, GBPUSD, AUDUSD and NZDUSD performed well during the past session.

  • In the Euro area, the German GfK Consumer Confidence i.e. a leading index that measures the level of consumer confidence in economic activity was released, which climbed to 10 for April 2015 whereas the market was expecting it to rise from 9.7 to 9.8.

  • France Gross Domestic Product representing the monetary value of all the goods, services and structures produced within a country in a given period of time released by INSEE registered an increase of 0.2% in the fourth quarter of 2014, compared to the preceding quarter.

  • In term of the yearly change, the France Gross Domestic Product increased by 0.1% just as the market expected in the fourth quarter of 2014, compared to the same quarter a year ago.

  • Euro zone M3 Money Supply i.e. a measure of money supply that released by the European Central Bank registered a rise of 4% in February 2015, compared to the forecast of 4.3%.

  • Euro zone Private loans report was also released, which posted a decline of 0.1% in February.

German GFK Confidence

Earlier during the London session, the German GfK Consumer Confidence representing the level of consumer confidence in economic activity was released. The forecast was lined up for an increase from the last reading of 9.7 to 9.8 in April 2015. However, the outcome was above the forecast, as the German GFK consumer confidence managed to increase by 0.3 points to 10. This was good considering the recent economic situation in the Euro zone. The report highlighted that there were gains noted in both economic and income expectations, and also for the willingness to buy.

Moreover, the report stated that the bad times in Europe due to the crisis in Greece made no impact, and the consumer mood of Germans was still positive. The movement in economic expectations also gained strength and was higher by around 9 points to register a reading of 36.8. This was the fourth consecutive rise according to the report. The depreciation of the Euro also helped as pointed in the statement because it helped in improvement of the competitiveness of German exports outside the Euro zone. When we consider the income expectations, then it rose by more than 2 points to post a reading of 53.1, which was the third consecutive rise.

France GDP

There was one more release scheduled during the London session, as the Gross Domestic Product representing the monetary value of all the goods, services and structures produced within a country in a given period of time was released by INSEE. The forecast was slated for an increase of 0.1% in the fourth quarter of 2014, compared to the same quarter a year ago. The outcome was as expected and helped the Euro.

Technical Outlook – Euro

The EURUSD broke an important resistance and traded towards the 1.1040 level.

Oliver Miller

Oliver Miller

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