USD Consolidates as Risk Stays on Top

USD Consolidates as Risk Stays on Top

By: James Ansher | Where To Trade | On:20-04-2015 09:47
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Key Highlights

  • US dollar was broadly seen consolidating against most major currencies, but there was a bullish sentiment noticed for pairs such as AUDUSD and NZDUSD taking them a bit higher.

  • German Producer Price Index, which represents an average changes in prices in the German primary markets released by the Statistisches Bundesamt Deutschland managed to post an increase of 0.1% in March 2015, compared to expectation of 0.2% and similar to the last 0.1%.

  • In terms of the yearly change, the German PPI fell more than expected with a reading of -1.7% in March 2015, compared to the same month a year ago and the last decline was of 2.1%.

  • Greece current account highlighting the net flow of current transactions, including goods, services and interest payments into and out of Greece released by the Bank of Greece posted a reading of €-0.929B in February 2015, compared to the same month a year ago.

  • EURUSD traded a touch higher and continued to stay above the 1.0750 support area.

  • GBPUSD struggling to clear the 1.4980-60 resistance zone and might trade lower.

German PPI

Earlier in the Euro area, the German Producer Price which represents an average changes in prices in the German primary markets was released by the Statistisches Bundesamt Deutschland. The market was expecting it to increase by 0.2% in March 2015, compared to the last month. However, the end result was a bit lower compared to the forecast, as the German PPI gained by 0.1% in March 2015. This was just as the same as of the last month.

When we speak of the year-over-year change, the German PPI registered a fall of 1.7% in March 2015, compared to the same month a year ago. The market was expecting it to decrease by 1.6% and the last reading was of -2.1%. In terms of the sector-wise data, the energy prices declined by 4.7% in March 2015, compared with March 2014. Moreover, prices of consumer non-durable goods was lower by 1.3%. There were a few increases as well including prices of capital goods, which were higher by 0.7%. Lastly, prices of durable consumer goods rose by 1.1% in March 2015.

Greece Current Account

There was one more low-risk event lined up in the Euro zone, as the Greece current account highlighting the net flow of current transactions, including goods, services and interest payments into and out of Greece was released by the Bank of Greece. The outcome was a disappointing one, as the report stated that the Greece current account balance showed a deficit of €929 million in February 2015, compared to Feb 2014.

Technical Outlook – Euro

The Euro continued to trade in a range against the US dollar, but with a bearish tone. The EURUSD pair traded higher earlier to test the 1.0800 levels, but failed to gain traction and moved back lower. Currently, it is testing an important support area at 1.0750, which holds the key and must be contained if the pair has to continue trading higher.

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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