Euro weakened more against the US dollar and headed towards the 1.10 monster support area ahead of the ECB interest rate decision and press conference.
France ILO Unemployment Rate released by INSEE registered a rate of 10.4% in the fourth quarter of 2014, and the last reading was revised down from 10.4% to 10.3%.
German Factory orders released by the Deutsche Bundesbank posted a decline of 3.9% in January 2015, compared to the preceding month and expectation was of -1%.
In terms of the yearly change, the German Factory orders declined by 0.1% in January 2015, compared to the same month a year ago.
Italian Gross Domestic Product released by the National Institute of Statistics registered no change in the GDP in the fourth quarter of 2014, compared to the preceding quarter.
In terms of the annual change, the Italian GDP decreased by 0.5%, which was more than the expectation of -0.3% in the fourth quarter of 2014.
EURUSD remained lower and tested the 1.1020 support area during the London session.
German Factory Orders
Earlier today during the London session, the German Factory orders report was released by the Deutsche Bundesbank. The market was expecting it to decline by 1% in January 2015, compared to the preceding month. However, the outcome was lower than the expectation, as the German Factory orders declined by 3.9%. The last reading was also revised up from 4.2% to 4.4%. When we consider the yearly change, then the German Factory orders fell by 0.1%, which was a lot more than the last increase of 3.9%.
There was one more important release lined up in the Euro zone, as the Italian Gross Domestic Product was released by the National Institute of Statistics. The market was expecting no change in the GDP in the fourth quarter of 2014, compared to the preceding quarter. The outcome was as expected, but there was a miss in the yearly change. When we consider the year-over-year change, then the Italian Gross Domestic Product declined by 0.5% in the fourth quarter of 2014, compared to the same quarter a year ago. There was a revision in the last reading as well from -0.4% to -0.5%.
The report added that the when we compare it to the third quarter of 2014, then the final consumption expenditure rose by 0.2%. Moreover, the gross fixed capital managed a reading of 0.2%, and the imports grew by 0.3%. The last one was exports, which gained by 1.6%. In terms of the yearly change, the final consumption expenditure fell by 0.3% and the gross fixed capital decreased by 3.0%. Overall, the data was not that good to encourage the Euro buyers in the near term.
Technical Outlook – Euro
The Euro continued to move lower against the US dollar, as there was no stopping sellers. The EURUSD pair almost tested the 1.10 support area which represents a major barrier for sellers. We need to see how the pair trades in the near term and whether it can trade higher or not.
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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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