Rational FX: Germany’s Industrial Production came out worse MoM & YoY [09/02/2011]
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Currencies
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High
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Low
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Support
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Resistance
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|
GBP/EUR
|
1.1875
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1.1749
|
1.1750
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1.1875
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|
GBP/USD
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1.6162
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1.6026
|
1.6030
|
1.6170
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EUR/USD
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1.3688
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1.3570
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1.3570
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1.3700
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Yesterday Market Movers
- In the Euro zone yesterday the only key piece of data released was from Germany in the form of Industrial Production. This came out worse MoM and YoY and fundamentally should have weakened the Euro, However it was also reported that Germany’s economy grew by 3.6% since last year and as a result saw Euro strengthen against its major counterparts.
- Yesterday the result came out for US economic optimism. This came out worse and saw a knee jerk reaction with USD strengthening against its major counterparts, however the gains were short lived and saw cable head towards the 1.61 levels again.
Today’s market movers
- The main piece of data which came out of the Eurozone at 7am is Germany Trade Balance which came out far better than expectations. The euro strengthened back to levels below the 1.18 against the pound.
- From the UK we have Goods Trade Balance which is looking to improve slightly. Considering this was a measure of the month of December this may not show a fair reflection due to weather conditions.
- The final bit of information from the US today will be Bernanke speech , his comments will influence the volatility of USD and also pave a path for the short term
We wish you a very nice day.
