Eur/usd - page 156
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ECB's Noyer Says More Action Needed To Bring Euro To Lower Level
The European Central Bank has succeeded in lowering the euro, but it should do more to bring the currency down further in order to achieve the inflation target, Governing Council member Christian Noyer said in an interview with Europe 1 radio.
He said, "We needed to bring the euro down and we still need to bring down the euro."
Noyer, who heads the Bank of France, said if France continues to log weak growth and accumulate budget deficit, "it is clear that we will soon be up against the wall."
Eurozone inflation eased to 0.3 percent in August, which is well below the ECB's target of 'below but close to 2 percent'.
source
thanks for the information
Potential Euro-Rally Triggers
Potential Triggers for EUR/USD Rally
Unlike some other major currencies that experienced big moves this week EUR/USD remained confined within a 100-pip range. Since the ECB's decision to ease last Thursday, we have actually seen very little follow through in the currency, which is surprising because of the significance of the central bank's move. However it is important to understand that the EUR/USD is deeply oversold, short positions are at 2-year highs and this month's actions will most likely mark the last of the central bank's moves this year. The details of the ABS program still need to be unveiled and based on Thursday morning's comments from Eurozone policymakers, Quantitative Easing remains on the table, so EUR/USD is not out of the woods. If the program is large enough -- and we think it will be -- the euro could drop to fresh lows but the details are not expected until October and between now and then, there is a FOMC meeting and the ECB's TLTRO rollout. If the Fed downplays the recent improvements in U.S. data and refrains from fanning speculation about tightening, the dollar could give up part of its gains. There is also upside risk for the EUR/USD if the uptake for the TLTRO program next week is strong. So while we are still looking for further losses in the EUR/USD over the next 3 months, in the near term, a bounce would not be unusual and even expected in the coming week if the Fed meeting and ECB TLTRO go as we described.
Retail Sales Should Extend the Dollar's Gains
We are finally beginning to see some divergence in the performance of the U.S. dollar. The greenback extended its gains versus the Japanese Yen and commodity currencies but continued to correct against the euro, British pound and Swiss Franc. This indicates that investors are no longer buying dollars blindly against all major currencies. The larger decline in U.S. rates is part of the problem but ultimately certainly currencies have become deeply oversold versus the greenback and profit taking ahead of the only piece of market moving U.S. data this week is not unusual. In fact if you took a look at how 10-year Treasury yields performed Thursday versus yields of the same tenure for other countries, they coincide perfectly with the moves in currencies. For example, 10-year Canadian bond yields are down more significantly than U.S. yields, making USD/CAD Thursday's best-performing currency. In contrast, U.K. Gilt yields are down less than Treasury yields, providing support to the GBP/USD. We believe that Friday's retail sales report will show an uptick in demand because according to the International Council of Shopping Centers and Johnson Redbook consumer spending accelerated last month. This should ease some concerns created by the non-farm payrolls report and extend the gains for the dollar.
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The dollar traded mixed against its G10 peers.
But was down compared to GBP, EUR and CHF.
The pound appreciated during European morning in an attempt to bridge the gap Monday. Just a week before the Scottish referendum, opinion polls dropped dramatically and increased uncertainty about the results.
no clear entries yet on the EURUSD, from this point it can go in any direction.
Germany’s Wholesale Price Index -0.2% vs. -0.2% forecast
Germany’s wholesale price index fell last month, official data showed on Friday.
In a report, Destatis said that Germany’s Wholesale Price Index fell to -0.2%, from 0.1% in the preceding month.
Analysts had expected Germany’s Wholesale Price Index to fall -0.2% last month.
Italian Industrial Production -1.0% vs. -0.1% forecast
Italian industrial production fell more-than-expected last month, official data showed on Friday.
In a report, Istat said that Italian Industrial Production fell to -1.0%, from 0.8% in the preceding month whose figure was revised down from 0.9%.
Analysts had expected Italian Industrial Production to fall -0.1% last month.
France Current Account Deficit Narrows In July
France current account deficit narrowed in July, data from the Bank of France showed Friday.
The current account deficit fell to EUR 2.2 billion from EUR 7.2 billion in the previous month.
The goods trade deficit declined to EUR 3.8 billion from EUR 4.1 billion in June. The surplus in the services trade grew to EUR 2.1 billion from EUR 1.8 billion.
Meanwhile, the financial account surplus eased to EUR 16.9 billion from EUR 19.1 billion in June. Direct investment turned to a surplus of EUR 5.5 billion for July versus a deficit of EUR 0.4 million in the previous month.
Euro zone industrial production 1.0% vs. 0.5% forecast
Industrial production in the euro zone rose more-than-expected last month, official data showed on Friday.
In a report, Eurostat said that Euro zone industrial production rose to a seasonally adjusted 1.0%, from -0.3% in the preceding month.
Analysts had expected Euro zone industrial production to rise 0.5% last month.
Euro zone employment change 0.2% vs. 0.1% forecast
The change in the number of employed people in the euro zone rose more-than-expected last month, official data showed on Friday.
In a report, Eurostat said that Euro zone employment change rose to 0.2%, from 0.1% in the preceding month.
Analysts had expected Euro zone employment change to rise 0.1% last month.