Eur/usd - page 329
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Factory Prices in Germany Sink: Aug PPI
Annual producer prices in the euro area's number one economy remained in red territory in August, according to a fresh report from Germany's Federal Statistical Office (Destatis).
The headline annual Producer Price Index (PPI) in Germany was a negative 1.7% in the reported month, following the 1.3% decrease posted in July. Market consensus had bet on a -1.6% result.
On a monthly basis, the gauge also fell to 0.5 % in August, after a flat print in the preceding month. Analysts had predicted a negative 0.3% result.
"In August 2015 energy prices decreased by 5.0% compared with August 2014, prices of non-durable consumer goods by 1.5% and prices of intermediate goods by 1.0%. In contrast prices of capital goods rose by 0.8% and prices of durable consumer goods by 1.4%. The overall index disregarding energy decreased by 0.5% compared with August 2014," Destatis said in the press release.
The index measures the average change in the prices of goods and services sold by manufacturers and producers in the wholesale market during a given period.
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On Friday session the euro registered a significant decline against the dollar. Thus the profits that the single currency gained last session were completely lost and the pair returned to the previous four-day range. If expectations for a further positive move come true, the resistance at 1.1480 will be broken. The session started at a price of 1.1432, as at the beginning prevailed bullish trend. Subsequently, the direction changed and the currency hit bottom at 1.1269. The session ended with 16 pips higher.
On Friday session the EURUSD pair plunged and closed in the red near the low of the day with a wide range but managed to close above the 10-day moving average. The currency is in a well-established bullish phase and is ranging between are 1.1495 (Resistance) and 1.1237 (Support).
Euro extends fall below 1.1200, eight reasons for the decline
Broad US dollar strength weighing on the euroHere's what's behind the trade:
Bids at 1.1185 are being tested at the moment.
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If price close under 1.1190 today, the way will be open to 1.1160 then September lowest price.
Rates to Stay Low as Long as Growth Stays Low: ECB's Nowotny
We can expect interest rates to stay low as long as growth in the euro zone stays low, European Central Bank (ECB) Governing Council member and Austria's central bank head Ewald Nowotny said in a presentation on Monday.
"One should not overestimate the possibilities that central banks have in relation to influencing the long-term interest rate," Nowotny told audience in Austria's capital. "As long as we have an economy with relatively low growth rates, we will have to live with low interest rates."
He said that Europe "can only dream" of the current US economic data, specifically mentioning both low inflation and low unemployment. However, the US has low labor-force participation, he noted.
Nowotny also said that it is dangerous for a central bank to raise interest rates too soon, referring to the US Federal Reserve.
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The single currency recorded strong decline against the dollar on Monday. Depreciation of the euro has continued for a second session . As a result the support at 1.1213 was broken and currencies finished below its level. Soon it’s expected price correction and the euro may offset some of the losses. The new week started at a aprice of 1.1282 as initially bulls prevailed. Bottom of the day was hit at 1.1181and the session ended with 8 pips higher.
EUR/USD: Euro Hits 2-Week Lows as Bears Remain in Control
A rather flat Asian session continued into early European trade on Tuesday, with currency markets appearing to follow the general consolidation mood on the market. The euro moved further below the $1.12 handle, having fallen nearly 300 pips since last Friday.
The EUR/USD edged lower to fresh intraday lows in the early European session, down 0.17% at $1.1169, its lowest since September 9. Following the Federal Open Market Committee's (FOMC) decision last Thursday the euro was seen above $1.1460 levels. The pair remained trading in a very tight range of a mere 40 pips on Tuesday.
The European session is set to be light again, while the US shift also has little of interest on offer. Trading is expected to remain muted in what is seen as a consolidation week due the lack of macro releases in the first half of the week.
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Yesterday the EURUSD tried to move above the 10-day moving average but found enough resistance to give all its gains back to the market and closed in the red near the low of the day with a wide range.
The currency broke below the 1.1237 (Support) like a knife in butter suggesting that the downside momentum is strong and still in place.
The next key levels to watch are 1.1237 previous support now resistance, the 50-day moving average at 1.1163 (Support) and the 1.1097 (Support).
Eurozone consumer confidence is the important number for the ECB today
As we head into the US session the state of the European consumer is in question
We get the flash Eurozone consumer confidence number at 14.00 GMT and the downtrodden European is expected to get slight more miserable in September. -7.00 is expected from -6.80 prior. The ECB is very hot on what the consumer thinks about inflation
Unfortunately we don't see their inflation expectations until the final number on the 29th. Still, with the ECB members telling us they're ready to do more on QE if needed, a big slump in confidence today will increase the markets perception that the ECB will do more
Aside from that we have US FHFA house price data at 13.00 GMT and the Richmond Fed manufacturing index out at 14.00 GMT, alongside the EZ data
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