Back
8 Feb 2013
Forex: EUR/USD eases after US data
The pair returned to 1.3400, as high as 1.3406, ahead of US wholesale inventories data, only to ease back and register daily losses. The EUR/USD trades at 1.3383 (-0.11%), as of writing.
Unlike what it was expected by market consensus, Wholesale Inventories in the US contracted -0.1% in December. Following a 0.6% rise in November, analysts were expecting a 0.4% rise today.
The US trade deficit was narrowed from $-48.61B to $-38.54B in December, beating market consensus of $-46.00B.
The ECB announced that LTRO repayments for February 13th will total €5B, more than the €3.2B of last week. The amount outstanding from the 1st LTRO is €343B.
"The single currency remains under pressure, as brief recovery off overnight’s low at 1.3370, failed to capitalize on a break above initial 1.3400 barrier", wrote Windsor Brokers analyst Slobodan Drvenica, adding that "fresh weakness below previous low and 50% of 1.3037/1.3710 sees risk of weekly close below 1.3400 that would confirm that the pair is in corrective phase, with immediate targets at 1.3300, Dec/Jan consolidation range top / Fib 61.8% and 1.3265, mid Jan higher platform, also close to bull trendline off 1.2660, currently at 1.3220".
Unlike what it was expected by market consensus, Wholesale Inventories in the US contracted -0.1% in December. Following a 0.6% rise in November, analysts were expecting a 0.4% rise today.
The US trade deficit was narrowed from $-48.61B to $-38.54B in December, beating market consensus of $-46.00B.
The ECB announced that LTRO repayments for February 13th will total €5B, more than the €3.2B of last week. The amount outstanding from the 1st LTRO is €343B.
"The single currency remains under pressure, as brief recovery off overnight’s low at 1.3370, failed to capitalize on a break above initial 1.3400 barrier", wrote Windsor Brokers analyst Slobodan Drvenica, adding that "fresh weakness below previous low and 50% of 1.3037/1.3710 sees risk of weekly close below 1.3400 that would confirm that the pair is in corrective phase, with immediate targets at 1.3300, Dec/Jan consolidation range top / Fib 61.8% and 1.3265, mid Jan higher platform, also close to bull trendline off 1.2660, currently at 1.3220".