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20 Feb 2013
Forex: EUR/USD around 1.3418 ahead of Italy data
From its highs at 1.3434, printed as German data was released, the EUR/USD eventually eased ti 1.3410 once French data got published too. The pair is trading somewhere in the middle ahead of Italian industrial sales and orders.
German January CPI and HICP dropped to +1.7% and +1.9% (YoY) in line with consensus. January PPI rose from 1.5% to 1.7% (YoY), instead of easing to 1.2%, as data rose +0.8% on the month (consensus of +0.3%).
The pair has fallen to as low as 0.9185. French business climate surprised by rising from 87 (revised from 86) to 90 in February and CPI data (EU normalized) fell -0.6% (MoM) to an annualized drop from 1.5% to 1.4%, both figures below consensus.
“Provided rallies remain capped by the 1.3520 resistance they will have no impact on our negative bias”, wrote Commerzbank analyst Karen Jones, allowing a near term recovery above 1.3418.
German January CPI and HICP dropped to +1.7% and +1.9% (YoY) in line with consensus. January PPI rose from 1.5% to 1.7% (YoY), instead of easing to 1.2%, as data rose +0.8% on the month (consensus of +0.3%).
The pair has fallen to as low as 0.9185. French business climate surprised by rising from 87 (revised from 86) to 90 in February and CPI data (EU normalized) fell -0.6% (MoM) to an annualized drop from 1.5% to 1.4%, both figures below consensus.
“Provided rallies remain capped by the 1.3520 resistance they will have no impact on our negative bias”, wrote Commerzbank analyst Karen Jones, allowing a near term recovery above 1.3418.