Euro weakens after Industrial Production contracts in Euro Zone

September 12, 2013

The euro is trading lower in the European session on Thursday after falling in reaction to data showing Euro zone industrial production contracted in July.

EURUSD hit a session low of $1.3283 after the data before steadying at $1.3295 going into the U.S. session down 0.15 percent.

The Euro zone data showed industrial output decline 1.5 percent in July, compared with a 0.1 percent increase forecast.

The euro fell harder versus the yen and sterling with EURJPY down 0.7 percent to 131.97 yen and EURGBP at 83.96 pence near a recent 7-1/2 month low.

Sterling held onto gains made against the dollar despite initial concern over the  Bank of England governor Mark Carney’s speech at the Treasury Select Committee today.

The BOE governor did not appear too concerned about rising market rates and this prevented a sell off in the pound. Carney was clear to highlight that once the UK economy reaches 7 percent unemployment, the BoE will assess the appropriateness of higher interest rates.

GBPUSD was flat on the day at $1.5825 recovering from a dip to $1.5785 beforehand.

USDJPY is down 0.5 percent on the day to 99.40 yen. The pair is down from a seven-week high of 100.62 yen hit on Wednesday. Focus will be on U.S. unemployment claims data due in the U.S. session later today.

Publication source
FxNet information  FxNet reviews

February 17, 2017
US dollar poised to end the weak on a bearish note
The US economic data continued to post strong gains with building permits and Philly Fed manufacturing index beating expectations strongly. However, the markets were not quite impressed despite the data points supporting the hawkish Fed for more rate hikes...
February 17, 2017
Brent remained rather unchanged
There seems to be little drive for any real direction now. Brent remained rather unchanged on Thursday staying in a tight range above 55.50 dollars per barrel. The Asian upward impetus lost it legs when European markets opened...
February 16, 2017
U.S. dollar remained near its fresh highs
After touching the level 1.0550 the euro bounced off and was able to reverse a minor part of its losses. The overnight’s recovery attempt stalled just under 1.0600 barrier. The pair came under renewed selling pressure and slipped into negative territory in the late Asian session...

FIBO Group Rating
NPBFX Rating
Orbex Rating
Vantage FX Rating
OctaFX Rating
Tickmill Rating

OptionRally Rating
Migesco Rating
Empire Option Rating
Banc De Binary Rating
99Binary Rating
Binary.com Rating