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Forex News: BGA Business Lobby Warns Germany Must Improve Competitiveness

Forex News: BGA Business Lobby Warns Germany Must Improve Competitiveness

2013-01-09 10:32:00
Benjamin Spier, Technical Strategist
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Today’s European session has seen little chatter, and the Euro has seen little change since the day’s open. The single currency may not see much movement until tomorrow’s European Central Bank rate decision and the ensuing ECB President Draghi press conference.

The biggest piece of news today was the slight drop in the total UK trade deficit to 3.466 billion Pounds. However, despite a third of the UK GDP coming from exports, there was little change in Sterling trading. Also released, the Italian deficit to GDP fell to 3.7% for the period that spanned the first three quarters of 2012.

In Germany, the BGA business lobby warned that German competitiveness must be strengthened and forecasted economic growth slightly below 1% for 2013. In just a little bit, the German industrial production for November will be released, and a rise of 1% is expected.

In Japan, Prime Minister Abe reiterated that he wants to see the Bank of Japan take steps to meet the 2% inflation target. However, the market has already heard those comments and the Yen was unaffected in Forex trading.

The Euro continues to trade above 1.3000 against the US Dollar, as the key figure could continue to provide support. EURUSD may see resistance at 1.3158, where some resistance has been provided over the past few months.

EURUSD Daily: January 9, 2013

BGA_Business_Lobby_Warns_Germany_Must_Improve_Competitiveness_body_eurusd_daily_chart.png, Forex News: BGA Business Lobby Warns Germany Must Improve Competitiveness

--- Written by Benjamin Spier, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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