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Forex News: EU Commissioner Rehn Sees Gradual Growth in 2013, Euro Higher

Forex News: EU Commissioner Rehn Sees Gradual Growth in 2013, Euro Higher

Benjamin Spier, Technical Strategist

The final European session of the week is lacking of any major economic releases, but a stream of chatter from European officials caused the EURUSD to move sporadically across a tight thirty point range.

The first piece of good news came from Germany’s Handelsblatt newspaper, which reported that Germany only borrowed 22.8 billion Euros in 2012, over 5 billion Euros less than the 28.1 billion target. The drop in debt amount was due to lower interest payments on the bonds it sold. The story did not significantly affect Euro price action.

The Euro saw a modest 25 point jump against the US Dollar, as European Commissioner for Economic and Monetary Affairs Olli Rehn was speaking at the European Policy Centre. He said that the Euro-zone economy remains weak but he sees gradual growth. However, his tone was worried about losses in France’s and Finland’s export shares. Rehn also spoke about the United Kingdom, saying that the UK must remain an EU player.

In Germany, Economy Minister Rosler said he expects the German economy to revive in 2013, but he sees a decline in Q4 of 2013. Also following these comments, the Euro rose back to 1.3280. However, neither Rehn’s nor Rosler’s comments were necessarily responsible for the rise in Euro. Rather, it may have just been some volatility within the tight 30 point range.

The Swiss Franc declined as far as 1.2175 against the Euro for the first time in 4 months, following worse than expected Swiss deflation in December. Annual inflation was reported at -0.2%, lower than the expected -0.1% inflation. The British Pound saw a decline following disappointing industrial production numbers.

EURUSD may next see resistance by the current nine month high of 1.3308, and support could be provided by the broken resistance line of 1.3158.

EURUSD Daily: January 11, 2013

EU_Commissioner_Rehn_Sees_Gradual_Growth_in_2013_Euro_Higher_body_eurusd_daily_chart.png, Forex News: EU Commissioner Rehn Sees Gradual Growth in 2013, Euro Higher

--- Written by Benjamin Spier, DailyFX Research

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