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Euro Finds Strength Despite Significant Decline in Construction Output

Euro Finds Strength Despite Significant Decline in Construction Output

Benjamin Spier, Technical Strategist

The US Dollar rally has continued for another day, again finding the most strength against the risk correlated Australian Dollar and New Zealand Dollar. However, the Euro is trading higher against the green back at the time of this writing, following three days of EUR/USD declines.

The most optimistic news out of Europe today was the announcement that EU new car registrations rose 1.7% in April, which was the first rise in car sales in nineteen months. However, on a more pessimistic note, construction output in March declined by 1.7% (seasonally adjusted), following the 0.3% in decline in February. Neither release seemed to have a significant effect on Forex trading.

The European Central Bank announced today that European banks will repay 1.12 billion Euros of the two 3-year LTRO loans in the upcoming week. This amount is down from 6.4 billion Euros announced in the previous week. However, the repayment of the LTRO loans shrinks the ECB’s balance sheet, and therefore may be Euro negative.

In England, Bank of England Member Weale said inflation pressure has eased somewhat since February, but the economic outlook has had an influence on his voting. Furthermore, Weale said the UK economy is moving from near stagnation to modest growth. Weale finally said that more is needed to bring inflation under the BoE’s target. Weale’s slightly hawkish comments do not necessarily contradict his previous votes against raising the asset purchase target, and therefore had little effect on the British Pound.

The Euro is trading below 1.2900 against the US Dollar at the time of this writing. A five month low may provide support at 1.2744, and resistance may be provided at the key 1.3000 figure.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

EURUSD Daily: May 17, 2013

Euro_Finds_Strength_Despite_Significant_Decline_in_Construction_Output_body_eurusd_daily_chart.png, Euro Finds Strength Despite Significant Decline in Construction Output

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

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