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Euro zone Producer Prices Rises for the First Time Since December 2008; U.K. Mortgage Approvals Advance for the First Time in Four Months

Euro zone Producer Prices Rises for the First Time Since December 2008; U.K. Mortgage Approvals Advance for the First Time in Four Months

2010-05-04 11:44:00
Michael Wright, Currency Analyst


Fundamental Headlines

Euro Resumes Recent Slid– Wall Street Journal
• Greece Costs Seen Exceeding EU-IMF Aid – Wall Street Journal
• ECB Extends Financial Lifeline to Greece - Financial Times
• Merkel’s Coalition Steps Up Calls for “Orderly Insolvencies” of EU States- Bloomberg
• Trichet May Need to “Break The Rule Book” to Defuse Greek Threat to Euro - Bloomberg

EUR/USD –  Producer prices in Europe during the month of March rose for the first time in more than a year as companies passed on the burden of higher costs onto consumers in the midst of a strengthening economy. Prices advanced 0.6% after climbing 0.1% in February, missing economists’ expectations of 0.7%. At the same time, the annualized figures added 0.9% following the previous months decline of 0.4%, and was in line with forecasts, the European Union’s statistics office in Luxembourg showed today. Indeed, the reading does show that companies are raising prices, however it is noteworthy that Greece’s debt woes continue to dramatically weakened the single currency, causing the prices of imports to sky rocket. Meanwhile, retail sales in Europe’s largest economy unexpectedly retreated 2.4%, while economists surveyed by Bloomberg news expected the reading to hold flat. Looking ahead, the ECB may postpone withdrawing economic stimulus measures as Greece’s does weighs on the euro as the speculation mill continues to churn as invests believe that the $146 billion life line awarded to Greece will be unsuccessful to stem the crisis from spreading to its euro-area members. To discuss and other topics, please visit the EUR/USD forum.

GBP/USD – Mortgage approvals in the U.K. rose for the first time in four months as property taxes weakened. Figures showed that lenders granted 48.9K loans in March from a revised 46.9K in February, which was shy of economists’ expectations of 49.0K. The data shows an improved outlook for the housing market paired with yesterday’s statement from the Centre for Economics and Business Research, which stated house prices will extend their recovery this year. Going forward, the currency is likely to be volatile ahead of the election as Britain heads into a hung parliament. To discuss and other topics, please visit the GBP/USD forum.

Related Articles:

Euro’s Southern Journey Destined for Fresh Yearly Low, British Pound Extends Two Day Decline

Written by Michael Wright
Questions? Comments? Concerns? Email me at instructor@dailyfx.com

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