We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • US Dollar weakness continues as selling pressure sustained over the last five trading sessions steers the DXY Index 2% lower. Get your $USD currency pairs market update from @RichDvorakFX here:https://t.co/LLlcezQmXK https://t.co/ln5dqmkCPr
  • The Canadian Dollar rally has taken USD/CAD into a key near-term support zone and we’re looking for a reaction down here today. Get your $USDCAD technical analysis from @MBForex here: https://t.co/xfYtytf4wF https://t.co/qfWjha3h37
  • Gold Price Outlook: Gold Goes Overbought, Finds Fibonacci Resistance https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/01/Gold-Price-Outlook-Gold-Goes-Overbought-JS-Finds-Fibonacci-Resistance.html https://t.co/dDQOzcMPxc
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.93% 🇨🇦CAD: 1.44% 🇳🇿NZD: 1.42% 🇪🇺EUR: 0.26% 🇯🇵JPY: 0.20% 🇨🇭CHF: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GhC3QOpAvG
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.19% Gold: 0.56% Oil - US Crude: 0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WWjnR6G4UC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.70%, while traders in US 500 are at opposite extremes with 77.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Pw2G0PKgZJ
  • The US Congressional Budget Office has updated its economic forecasts. Says it could take 10 years to recover from the Coronavirus impact, reducing real GDP by potentially 3% or $7.9tln through 2030
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.72% Germany 30: 0.63% FTSE 100: 0.43% US 500: -0.02% Wall Street: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TM0YYxRxZz
  • The $USDCAD's tumble today is the third largest since Dec 1, 2017. Not even a targeted trade war or extreme risk swing day https://t.co/oFBpMxmUDv
  • #Crypto update: $BTC +0.8% $BCH -0.7% $LTC +0.7% $XRP -1.6% $ETH +1%
Forex News: Euro Erases Gains Despite Higher Composite Output Index

Forex News: Euro Erases Gains Despite Higher Composite Output Index

2012-12-14 09:46:00
Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone composite output beats expectations at 47.3 -> PMI’s signal that negative growth could continue in Q4 -> Euro erases earlier gains

While Euro-zone composite output continued to fall for the eleventh straight month in December, according to a flash PMI, the rate of decline has slowed to a nine month low. Markit’s composite output survey was reported at 47.3, beating expectations for 46.9 and higher than last month’s 46.5 survey. The PMI for manufacturing activity in the Euro-zone was seen at 46.3 according to the flash estimate, slightly worse than the expected 46.6 index. The services PMI was reported at 47.8, better than the expected 47.0 PMI.

Euro-zone business activity has fallen for 15 of the past 16 months according to Markit’s report. New business also continued to decline in December, but the rate of decline slowed for the third month in a row. Output rose in Germany for the first time in eight months, as an increase in service sector activity was slightly better than a decline in manufacturing production.

An ECB monthly bulletin said that the central bank expects the Euro-zone economy to continue to weaken into 2013, and in the second part of the year, the economy may see a gradual recovery. The Euro-zone economy hit a recession in Q3 when it saw negative growth for the second straight quarter. Markit Chief Economist Chris Williamson said, “The survey is still consistent with euro area GDP falling for the third successive quarter and, as the official data lag the PMI, the downturn is likely to have steepened compared with the 0.1% decline seen in the third quarter.

The Euro fell from an earlier session high above 1.3100 that followed optimistic overnight headlines, and is now trading around 1.3080 against the US Dollar. It is unclear if it was the release of French and German PMI’s that sent the pair lower, or if it was just an unwinding of the recent gains. The 3-month high of 1.3139 could continue to provide resistance; a 10-month falling trend line could provide support around 1.3065.

EURUSD Daily: December 14, 2012

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


News & Analysis at your fingertips.