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Euro Rebound Continues After German Jobs, Eurozone CPI Data

Euro Rebound Continues After German Jobs, Eurozone CPI Data

2014-01-07 10:45:00
David Maycotte,
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Talking Points:

  • German Unemployment Fell 15K vs. Estimated 1K in December
  • Flash Eurozone CPI Showed Inflation Slowed to 0.8%, as Expected
  • Euro Resumed Recovery vs. US Dollar After Uneventful Data Set

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The Euro resumed yesterday’s recovery against the US Dollar after an uneventful set of economic data failed to offer new direction cues. German Unemployment fell 15,000 in December, beating expectations calling for a 1,000 decline. EUR/USD initially moved lower following the outcome but prices swiftly recovered as investors awaited the release of flash Eurozone CPI data.

That report proved little more eventful: the benchmark year-on-year inflation rate slowed to 0.8 percent as expected, offering little that would disrupt the ECB policy outlook status quo. With the day’s scheduled event risk in the rearview mirror, the single currency seems to have returned to the dynamic prevalent over the preceding 24 hours, correcting higher against the greenback having tumbled dramatically in the first two trading days of 2014.

EURUSD 5-minute. January 7, 201.

Euro_Rebound_Continues_After_German_Jobs_Eurozone_CPI_Data_body_Picture_1.png, Euro Rebound Continues After German Jobs, Eurozone CPI Data

Charted created by David Maycotte using Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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