Key Economic Data - Coming Up Today (All Times GMT+2)
The EURUSD has fallen to a new low, the lowest level since February 2006. Overnight the EURUSD crashed to 1.1843 a new nine year low and needs to break below the 1.1823 feb2006 and 1.1800 jan2006, in order to extend the decline to a symmetrical 10 year low-point. The EURUSD is in its seventh consecutive losing month dating back to July of the last year. Global economic data was weak across the board yesterday. First was the soft EUR Final Services PMI then followed the GBP Services PMI that missed projections and tumbled to 55.8 from 58.6 last month in the biggest miss since September 2011. The rout continued as Canadian Raw Material prices tumbled by 5.8% month on month while Final Services PMI disappointed in the US and ISM Non-Manufacturing PMI fell from 59.3 to 56.2. This was the biggest miss in over a year in the ISM PMI while Factory Orders in the US also fell by 0.7% last month.
This morning German Retail Sales rose by 1% exceeding expectations of 0.2% gain as consumers boosted the Eurozone's largest economy. Swiss Foreign Currency Reserves rose to $495.1B from $462.7B last month. German Unemployment Change showed a decline of 27 000 blowing away forecasts of 6 000 less unemployed persons than last month's data. Coming up in the next hour the Italian Unemployment Rate, EUR Unemployment Rate and the EUR CPI Flash Estimate will be closely watched by market participants in an effort to gauge the strength of the European economy amidst the Eurozone currency crisis. In the US ADP Non-Farm Employment Change and the Trade Balance are the main highlights this afternoon while the FOMC Meeting Minutes are set to be released at 19:00GMT. Crude Oil Inventories will be in focus at 15:30 GMT as WTI Crude has fallen below $50 and has touched a low of $46.85.
EURUSD Support areas include 1.1850, 1.1800, 1.1750, 1.1650, 1.1600, 1.1500. Resistance levels above are at 1.1975, 1.2000, 1.2200, 1.2300, 1.2380, 1.2402, 1.2444, 1.2500.
EURUSD 5 Minute Chart
EURUSD 1 Hour Chart
EURUSD Pivot Point Table