Key Economic Data - Coming Up Today(All Times GMT+2)
Fx Markets were relatively calm yesterday with the exception of the CHF which has continued to weaken throughout the week. The losses for this week have reached 520 pips and 6% as the USDCHF has risen from 0.8760 to 0.9280. The EURCHF has advanced 7.5cents amounting to 8% and the week has not yet ended, the pair moved up from 0.9775 to 1.0525. The EURUSD which is the most liquid and traded pair has climbed from a low of 1.1097 to a current price of 1.1340, while the pair is up 140 pips versus Friday's close price of 1.1202. Gold and Silver suffered significant losses as the CME hiked Silver Margins by 11% requiring investors to hold more collateral against purchases. Traders unable to meet the new margin requirements were forced to liquidate positions or partial positions to meet the new criteria. Gold has fallen from as high as $1299 an ounce this week to a low of $1251, a $48 decline and just under 4% for the week. Silver has crashed from a high of $18.47 to $16.75 a swing of 9.3% from high to low and the trading week has not come to an end yet.
Yesterday German Unemployment Change data showed a 9000 person decrease in those unemployed and was in line with market expectations. In the US Unemployment Claims improved dramatically falling from the 300k level recorded over recent weeks to 265k and exceeded forecasts of 301K. US Pending Home Sales disappointed expectations by declining 3.7% month over month as US Housing data has become volatile over recent weeks.
Overnight Japanese Household Spending data missed targets declining by 3.4% y/y although in other Japanese data the Unemployment Rate improved from 3.5% to 3.4%. This morning German Retail Sales missed expectations of 0.4% growth rising just 0.2% while French Consumer Spending rose 1.5% vs expectations of just 0.3% growth. Spanish Flash GDP exceeded forecasts of 0.5% growth rising 0.7% q/q. Still to come today EUR CPI Flash Estimate which is set to show a deepening of deflation from -0.2% to -0.5%, while the EUR Unemployment data is expected to stay unchanged at 11.5%. Markets will be closely watching the US Advance GDP q/q and the Canadian month over month GDP data released simultaneously at 13:30GMT. In Both Canada and the US the GDP data is expected to show signs of deterioration in comparison to recent months and quarters.
EURUSD Support areas include 1.13, 1.12, 1.1150 1.1250, 1.1200, 1.1175, 1.1100, 1.10, 1.0950. Resistance levels above are at 1.14, 1.15, 1.16,1.1650,1.1700, 1.1800, 1.1975, 1.2000, 1.2200, 1.2300, 1.2380, 1.2402.
EURUSD 5 Minute Chart
EURUSD 30 Minute Chart
Gold 30 Minute Chart
Silver 30 Minute Chart
EURUSD Pivot Point Table