German Data Indicates a Weakened Euro-Zone
Posted on 12. Feb, 2009 by admin in Daily Euro Analysis, Euro Currency, Euro Currency News
The EUR finished yesterday’s trading session with mixed results versus the major currencies. The 15-nation currency saw gains versus the GBP for most of the day and closed at the 0.8900. Versus the JPY, the Euro-Zone currency was broadly unchanged throughout most of the day, as most of the market movement from yesterday was focused on the USD.
In addition, yesterday was a slow news day in Europe as there was only one economic indicator published. Germany’s inflation rate dropped to the lowest level in almost five years in January after the recession deepened and oil prices plunged. The inflation slowdown in Germany, Europe’s largest economy, was led by a 15% drop in prices for Crude Oil from a year earlier. In recent months, the Euro-Zone economies are not having much of an impact on the value of their currency. The EUR may in fact be waiting for clear signs of direction from the United States’ economy before picking a direction.
Looking ahead to today, the most important financial indicator scheduled to be released from Europe is Industrial Production. Analysts are forecasting this figure to decrease from its previous reading. Traders will be paying close attention to today’s Industrial Production announcement as a stronger than expected result may bolster the EUR in the short-term.
German Data Indicates a Weakened Euro-Zone | Online Currency Exchange
15. Feb, 2009
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