14 Jan 2014
EUR/USD struggles to find directional momentum in choppy trading
FXstreet.com (London) - EUR/USD has seen choppy trading through the day, struggling to find directional momentum.
Eurozone industrial output regains losses
Eurozone figures released this afternoon showed that industrial output increased 1.8 percent month-on-month in November, the biggest jump in 3 years. However, the recovery comes from a low base, gaining on last month’s contraction of 0.8 percent. The fourth quarter figures will likely follow a similar theme, rebounding from a thirds quarter contraction. However, any Eurozone recovery remains largely concentrated within the manufacturing sector.
US retail sales hold up
In the US, retail sales climbed in December, slightly beating the consensus expectation of 0.1 percent with a rise of 0.2 percent. Ex autos, sales added 0.7 percent versus 0.4 percent consensus expectations. However, any optimism on the numbers was subdued by a downward revision of November readings by 0.3 percent, bringing December readings broadly in line with market expectations.
While Friday’s weak non-farm payroll print dented some US optimism, the retail sales figures support a forecast of continuing consumer spending resilience, helping to hold up expectations of a full QE taper by the end of the year.
EUR/USD pair struggles to find direction
EUR/USD is currently trading at USD1.3677, but lacks and confirmed directional momentum. The pair is up 0.08 percent on the opening price of USD1.3670. EUR/USD hit a high of USD1.3698 on the release of the Eurozone CPI data earlier today but has declined in choppy trading.
Eurozone industrial output regains losses
Eurozone figures released this afternoon showed that industrial output increased 1.8 percent month-on-month in November, the biggest jump in 3 years. However, the recovery comes from a low base, gaining on last month’s contraction of 0.8 percent. The fourth quarter figures will likely follow a similar theme, rebounding from a thirds quarter contraction. However, any Eurozone recovery remains largely concentrated within the manufacturing sector.
US retail sales hold up
In the US, retail sales climbed in December, slightly beating the consensus expectation of 0.1 percent with a rise of 0.2 percent. Ex autos, sales added 0.7 percent versus 0.4 percent consensus expectations. However, any optimism on the numbers was subdued by a downward revision of November readings by 0.3 percent, bringing December readings broadly in line with market expectations.
While Friday’s weak non-farm payroll print dented some US optimism, the retail sales figures support a forecast of continuing consumer spending resilience, helping to hold up expectations of a full QE taper by the end of the year.
EUR/USD pair struggles to find direction
EUR/USD is currently trading at USD1.3677, but lacks and confirmed directional momentum. The pair is up 0.08 percent on the opening price of USD1.3670. EUR/USD hit a high of USD1.3698 on the release of the Eurozone CPI data earlier today but has declined in choppy trading.