Breaking News
0

Euro-zone’s Retail Sales Surged In November, While Germany’s Factory Orders Eased

By GCI FinancialForexJan 09, 2018 03:34AM ET
www.investing.com/analysis/eurozones-retail-sales-surged-in-november-while-germanys-factory-orders-eased-200278617
Euro-zone’s Retail Sales Surged In November, While Germany’s Factory Orders Eased
By GCI Financial   |  Jan 09, 2018 03:34AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

EURUSD Movement
EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.54% against the USD and closed at 1.1968, after Germany’s factory orders surprised with an unexpected drop in November.

On the macro front, Germany’s seasonally adjusted factory orders unexpectedly fell 0.4% on a monthly basis in November, declining for the first time in 4 months and defying market expectations for a flat reading. In the prior month, factory orders had climbed by a revised 0.7%.

Separately, the Euro-zone’s seasonally adjusted retail sales rebounded more-than-expected by 1.5% on a monthly basis in November, rising at its fastest pace in over a year, indicating that an upturn in the region’s consumer spending may be on the horizon. In the previous month, retail sales had dropped 1.1%, while markets had expected for a rise of 1.3%. Moreover, the region’s Sentix investor confidence index climbed to a level of 32.9 in January, topping market consensus for a rise to a level of 31.3, thus highlighting that optimism over the region’s economic outlook continued at the start of the year. The index had registered a level of 31.1 in the previous month.

Other data showed that the region’s final consumer confidence index was confirmed at a 17-year high level of 0.5 in December, compared to a revised flat reading in the previous month. Additionally, the region’s economic sentiment indicator jumped to a level of 116.0 in December, reaching its highest level since October 2000, as strong economic performance across the common currency region continued to boost confidence amongst businesses and consumers. Markets had anticipated the index to advance to a level of 114.8, after recording a reading of 114.6 in the previous month.

The US Dollar advanced against its key currencies, after remarks from several top Federal Reserve (Fed) officials suggested that at least three interest rate hikes were on the table this year.

In economic news, data indicated that consumer credit in the US rose $27.95 billion in November, posting its largest increase in 16 years. Markets participants had expected consumer credit to rise by $18.0 billion, after recording a revised increase of $20.53 billion in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.1972, with the EUR trading a tad higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1940, and a fall through could take it to the next support level of 1.1908. The pair is expected to find its first resistance at 1.2020, and a rise through could take it to the next resistance level of 1.2068.

Trading trend in the Euro today is expected to be determined by the release of the Euro-zone’s unemployment rate coupled with Germany’s trade balance and industrial production data, all for November, set to release in a few hours. Also, the US NFIB small business optimism index for December and JOLTs job openings for November, both due to release later in the day, would be on investors’ radar.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

Euro-zone’s Retail Sales Surged In November, While Germany’s Factory Orders Eased
 

Related Articles

Euro-zone’s Retail Sales Surged In November, While Germany’s Factory Orders Eased

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: GCI Weekly Highlights is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI Financial Ltd. assumes no responsibility or liability from gains or losses incurred by the information herein contained.
Continue with Google
or
Sign up with Email