The euro "jumped" up
16.10.2014
Yesterday, the main currency pair unexpectedly strengthened and still maintains a growing momentum.
The Eurocurrency was very "happy" with the weakness of the dollar yesterday, on which, in fact, it successfully grew. Only a trifle, but nice - bad statistics on American retail sales came in handy.
Consumer spending in the United States in September seriously declined, down by 0.3% when adjusted for seasonality. Retail sales last month estimated to a total of $ 442.7 billion and that is not so much for the United States. In the components of the report it is clear that the segment of sales of spare parts sank by a lot (-0.8%), as well as sales of cars themselves. Excluding these parameters retail sales in September in the United States slipped by 0.2%, and that is still worse than the assumed forecast of -0.1%.
Interestingly, year on year retail sales in the United States in September increased by 4.3 %, and that is still higher than the inflation rate. This fact, should have kept the ardour of the buyers in the euro/dollar, but who pays attention to details?
It turns out that the euro/dollar was growing on something like a "contradiction", and this morning the momentum was kept in force. Today a lot of statistics for the euro area will come out, as well as for the USA, which will keep volatility in the main pair at levels above average.
So far, the "ceiling" of the correction in the euro/dollar looks to be the 1.2845 mark.
RoboForex Analytical Department
The Eurocurrency was very "happy" with the weakness of the dollar yesterday, on which, in fact, it successfully grew. Only a trifle, but nice - bad statistics on American retail sales came in handy.
Consumer spending in the United States in September seriously declined, down by 0.3% when adjusted for seasonality. Retail sales last month estimated to a total of $ 442.7 billion and that is not so much for the United States. In the components of the report it is clear that the segment of sales of spare parts sank by a lot (-0.8%), as well as sales of cars themselves. Excluding these parameters retail sales in September in the United States slipped by 0.2%, and that is still worse than the assumed forecast of -0.1%.
Interestingly, year on year retail sales in the United States in September increased by 4.3 %, and that is still higher than the inflation rate. This fact, should have kept the ardour of the buyers in the euro/dollar, but who pays attention to details?
It turns out that the euro/dollar was growing on something like a "contradiction", and this morning the momentum was kept in force. Today a lot of statistics for the euro area will come out, as well as for the USA, which will keep volatility in the main pair at levels above average.
So far, the "ceiling" of the correction in the euro/dollar looks to be the 1.2845 mark.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.