Forex: EUR/USD retreats from highs after EMU data
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EUR/USD
FXstreet.com (Barcelona) - The market retreated from the highs printed during the European morning as the EMU industrial production got released. Although the annualized data improved from -2.9% to -2.3% in September, as expected, the monthly change came in below consensus. Industrial production (MoM) fell -2.5% in September, against the expected -1.9%.
The portuguese GDP contracted by -0.8% quarterly in Q3 to an annualized recession of -3.4%, extending from the -3.3% in Q2. The unemployment rate remained at 15% in Q3. The Italian government sold bonds maturing in 2015 (at 2.64% yield), 2023 (at 4.81% yield) and 2029 (at 5.33% yield) totalling around ¬5B.
The head of the IMF, Christine Lagarde, expects real fixing to Greece's problem, including on the debt sustainability. EU's Rehn said borrowing costs in the vulnerable countries are lower and that economic indicators in the Eurozone point to short-term weakness. The Spanish Economy Minster said the government is commited to its deficit targets despite the general strike affecting the country today.
"The bias here remains negative, for a tight test of 1.2650 major support", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor intraday resistance projected at 1.2699 and crucial on the upside is 1.2740, "as a violation of the latter will target directly 1.2880 resistance zone".
The portuguese GDP contracted by -0.8% quarterly in Q3 to an annualized recession of -3.4%, extending from the -3.3% in Q2. The unemployment rate remained at 15% in Q3. The Italian government sold bonds maturing in 2015 (at 2.64% yield), 2023 (at 4.81% yield) and 2029 (at 5.33% yield) totalling around ¬5B.
The head of the IMF, Christine Lagarde, expects real fixing to Greece's problem, including on the debt sustainability. EU's Rehn said borrowing costs in the vulnerable countries are lower and that economic indicators in the Eurozone point to short-term weakness. The Spanish Economy Minster said the government is commited to its deficit targets despite the general strike affecting the country today.
"The bias here remains negative, for a tight test of 1.2650 major support", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor intraday resistance projected at 1.2699 and crucial on the upside is 1.2740, "as a violation of the latter will target directly 1.2880 resistance zone".
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