Eur/usd - page 518
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Following the Fed’s decision the EUR/USD pair tumbled and marked the lowest level since 2003 during yesterday’s session. The pair bottomed at 1.0366 and failed to recover to 1.0500 level. Current market price is 1.0389. A weekly close below the 1.0400 are will set next bears target at 1.0200.
Yesterday the EURUSD fell with a wide range again and closed near the low of the day, in addition managed to close below previous day low, which suggests a strong bearish momentum.
The currency pair continues to trade below the 10, 50 and the 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a Fibonacci extension at 1.0666 (resistance), a daily resistance at 1.0622, the 10-day moving average at 1.0616 (resistance), a daily resistance at 1.0462 and the new multiyear low at 1.0366 (support).
Eurozone trade balance Oct SA EUR +19.7bln vs +24.7bln exp
Eurozone October trade balance report 16 Dec
Weaker data but we need to see figures since the euro's depreciation to get a more relevant picture
On the last Friday’s session the EURUSD rose with a narrow range and closed near the high of the day, although the currency pair closed within Thursday’s range, which suggests being slightly on the bullish side of neutral.
The currency pair continues to trade below the 10, 50 and the 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a Fibonacci extension at 1.0666 (resistance), a daily resistance at 1.0622, the 10-day moving average at 1.0586 (resistance), a daily resistance at 1.0462 and the new multiyear low at 1.0366 (support).Annual Increase in Eurozone Labour Costs Strengthens To 1.5% in Q3
In the third quarter of 2016, the annual growth in Eurozone labour costs increased to 1.5% from 1.0% for the second quarter. This was also a slight increase from the 1.3% recorded in the second quarter of 2015.
Wages and salaries rose 1.6% over the year from 0.9% in the second quarter, although this was unchanged from the previous year.
The increase in non-salary costs, however, slowed to 1.2% from 1.5% previously, although this is an erratic series and the third-quarter 2015 reading was held to just 0.2%.
Hourly wage costs increased 1.7% in the industrial sector and 2.0% in the construction sector, but the increase in services was held to 1.2%.
The higher rate of increase in labour costs will come as a relief to the ECB, especially as recent weakness in the data had been a major discussion point at the most recent Council meeting. A stronger pace in labour cost increases will be a crucial and necessary component in boosting overall inflation rates over the medium term and the data will offer some optimism over an improving trend.
The annual increase is, however, still below the 2.0% level, which will be needed to secure a sustained increase in inflation towards the ECB target. There will also still be some concerns surrounding weak wage increases in the services sector.
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