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The euro had fallen to fresh seven year low compared to strengthening pound on the February 18. This had happened just as speculations over the Greek crisis had maintained its strong pull on the market. UK jobs and earning data was really encouraging and has supported the sterling largely. EUR/GBP climbed down by over a 1% to come down to 0.7357. This is the pair’s lowest it has reached since far back the January of 2008
The Federal Bank of Philadelphia had reported that there was noticeable deterioration in its manufacturing index, bringing it to a month low placed at 5.2 for February as compared to January figures of 6.3- contrary to anticipations that it would climb higher. Earlier, the US Department of labour had observed a decrease in the number of individuals applying for initial jobless claims- reportedly a fall of over 20,000.
In the United Kingdom, retail sales data from the National Statistics had indicated that retail sales had dropped down by a 0.3% margin for January- this had beat anticipation for a 0.2% drop. The figures of December had been brushed through again to arrive at a 0.2% gain measuring from a last estimation at 0.4%.
A report from Statistics Canada had revealed that the retail sales had suffered a 2.0% decline. This had done damage to anticipations for a slip at a 0.3% extent- the previous month had witnessed a 0.4% increase. Core retail sales (in exception of automobiles) had also suffered a similar hit, climbing down by a 2.3% decrease. November had experienced a 0.7% rise.
The EUR/USD had fallen down to 1.1336 measuring a drop of over 0.40%. Last Friday it had recorded 1.1336 as compared to the Monday 1.1336. The US dollar index hd grown up to 94.69 marking a 0.30% increase. The single currency had experienced reinforced selling pressure as sentiments rage in the market over the possible grounds that would accompany the bailout extension.
The USD/JPY had at first touched highs of 119.83 before drifting down to 119.26 sustaining a percentage of 0.39%. The American dollar had pared against the yen following the announcement by Janet Yellen (chairperson of the Federal Reserve) that the rates could be maintain their values for now but didn’t rule out the possibility of rate hikes in the later part of 2015
The US Commerce Department had in a report announce that home sales had dropped down to less than 482,000 making it a 0.2% collapse for January. New home sales had been revised to 482,000 units; a previous one had reported it at 481,000 units. The comments by the Federal Reserve Chair is still pulling big strings in the forex as a lot of currency pairs had experienced an influence from her comments.
Our focus this time would be on Japanese data. On the aggregate, employment in Japan is boosted as the population of those without jobs drastically came down by seventy thousand for the month of January this year; bringing it to less than 2.32 million. National core CPI in Japan had also picked up, rising by 2.2% though this is less than general market expectations of 2.3%.
Reports had surfaced that the Bureau of Economic Analysis had announced that the US gross domestic product had widened by over 2.1%by the 2014’s fourth quarter. Data had suggested that consumer prices for France had come up by some points. In the same vein, consumer spending also came up by over 0.57% when we had expected a 0.5% declin
The euro had sustained its gains against the Japanese yen. The currency pair EUR/JPY had last traded at 134.33 making a no less than 0.39% climb. The single currency had climbed to session highs today as data released had revealed that the yearly rate of euro area consumer inflation had fallen down by 0.3% last month which is a big distance from the 0.6% fall for January.