Forex News: Euro Breaks a 15-Month High Following Improved Consumer Confidence

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.0897-0.0004

THE TAKEAWAY: Euro-zone consumer confidence confirmed at -23.9 in January -> ECB predicts an upcoming recovery -> Euro sets a new 15-month high

The Euro-area business climate indicator improved to an eight month high in January, according to the European Commission. The indicator was reported at -1.09, which although was worse than the expected -1.00 result, was still an improvement from a revised -1.11 in January. Additionally, the Euro-zone consumer confidence was confirmed at -23.9 in January, an improvement from December’s consumer confidence.

The Euro-zone economic confidence indicator rose to 89.2 from December’s 87.8 confidence level, and the industrial confidence for January rose to -13.9 from a previous -14.2.

The European Central Bank predicted a Euro-zone recovery later in 2013, and Euro investors are looking for signs of that recovery. Recent PMI’s showed a slowdown of the decline in composite output, and today’s indicators also indicated an improving economic confidence.

The Euro set a new 13-month high against the US Dollar in today’s Forex trading while climbing well above 1.3500. The rally continued following the release of the Euro-zone consumer confidence indicator. At the time of this writing, EUR/USD is trading at 1.3550, and resistance may be provided by the 1.400 key level. Support could now be provided by the broken resistance line of 1.3500.

EURUSD Daily: January 30, 2013

Euro_Breaks_a_15-Month_High_Following_Improved_Consumer_Confidence_body_eurusd_daily_chart.png, Forex News: Euro Breaks a 15-Month High Following Improved Consumer Confidence

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3514+0.0003+0.02%
    USDSGD=X
    1.4727-0.0001-0.01%
    EURSGD=X
    2.0663-0.0079-0.38%
    GBPSGD=X
    91.9266+0.3497+0.38%
    SGDJPY=X
    5.7375-0.0048-0.08%
    SGDHKD=X
    2.6990+0.0022+0.08%
    SGDMYR=X
    9,766.2041+14.1475+0.15%
    SGDIDR=X
    4.5910+0.0016+0.03%
    SGDCNY=X
    1.0317-0.0127-1.22%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,186.70+0.20+0.02%
    GCQ15.CMX
    16.650.00+0.02%
    SIN15.CMX
    68.76+0.07+0.10%
    ^XAU
    2.770.00+0.16%
    HGN15.CMX
    57.41-0.10-0.17%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.53+0.01
    ^FVX
    2.130.00
    ^TNX
    2.88-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.195+0.020+11.43%
    F13.SI
    0.415-0.010-2.35%
    E5H.SI
    0.335-0.005-1.47%
    AFC.SI
    0.290.000.00%
    5WA.SI
    4.12-0.04-0.96%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.18+0.03+20.00%
    P36.SI
    0.155+0.021+15.67%
    5F4.SI
    0.128+0.014+12.28%
    510.SI
    0.195+0.020+11.43%
    F13.SI
    0.33+0.03+8.20%
    T18.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.192-0.108-36.00%
    AYE.SI
    0.15-0.02-11.76%
    5MQ.SI
    0.31-0.04-11.43%
    AYL.SI
    0.098-0.011-10.09%
    O2I.SI
    1.80-0.20-10.00%
    AYC.SI