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Forex: EUR/USD around 1.3418 ahead of Italy data

From its highs at 1.3434, printed as German data was released, the EUR/USD eventually eased ti 1.3410 once French data got published too. The pair is trading somewhere in the middle ahead of Italian industrial sales and orders.

German January CPI and HICP dropped to +1.7% and +1.9% (YoY) in line with consensus. January PPI rose from 1.5% to 1.7% (YoY), instead of easing to 1.2%, as data rose +0.8% on the month (consensus of +0.3%).

The pair has fallen to as low as 0.9185. French business climate surprised by rising from 87 (revised from 86) to 90 in February and CPI data (EU normalized) fell -0.6% (MoM) to an annualized drop from 1.5% to 1.4%, both figures below consensus.

“Provided rallies remain capped by the 1.3520 resistance they will have no impact on our negative bias”, wrote Commerzbank analyst Karen Jones, allowing a near term recovery above 1.3418.

Commodities Brief – Gold hovers above 1600 level, precious metals eye FOMC

Gold price managed to hold above the 1600 level entering European trading Wednesday (1603.65 session low) as price peaked briefly at the 1609 region before abruptly returning its daily advances. This recent move has become commonplace in recent days, as the unsettled situation of Hedge Fund Managers and the aftershock of the G20 conference still provide weaknesses for the yellow metal. At the time of writing, Gold is trading at USD $1605.09 per oz, clinging to positive territory. One key event stands out today as Gold traders will turn their attention to the release of the Federal Open Market Committee minutes, looking for any signs or clues after FOMC members indicated that they intend to end their $85billion monthly bond purchases sometime in 2013, with members divided between a mid- or end-of-year finish.
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Italy Dec Industrial Orders n.s.a (YoY): -15.3%; -1.8% (MoM)

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