OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/JPY tumbling after German unemployment

On the release of German unemployment data, the EUR/JPY is diving and has already erased its daily gains by falling from 120.40/50, below its opening price of 120.14, and already below the 120.00 mark.

German unemployment dropped less than expected in February, by -3 instead of -5, with the rate staying at 6.9% instead of the 6.8% consensus.

The Spanish GDP fell more than expected, from -1.6% to -1.9%, instead of -1.8%. In Q4, GDP contracted -0.8%. Good news is that current account balance improved from €1.78B to €4.87B in December.

Ahead is EMU and German CPI. “While would allow for a slight rebound from here, the recent sell off was damaging and we would allow for an extension of losses to 117.29 then 114.07, this is the 38.2% and 50% retracements of the move up from November”, wrote Commerzbank analyst Karen Jones.

Forex Flash: Ben weaves his magic - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale feels that investors should take a step back and be impressed.
Read more Previous

Forex Flash: Majors claw higher on Italian Bonds and Bernanke - OCBC Bank

Emmanuel Ng of OCBC Bank notes that following an unsteady start in Asia, the majors managed to scrape higher against the dollar on the back of encouraging demand at Italy’s bond auction while the JPY also under performed across the board and the SNB’s Jordan noted that the central bank is far from exiting from the policy of capping the strong CHF.
Read more Next
Start livechat