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Forex: EUR/USD stable at 1.3020 after EMU industrial production

The EUR/USD erased its gains to 1.3065 for the European opening, going as low as 1.3010 and stabilizing around 1.3020 (-0.10% on the day) ahead of the EMU industrial production. Data is out but the pair is quiet as of writing.

EMU industrial production fell -0.4% in January (MoM), disappointing consensus of -0.1%. December data was revised higher, from 0.7% to 0.9%. Annualized data improved from -1.7% to -1.3%, against a falling consensus to -2.2%.

Spain CPI rose 0.2% (MoM) and 2.8% (YoY) – consensus of 0.1% and 2.7% - in February, with HICP also having a higher final reading of 0.1% and 2.9%, against 0.0% and 2.8% consensus.

France nonfarm payrolls fell -0.2% in Q4 2012 (QoQ), following a -0.2% drop in Q3 that was revised from -0.3%. The final reading of French February CPI (EU norm) came in at 0.3% (MoM) and 1.2% (YoY).

“Still in the corrective pattern above 1.2953 low, but while the resistance area around 1.3070-80 holds, my outlook will remain bearish, for a slide towards 1.2880”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 1.2990 and a sell-off towards 1.2880 once the support is breached.

Forex: USD/CHF trading at support after EMU Industrial Production data

The USD/CHF has spent the morning trending wildly after a plummet to a session low of 0.9430 Wednesday. However, shortly after, the pair recovered nicely, retracing its losses to edge higher back towards 0.9462/63, following the publication of economic data in the EMU. At this juncture the pair is still incurring a decline of -0.12% off its opening.
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EMU: Annual Industrial Production slides 1.3% in January

Year-over-year Eurozone Industrial Production fell by 1.3% in January, following a 1.7% drop in December, Eurostat informed on Wednesday. This is a more positive result that the forecasted 2.2% decrease.
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