08, November 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

Euro/dollar is in a coma " and continues to fall, the market is worried. Nothing bad has happened - the European Central Bank has just cut the interest rates. As the result the euro falls and pulled the majors currencies with it.

Final Services PMI came out 51.6 p in October, exceeding the initial estimates of 50.9 p, although it was lower than the 52.2 in September. The index was better than expected in Spain, France, Germany - just Italy showed the index worse than expected. Final PMI Composite reached in October, 51.9 n, also exceeding the preliminary estimates. German Factory Orders rose by 3.3 % m/m in September, well above expectations of growth by 0.5 %. At the same time, retail sales in the euro zone for September fell more than expected by 0.6 %, while the forecast was just 0.4 % of decrease.

The pound continued its growth on the back of UK industrial output which rose more than expected in September. Industrial production grew by 0.9 % compared to the previous month, while manufacturing output up 1.2 % - exceeding the expectations of growth of 0.6 % and 1.1 %, respectively. Rising house prices in the UK, according to Halifax - there is already 9 months. The housing price index from Halifax rose in October by 0.7 %, the annual growth was 8.1 %.