MARKET BRIEFING – LONDON OPEN 09.09.2015
Yesterday Eurostat which is responsible for European Economic statistics published revised data on growth numbers.
The new data for the 19 Eurozone members has now been revised upwards. The new revisions indicate that Gross Domestic Product (GDP) for the period of April to June as been increased to 0.4%. The previous first estimate being 0.3%.
There was more good news for European finance ministers and the ECB when Eurostat announced that first quarter GDP had been revised upwards from 0.4% to 0.5%.
The growth news update coincided with a Destatis publishing German Trade Balance data. This new data would seem to indicate that the expansion in the German economy was continuing. This can be confirmed by Destatis announcing that both imports and exports have risen to new record levels. Although there was an expansion in both imports and exports, the trade surplus increased due to EUR 25 billion. This is due to exports increasing at a much faster pace than imports.
Back to the European growth data story, there is one caveat in that Irish data was added as part of the revision for the first quarter of 2015. As Ireland is at the present time the fastest growing member of the Euro Area with a dizzy rate of expansion of 1.4% the jump higher in the revised data is to be expected.
However, the growth picture is a lot rosier than what we have become accustomed to. As such the healthier economic outlook could for the time being delay any European Central Bank decision to expand the already large quantitative easing programme.
EURUSD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.1350
Target 2: 1.1050
Projected range in ATR’s: 0.0150
Daily control level: 1.1120
GBPUSD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.5510
Target 2: 1.5275
Projected range in ATR’s: 0.0118
Daily control level: 1.5150
USDJPY
The intraday technical outlook
Trend 1 hour: Up
Target 1: 121.45
Target 2: 118.10
Projected range in ATR’s: 1.69
Daily control level: 118.60
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.9910
Target 2: 0.9665
Projected range in ATR’s: 0.0123
Daily control level: 0.9695
USDCAD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.3335
Target 2: 1.3075
Projected range in ATR’s: 0.0131
Daily control level: 1.3325
AUDUSD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.7115
Target 2: 0.6910
Projected range in ATR’s: 0.0102
Daily control level: 0.6920
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1136.00
Target 2: 1106.00
Projected range in ATR’s: 14.73
Daily control level: 1127.00
OIL
The intraday technical outlook
Trend 1 hour: Up
Target 1: 48.00
Target 2: 43.00
Projected range in ATR’s: 2.70
Daily control level: 43.50
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