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Tuesday, November 14, 2006

EUR/USD: VAT Hike And Low 2007 Consumption Forecasts Cited-ZEW

So far only a muted reaction to the data with EUR/USD trading marginally lower at 1.2727 from 1.2744 session highs. The Eurozone growth data was softer than expected but the market had been warned following the weaker French GDP numbers and as such the impact on the EUR, initially, has been limited.

The German data provided a mixed bag with the headline ZEW coming weaker than expected and below the October return. There had been rumours of significant improvement in the current conditions index and the 53 reading was out of line with the 44.00 expectations. This index was up from 42.9 in October.

EUR/USD is now threatening to consolidate ahead of the next data release from the US. Minor intraday support is seen at 1.2815 with resistance at 1.2895- 00.

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