After starting the week at 1.18, Euro retreats to 1.1724 (down 0.64%) .
A bearish end to the trading week, after starting the week at 1.18, EUR/USD went up to 1.1846 only to drop back to mid point range and now trades at 1.1724. (Start trading Euro at FXTM today).
This downslide might be related to financial indicators data published earlier as United States Retail Sales beats expectations of -0.8% with new data release of 0.7%. This is also a step forward from the previous data of -1.8%. Data for United States Core Retail Sales released yesterday at 12:30 PM comes out at 1.8%, beating projections of -0.1% and showing improvement over the preceding figure of -1%. Data for United States Philadelphia Fed Manufacturing Index (Sep) released yesterday at 12:30 PM comes out at 30.7, beating projections of 18.8 and showing improvement over the preceding figure of 19.4.
On the flip side Euro Zone Consumer Price Index matches expectations with new data release of 3%. This is also a step forward from the previous data of 2.2%.
Meanwhile, Euro Zone Core Consumer Prices matches projections with new data release of 1.6%. The indicator value is unchanged and is the same as previous data of 1.6%.
Outlook for rest of the week: Market will be looking forward for upcoming data for Thursday data for Germany Manufacturing PMI will be released, with an expected decline to 61.5 from the preceding figure of 62.6. Germany Business Climate Index that seems to be pointing downwards with an expected 98.5 while preceding figure was 99.4, new data will be released Friday. Spain GDP projected to decline to -0.5 while previous data was 2.8, data will be released Thursday.