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Forex: EUR/USD down on ECB report

By FXstreet.com,  August 09, 2012, 04:16:00 AM EDT

FXstreet.com (Barcelona) - The global trade balance in Italy is a €2.517B surplus, according to June figures, while the trade balance with EU countries is a €0.997B surplus. Both improving previous numbers.

The ECB monthly report just got in, keeping 2012 HICP and long term inflation forecasts at 2.3% and 2.0%. The 2013 HICP was lowered from 1.8% to 1.7%, and inflation in 2014 is expected to end at 1.9%.

The ECB widened its contraction expectations from -0.2% to -0.3% in 2012, but point to +0.6% growth in 2013 and +1.4% in 2014.

"We suspect that the move higher has terminated ahead of the 2 month channel resistance at 1.2500", wrote Commerzbank analyst Karen Jones.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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