Eurozone industrial production higher than expected
It may be a little early to get excited over positive Eurozone data, but this morning's industrial production stats for Jan have produced a better than expected rise of 1.4% - over and above consensus calls for a 1.0% gain on the month. As much as this one month's worth of data, it may help to bolster the EUR gains seen since last Thursday after the ECB pushed out its policy move to the end of the year along with announcing fresh funding measures to help business.
EUR/USD has been pushing higher since returning back above 1.1200. This was after we set a new cycle low of 1.1175 in an area which was expected to provide some interim support, but this may be proving a little more longer lasting after we tested briefly above 1.1300 late yesterday. It looks as though we are set to push above here later today and we will be looking at the 1.1310-20 and 1.1360-70 areas respectively.
This could be influenced by the US data later on today when we get Jan durable goods orders and with the USD index testing modest support levels, there is a good chance we could see one or other of the above zones if the US data disappoints.
EUR/CHF has seen little movement, but EUR/GBP is a touch higher - back above 0.8600, but the 0.8665-70 resistance area will be key here if not 0.8700-25.
Price action has been very slow this morning, though North American traders are now filtering in, so we should see some pick up in activity after a tepid start to European trade.