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5 Feb 2013
Forex: EUR/JPY rallies above 126.00
The almost 200-pip European morning rally was capped at 125.97 high on EMU PMI data and entered a profit taking stage ahead of EMU retail sales. Then, the market returned to the upside and, after a hard time at breaching the 126.00 mark, the EUR/JPY broke higher. The cross is at 126.33 high, as of writing.
The EMU PMI Composite rose from 47.2 to 48.6 in January, beating consensus of 48.2. Services PMI came in at 48.6 too. The German PMI Services is more expansionary, from 52.0 to 55.7 in January, beating consensus of 55.3.
EMU retail sales disappointed by falling further, from -1.9% (revised from -2.6%) to -3.4% in December (YoY), instead of improving to -1.1% as expected. On the month, sales contracted -0.8%, instead of the -0.3% consensus.
Mataf.net analysts point to resistances at 126.65. On the downside, supports might be found at 124.15, 123.25 and 122.95.
The EMU PMI Composite rose from 47.2 to 48.6 in January, beating consensus of 48.2. Services PMI came in at 48.6 too. The German PMI Services is more expansionary, from 52.0 to 55.7 in January, beating consensus of 55.3.
EMU retail sales disappointed by falling further, from -1.9% (revised from -2.6%) to -3.4% in December (YoY), instead of improving to -1.1% as expected. On the month, sales contracted -0.8%, instead of the -0.3% consensus.
Mataf.net analysts point to resistances at 126.65. On the downside, supports might be found at 124.15, 123.25 and 122.95.