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Yesterday data on employment in the Euro Area in the fourth quarter was released. It shrank 0.35% against forecast for a 0.1% drop. Until the opening of the US trading session the euro moved downwardly. The Spanish Treasury sold 803 million euros of bonds maturing in 2029 to yield 5.22%, down from 5.79% on February 7, 2040 bonds at a yield of 5.43%, down from 5.89% on December 13, and 2041 bonds at 5.43%, down from 5.69% on January 17.
In the US Initial Jobless Claims were 332K against revised for 342K in the previous week. Producer Price Index rose from 0.2% to 0.7%, the data that was expected. During the previous week the increase in prices could influence negatively, now it is positive as news agencies commented event as increase in economic activity. Later data on natural gas reserves was issued. Natural gas grew from the highest settlement in more than three months in New York. Futures advanced as much as 0.9%, gaining for a third day. Prices surged 3.6% yesterday, the biggest increase since February 25, after it was said that inventories dropped 145 billion cubic feet last week to 1.9 trillion. Experts’ estimates showed an expected decline of 137 billion.
Optimism is expected as today EU summit finishes its work today. European governments loosened the shackles on national budget as the eurozone recession deepens and unemployment climbs. European leaders adopted “structural” budgetary assessments, using code for granting countries such as France, Spain, and Portugal extra time to bring down deficits.
Today a range of macroeconomic data on US is published. It is expected that Industrial Production and Capacity Utilization will grow. Industrial production in February is forecast to rise 0.4% vs. -0.1% in January, Capacity Utilization is expected to be 79.4% vs. 79.1% in January. Stock markets growth is expected.
From the technical point of view, if the yesterday’s high is broken, the growth continues to 1.3052, the level of Fibonacci 261.8% on the H4, 1.3060, the level of confluence of trendline and 61.8% of Fibonacci on the daily chart. In the short term the rise will extend to 1.3117, the level of Fibonacci 236% on the H4.
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