text: EUR/USD April 9 - Advancing Gradually as German Numbers | Forex Crunch
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  EUR/USD April 9 – Advancing Gradually as German Numbers
  By Kenny Fisher Published: Apr 9, 2013 13:19 GMT | Last Modified: Apr 9, 2013 16:38 GMT EUR/USD Daily, Forex News
  EUR/USD continues to trade above the 1.30 level in Tuesday trading. The markets are pleased as the week has started with some solid releases out of Germany. On Tuesday, German Trade Balance came in above the estimate. It is another quiet day over in the US, with only two third-tier releases on the schedule.
  Asian session: Euro/dollar showed some movement, reaching a high of 1.3069 before consolidating at 1.3021. The pair is steady in the European session.
  1.3050 continues to provide resistance.
  Euro steady after solid German data – click on the graph to enlarge.
  11:30 US NIFB Small Business Index. Exp. 92.3 points. Actual 89.5 points.
  German numbers show improvement: With Eurozone numbers continuing to look weak for the most part, there is a ray of sunshine, as German releases are showing better numbers. On Friday, German Factory Orders jumped 2.3%, after a decline the previous month. This easily beating the forecast of 1.2%. The good news continued this week, as German Industrial Production improved by 0.5%, edging past the forecast of 0.4%. On Tuesday, German Trade Balance hit a six month high, posting a surplus of 17.1 billion euros. This was well above the estimate of 16.2 billion euros. If the Eurozone is to turn the corner, it will need Germany, the largest economy in the zone, to lead the way to recovery. If German numbers continue to look good, this will be good news for the euro, which has looked shaky.
  Euro posts strong gains against US dollar: Despite the Cyprus bailout crisis and a tacit admission by Mario Draghi that the Eurozone economy is in trouble, the euro managed to rally against the US dollar, gaining close to two cents last week. The euro was bolstered by continuing weak US numbers, and posted strong gains late last week following poor US employment data. However, the euro is unlikely to continue climbing if the Eurozone economy continues to deteriorate.
  Portugal Court Strikes Down Austerity Package: Portugal was back in the news as the country's Constitutional Court struck down some austerity measures that the government announced earlier this year. The measures are part of a bailout package that Portugal received in 2011. The court invalidated steps that included tax hikes worth 5 billion euros, which has left the country 1.4 billion euros short in expected revenue. The economy contracted 3.2% in 2012, and Portugal is behind in its deficit reduction targets. The legal wangling could exacerbate the country's difficult economic situation and lead to a full-blown crisis, which is the last thing the Eurozone needs.