Chart: WorldWideMarkets Alpha Trader
Germany’s Federal Constitutional Court questioned the legality and framework of the Outright Monetary Transaction bond-buying program in September 2012. The court had criticized the ECB for exceeding the ECB’s original mandate on their rescue plans for the past Eurozone debt crisis.
The euro fell 30 pips against the dollar from 1.3582 to 1.3552 after the news.
Germany’s Industrial Output for December fell to a seasonally adjusted -0.6% far more than the expected +0.4% median forecast and was also lower than expected at +2.6% y/y against the forecast of +3.6%.
Trading has been range bound as the market attention is focused on the U.S. Employment data. The U.S. Non-Farm Payroll median forecast is +185,000 for January and the Unemployment Rate forecast is unchanged at 6.7%. the 14-day moving average fell from 1.3580 to the support line of 1.3565.