komentarz-makro-300x200Yesterday’s publication of FOMC minutes did not cause any breakthrough on the markets. First reaction of USD was just a quite big volatility without specific direction. In last few hours of American session USD was slowly decreasing. As a result EURUSD again is above psychological level of 1.05. What else happened during last night?


Below you can see EURUSD reaction to the FOMC minutes. As we said, volatility was not high. USD weakened a little but maybe it is just a preview of Friday’s payrolls.

eurusdh1-3-1

During Wednesday oil investors were following API report considering change of US oil stock. Although in last few weeks API estimates differed from official EIA data, decrease of inventories by 7.4M barrels is a good sign for bulls.

At night we got to know Caixin data about Chinese services PMI in December. The data was much better than expectations, the indicator gained from 53.1 to 53.4 pts (expected 53.3 pts).

In the morning we met first data from Switzerland – Swiss CPI in December. The data was just as expected (-0.1% MoM, 0.0% YoY). The only CHF reaction was a little bigger volatility just ahead of reading:

usdchfm5

What are we still waiting for

Now we wait for data from Great Britain which will be published soon. We will know UK services PMI. Expectations are that it will decrease quite strong from 55.1 to 54.7 pts.

Half an hour later we will know Producer Price Index from Eurozone. Then there will be publication of ECB minutes. After that ADP will publish ‘small payrolls’.

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