After busy day yesterday which was full of important macroeconomic publications, it’s time to calm market sentiment. Thursday’s macro calendar looks rather poorly so we don’t expect higher than average volatility.

The positive trade balance in Australia

Exactly at 2:30 a.m. Australian Bureau of Statistics published report on foreign trade, which is contrary to the expectations and forecasts of -2.300B against the previous reading -2.121B was -2.010B. Unfortunately (or fortunately), despite better data AUDUSD currency pair this morning beat a very important support level 0.7600 breaking out from lasting nearly 12 days consolidation which may be a sign of change in market sentiment and the taking over control by bears.


Another publication at 8:00 was the information from Germany on industrial orders, which are also contrary to worse expectations and forecasts of 0.2% compared to the previous reading of 0.3% were up 1.0%.The reaction to the data was a strengthening of the German DAX30 index, which reached a peak around yesterday’s maximum.


At 9:15 we had consumer price index (CPI) from Switzerland, which was not as optimistic as these two publications. CPI YoY dropped from -0.1% to -0.2%.

What else awaits us today

At 13:30 we will know the minutes of the meeting of the ECB.

At 14:30 we will know the data series from the United States regarding the number of applications for unemployment benefits and declared unemployed and published by Statistics Canada rate permits to build homes from Canada.

The situation on the charts

GBPUSD currency pair continues to weaken, still below the local, lasting four days downtrend.


EURUSD after yesterday’s rejection of the local resistance 1.1227 reached today support level 1.1192, which is currently tested. Durable overcome of this level could open the way to a decline in demand zone around 1.1157 – 1.1160.


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