After Thursday’s relatively quiet in terms of macro-economic calendar session, today we will have far more important publications, which are worth noting. Specially, it is worth paying attention to series of data from the United States.
At night we met already published by the NBS National Bureau of Statistics (Chinese statistical office) information about the direction and degree of changes in prices of final consumer goods and services indicator of consumer inflation, which turned out to be much more optimistic than the forecasts, which already were better than the previous reading.
We met today also wholesale price index (WPI) from India, despite the more optimistic forecasts achieved only 3.57% (forecast: 3.89%; previously: 3.74%)
At. 9:00 we met also published by the Instituto Nacional de Estadística (Spanish statistical office) indicator of consumer inflation CPI, which, despite predictions to the current level was slightly worse.
What data to track in the afternoon?
In the afternoon we will find some interesting publications and presentations:
- 11:00 – CPI in Italy
- 11:00 – The trade balance in the Euro zone
- 14:30 – PPI in the US
- 14:30 – Retail sales in the United States
- 19:30 – Speech of Fed Chairman, Janet Yellen
From 21:30 we will also get net speculative positions on GBP, copper, oil, gold, S&P, silver, CAD, MXN, CHF, AUD, YPY, NZD, EUR.
The situation on the charts
EURUSD currency pair after yesterday’s bullish rally, actually from the very beginning of the day, moves south as a result of which it is already lower 0.30%.
USDJPY looks very interesting. After the rally ongoing since yesterday evening, we arrived to resistance zone coinciding with the level of 104.16, and the golden ratio 61.8% Fibonacci correction of yesterday’s declines. The rejection of this level would be a signal of change in the market sentiment to bearish.
USDCAD is testing a very important resistance @1.3212, which rejection could cause continuation of yesterday’s declines.
