Merchants are in for busy buying and selling periods forward with the U.S. retail gross sales and FOMC assembly minutes on faucet.
Will these catalysts bust EUR/USD from its short-term downtrend?
Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/USD’s development line assist after the RBA printed its newest assembly minutes. Make sure to take a look at if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final buying and selling periods:
Recent Market Headlines & Financial Knowledge:
U.S. producer costs soar by 1.0% in Jan vs. 0.5% anticipated, 0.4% in Dec
Canadian Actual Property Affiliation: nationwide common promoting value up by 4.9% and hit new file highs whilst listings plunged assist snowy climate in Jan
NY manufacturing index up from -0.7 to three.1 in Feb however beneath the anticipated 12 studying
NZ World Dairy Commerce value index reached 1,516, simply shy of the all-time file of 1,573 set in April 2013
AU Westpac-MI Main Index improved from -0.1 to +0.4 in Jan, says above-trend development over the following 3-9 months seemingly
China’s PPI up by 9.1% in Jan, the weakest tempo since July 2021
China’s CPI reveals 0.9% development from a 12 months in the past in Jan vs. 1.5% December uptick and anticipated 1.0% enhance
UK inflation jumped to a 30-year excessive of 5.5% in Jan, placing stress on the BOE
Biden says Ukraine invasion nonetheless ‘doable’ regardless of Russian claims of troop withdrawal
U.Okay. has not seen proof of Russian withdrawal from Ukraine’s border – protection minister
Canada’s CPI report at 1:30 pm GMT
U.S. retail gross sales at 1:30 pm GMT
U.S. industrial manufacturing at 1:30 pm GMT
U.S. NAHB housing index at 3:00 pm GMT
U.S. FOMC assembly minutes at 7:00 pm GMT
Japan’s commerce stability at 11:50 pm GMT
Australia’s jobs report at 12:30 am GMT (Feb 17)
Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️
What to Watch: EUR/USD
EUR/USD 1-hour Foreign exchange Chart
Talks of Russia withdrawing a few of its troops on Ukraine’s border eased geopolitical considerations and helped the euro achieve floor in opposition to the greenback.
Can the bulls keep their momentum at the moment?
Uncle Sam will publish its retail gross sales knowledge and later at the moment we’ll see the FOMC publish its newest assembly minutes. We all know from Powell’s final announcement that Fed members are speaking rate of interest hikes, sufficient for some merchants to consider that we’ll see one as quickly as March.
If at the moment’s reviews verify a March charge hike, or if we see hints that the Fed will increase charges by greater than 25 foundation factors, then EUR/USD might return to its downtrend.
Sustained buying and selling beneath the development line resistance and the 100 SMA might result in a dip again to the 1.1300 zone.
However EUR/USD has already damaged above the 100 SMA in addition to a development line resistance that’s been holding for the reason that begin of the month.
If the FOMC assembly minutes fails to disclose one thing new, or if extra merchants value in easing tensions within the European area, then EUR/USD might prolong its intraweek uptrend.
