The week starts with a strong note, with Japanese GDP. And there are a few more events to watch out for. Here’s the daily outlook.
EUR/USD made a swing move downwards on Friday but closed above 1.3580. Where will it go this week? Check out my EUR/USD forecast for the events that will move the Euro, and follow Casey Stubbs for fresh technical analysis. Le’s start the review:
The day starts early, actually on Sunday at 23:50 GMT, with the initial Japanese GDP report for Q4. After seeing weak growth of 0.3% in Q3, the Japanese economy expanded by 4.6% in Q4 helped by exports. This will have an impact on other markets as well.
In Britain, the Rightmove HPI has shown a modest rise in house prices last month (0.4%) and it’s predicted show similar performance this time. For technical levels on GBP/USD, check out the British Pound forecast.
In Switzerland, PPI rose slightly faster than expected, the index climbed 0.3% in January. Note that this currency is tricky, as the SNB likes intervening on Fridays.
No indicators are released in the US, but we’ll have a speech by Treasury Secretary Timothy Geithner will testifying in front of the House Budget Committee and might shake the markets.
In New Zealand, quarterly PPI is predicted to rise by 0.5% after dropping by 1.1% in the previous quarter. The importance of this indicator comes from it’s frequency – only once a quarter.
That’s it for today. Happy forex trading!
Yohay Elam is the owner of Forex Crunch, a blog about the foreign exchange market. It includes tutorials, basics of the forex market, daily and weekly forex analysis, technical analysis, forex software posts, and whatever is related to Forex.
Article copyrighted by Yohay Elam. Content published with author's permission.
