The price has bounced up towards our profit target previously. Now we remain bullish above 119.45 support (Fibonacci retracement, horizontal pullback support, and recent swing…
Just one day left on this busy trading week, so watch this Economic Calendar to find out what events might move the FX markets on Friday.
Euro Zone trade balance for January is first up at 10 AM. Businesses in the euro area exported 24.5 billion more goods and services than they imported in the final month of 2016 and surplus is hovering near all time high levels.
We then head over the Atlantic to Canada, where Manufacturing sales for January are out at a half past noon GMT. Sales increased for the second consecutive month, up 2.3% to 53 and a half billion in December. The growth was mainly the result of higher sales of transportation equipment, as well as petroleum and coal products.
US Industrial Production report for February follows at a quarter past 1. Industrial production decreased by point 3 percent in January following a point 6 percent increase in December. Total industrial production was at about the same level as it was a year earlier.
A couple of publications regarding the US economy wrap up this calendar at 2 PM GMT, including the high importance Preliminary University of Michigan Survey for March. The Sentiment Index was 96.3 in February, just below January’s 98.5 and December’s 98.2, the highest three-month average since early 2004. As the Chief Economist for Surveys of Consumers, Richard Curtin said: “The sharp partisan divide that now dominates consumer sentiment is unprecedented, and consumers cannot be expected to ignore economics for the sake of politics. No recession, as expected by Democrats, is likely to be on the horizon, neither is more robust economic growth, as anticipated by Republicans.”
And the final item for this day is US Leading Indicators for February. The Conference Board Leading Economic Index increased by point 6 percent in January to 125.5. “The U.S. Leading Economic Index increased sharply again in January, pointing to a positive economic outlook in the first half of this year,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “The January gain was broad based among the leading indicators. If this trend continues, the U.S. economy may even accelerate in the near term.”
I’m Celeste Skinner and that’s all for Friday’s Economic Calendar. Have a nice weekend and tune in on Monday for the next agenda. Goodbye.
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