There will be a few economic releases during the European and American trading session, so let’s take a look at the major fundamental events today: Claimant Count Change from the UK, Retail Sales and Consumer Price Index from the US and speech of the Federal Reserve Chairperson Janet Yellen.
09:30 am GMT – Claimant Count Change from the UK
The details of the labour market report look as follows: the unemployment rate is expected unchanged at the level of 4.8%, together with the average earning index. The number of individuals who are out of work and who are claiming some sort of unemployment benefit should increase from -10k last month to 1.1k. With the jobless rate so low, today’s claimant data outlook probably won’t weigh on the market.
Let’s take a look at the GBP/USD technical picture at the H4 time frame. Any number of unemployed people lower than 4.8% will be good for Pound and the market might react with a rally toward the level of 1.2581 again. However, if the data will not surprise the markets, then the price will get back to the trading range between the levels of 1.2411 – 1.2581.
01:30 pm GMT – Consumer Price Index and Retails Sales data from the US
Yesterday’s Producer Price Index posted its largest gain in four years in January, which might indicate that inflationary pressures continue to strengthen, albeit from a low base. From the consumer point of view, the public’s outlook for stronger pricing pressure rose for a second month in January, reaching the highest level since mid-2015. If today’s CPI expectations of 2.4% increase on annual basis turn out to be accurate, inflation will run at a five-year high.
Let’s take a look at the EUR/USD technical picture at H1 time frame. The market is currently oversold, so any data that will be better than expected might spark a rally toward the next intraday resistance at the level of 1.0590 and 1.0632. The golden trend line is the most important dynamic resistance now and deeper recovery is not possible without a clear break out above the level of 1.0632.
03:00 pm GMT – Federal Reserve Chairperson Janet Yellen Speaks
Any reiterations from the last FED meeting minutes regarding a possible (and planned) interests rate hike or any hawkish tone of the speech regarding the US economy (employment, wages, inflation, etc.) will be positive for the US Dollar.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Trading plan for 15/02/2017:
There will be a few economic releases during the European and American trading session, so let’s take a look at the major fundamental events today: Claimant Count Change from the UK, Retail Sales and Consumer Price Index from the US and speech of the Federal Reserve Chairperson Janet Yellen.
09:30 am GMT – Claimant Count Change from the UK
The details of the labour market report look as follows: the unemployment rate is expected unchanged at the level of 4.8%, together with the average earning index. The number of individuals who are out of work and who are claiming some sort of unemployment benefit should increase from -10k last month to 1.1k. With the jobless rate so low, today’s claimant data outlook probably won’t weigh on the market.
Let’s take a look at the GBP/USD technical picture at the H4 time frame. Any number of unemployed people lower than 4.8% will be good for Pound and the market might react with a rally toward the level of 1.2581 again. However, if the data will not surprise the markets, then the price will get back to the trading range between the levels of 1.2411 – 1.2581.
01:30 pm GMT – Consumer Price Index and Retails Sales data from the US
Yesterday’s Producer Price Index posted its largest gain in four years in January, which might indicate that inflationary pressures continue to strengthen, albeit from a low base. From the consumer point of view, the public’s outlook for stronger pricing pressure rose for a second month in January, reaching the highest level since mid-2015. If today’s CPI expectations of 2.4% increase on annual basis turn out to be accurate, inflation will run at a five-year high.
Let’s take a look at the EUR/USD technical picture at H1 time frame. The market is currently oversold, so any data that will be better than expected might spark a rally toward the next intraday resistance at the level of 1.0590 and 1.0632. The golden trend line is the most important dynamic resistance now and deeper recovery is not possible without a clear break out above the level of 1.0632.
03:00 pm GMT – Federal Reserve Chairperson Janet Yellen Speaks
Any reiterations from the last FED meeting minutes regarding a possible (and planned) interests rate hike or any hawkish tone of the speech regarding the US economy (employment, wages, inflation, etc.) will be positive for the US Dollar.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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