The highlights on the remainder of this week’s agenda could be the Eurozone PMIs, as well as the Japanese and New Zealand CPIs. So, traders are likely be interested in how EURUSD, USDJPY and NZDUSD may react.
Eurozone PMIs -> EURUSD
On Friday, euro traders will be looking in the business surveys for clues as to whether the performance of the euro area economy warrants more hikes by the ECB. EURUSD pulled back recently, but it continues to trade above the uptrend line drawn from the low of September 28. That said, for the uptrend to resume, the bulls may need to overcome some key resistance barriers.
Japan CPI data -> USDJPY
In Friday’s Asian session, Japan’s CPI will be released. With the BoJ pushing against expectations of more normalization steps, a further slowdown in Japanese inflation could add credence to that view and weigh on the yen. USDJPY is hovering near the 134.50 zone, decently above the upside support line taken from the low of January 16. A clear break above 134.50 could further distance the pair above all three of the exponential moving averages and may allow advances towards higher areas.
New Zealand CPI -> NZDUSD
New Zealand’s CPI is scheduled to be released tonight, during the Asian session Thursday, with the year-over-year rate expected to have ticked down to 7.1% from 7.2%. NZDUSD is trading in a trendless manner between 0.6190 and 0.6390. Therefore, a breakout of that range may be needed for traders to start assuming a clear direction.
The highlights on the remainder of this week’s agenda could be the Eurozone PMIs, as well as the Japanese and New Zealand CPIs. So, traders are likely be interested in how EURUSD, USDJPY and NZDUSD may react.
Eurozone PMIs -> EURUSD
On Friday, euro traders will be looking in the business surveys for clues as to whether the performance of the euro area economy warrants more hikes by the ECB. EURUSD pulled back recently, but it continues to trade above the uptrend line drawn from the low of September 28. That said, for the uptrend to resume, the bulls may need to overcome some key resistance barriers.
Japan CPI data -> USDJPY
In Friday’s Asian session, Japan’s CPI will be released. With the BoJ pushing against expectations of more normalization steps, a further slowdown in Japanese inflation could add credence to that view and weigh on the yen. USDJPY is hovering near the 134.50 zone, decently above the upside support line taken from the low of January 16. A clear break above 134.50 could further distance the pair above all three of the exponential moving averages and may allow advances towards higher areas.
New Zealand CPI -> NZDUSD
New Zealand’s CPI is scheduled to be released tonight, during the Asian session Thursday, with the year-over-year rate expected to have ticked down to 7.1% from 7.2%. NZDUSD is trading in a trendless manner between 0.6190 and 0.6390. Therefore, a breakout of that range may be needed for traders to start assuming a clear direction.
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