EUROZONE AND UNITED KINGDOM DATA RELEASES HEAVILY IN FOCUS THIS WEEK

EU AND UK DATA

During the upcoming trading week, the eurozone and United Kingdom economies release a number of important macroeconomic data points. The eurozone economy releases key second fiscal quarter GDP and CPI inflation data this week, while the United Kingdom economy releases Wage, CPI, PPI and Retail Sales figures.

Aside from the eurozone and the UK data, we also see key Retail Sales figures coming out from the United States economy and Unemployment and Employment data from Australian economy.

Monday 13th August, US Opec Meeting

The Organization of the Petroleum Exporting Countries, known as OPEC, meet on Monday to discuss the latest happenings in the oil market. Opec ensures the stabilization of oil markets, with the aim of securing an efficient, economic and regular supply of petroleum to consumers. OPEC is attended by representatives from thirteen oil-rich nations.

• The USDAD pair is bullish while price above the 1.3123 level, key resistance is found at the 1.3220 and 1.3290 levels.
• The USDCAD pair is bearish while trading below the 1.3123 level, key support is found at the 1.3057 and 1.2960 levels.

Tuesday 14th August, CNY Chinese Industrial Production

Industrial Production, released by the National Bureau of Statistics of China, is an economic indicator that measures changes in output for the manufacturing, mining, and utilities inside the Chinese economy. This months release takes on extra significance as the Chinese government is currently locked in a bitter trade war with the Trump administration.

• The USDJPY pair is bearish while trading below the 111.00 level, key support is now found at the 110.10 and 109.00 levels.
• If the USDJPY pair moves above the 111.37 level, buyers will likely test towards the 112.05 and 112.80 resistance levels.

Wednesday 15th August, GBP UK Consumer Price Index

The UK Consumer Price Index, released by the National Statistics, measures the change in prices of goods and services, including food and gas inside the United Kingdom economy. This index is a key measure of inflation for the Bank of England, who have just recently increased the UK rate of interest by 0.25 basis points.

• The GBPUSD pair is strongly bearish while trading below the 1.2900 level, key support is found at the 1.2740 and 1.2650 levels.
• If the GBPUSD pair trades above the 1.2900 level, buyers may test towards the 1.2955 and 1.3030 levels.

Thursday 16th August, AUD Australian Employment Change

The Australian Employment Change, released by the Australian Bureau of Statistics, tracks the number of people employed in the Australian economy. The Employment Change each month is considered a key economic indicator that measures the health of the overall Australian economy and employment sector.

• The AUDUSD pair is bearish while trading below the 0.7330 level, further losses towards 0.7210 and 0.7150 levels seems possible.
• If the AUDUSD pair trades above the 0.7330 level, buyers may test towards the 0.7380 and 0.7415 resistance levels.

Friday 17th August, EUR Eurozone Consumer Price Index

The Consumer Price Index, released by Eurostat measures the changes in the price of goods and services from the perspective of the consumer. A higher value of the CPI represents significant inflationary pressures in the eurozone economies, which in turn may put pressure on the European Central Bank to raise interest rates.

• The EURGBP pair is bullish while trading above the 0.8880 level, further upside towards 0.8950 and 0.9050 levels remains possible.
• If the EURGBP pair trades below 0.8880 level, sellers are likely to test the 0.8840 and 0.8760 support levels.