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Nov 19, 2018

TRADERS LOOK TO KEY GLOBAL MANUFACTURING AND INFLATION DATA

MANUFACTURING AND INFLATION

During the upcoming trading week, global manufacturing and inflation data come into focus as we see a raft of important CPI data being released from the Japanese and Canadian economies, while the United States and the eurozone release important PMI Manufacturing figures.

This week we also see  RBA releasing the Meeting Minutes from the previous policy meeting, while the European Central Bank releases the recent policy meeting accounts. The Bank of England also releases the quarterly inflation report for the United Kingdom economy, at a time when Brexit is entering a critical stage.

Monday 19th November, EUR EU Financial Stability Review

The European Union Financial Stability Review is released two times during the calendar year and is published by the European Central Bank. The European Financial Stability Report provides a complete overview of the possible sources of risk and vulnerability to financial stability inside the eurozone trading block.

  • The EURUSD pair is only bearish while trading below the 1.1360 level, key support is found at the 1.1300 and 1.1216 levels.
  • If the EURUSD pair moves above the 1.1450 level, buyers will likely test towards the 1.1500 and 1.1554 resistance levels.

Tuesday 20th November, AUD RBA Meeting Minutes

The Reserve Bank of Australia Monetary Policy Meeting Minutes are published two weeks after the RBA interest rate decision. The RBA Meeting Minutes give a full account of the policy discussion, including factors that influenced policy makers decision and differences of view amongst RBA members.

  • The AUDUSD pair is only bearish while trading below the 0.7250 level, key support is found at the 0.7200 and 0.7180 levels.
  • If the AUDUSD pair trades above the 0.7250 level, buyers will likely test towards the 0.7350 and 0.7410 levels.

Wednesday 21st November, JPY Japanese National CPI

The National Consumer Price Index is released by the Japanese Statistics Bureau and measures the change in the price of goods and services from the perspective of the consumer. CPI is a key indicator that measures inflation and changes in purchasing trends. CPI figures are closely watched by the Bank of Japan, a strong rise of the Consumer Prices Index may force an increase in interest rates in order to manage inflation and slow economic growth.

  • The USDJPY pair is bullish while trading above the 112.95 level, further gains towards 113.70 and 114.54 levels seems likely.
  • If the USDJPY pair moves below the 112.95 level, sellers may test towards the 111.80 and 110.60 support levels.

Thursday 22nd November, EUR ECB Policy Meeting Accounts

The European Central Bank Monetary Policy Meeting Accounts detail the latest meeting of the ECB Board, providing valuable indications and in-depth insights into the current conditions of the eurozone economy. The actual ECB Policy Meeting has the ability to influence the European Central Bank’s monetary decisions, such as where to set interest rates and whether to increase or decrease monetary stimulus.

  • The EURGBP pair is bullish while trading above the 0.8860 level, further upside towards the 0.8990 and 0.9100 resistance levels seems possible.
  • If the EURGBP pair moves below the 0.8860 level, sellers may test towards the 0.8780 and 0.8700 support levels.

Friday 23rd November, CAD Canadian Consumer Price Index

The Canadian Consumer Price Index is released by Statistics Canada and measures the change in the price of goods and services from the perspective of the consumer. It is the most important indicator of inflation in Canada and the key measure of inflation the Bank of Canada watch. An increase or decrease in CPI can stimulate the central bank to raise or lower interest rates in order to manage inflation and economic growth.

  • The USDCAD pair is bearish while trading below the 1.3120 level, further losses towards the 1.2990 and 1.2840 levels remains possible.
  • If the USDCAD  pair trades above the 1.3120 level, buyers are likely to test towards the 1.3220 and 1.3290 resistance levels.
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