FOMC minutes and manufacturing data headline the economic docket
Minutes and Manufacturing
The release of FOMC meeting minutes headlines the economic calendar this week alongside the release of key PMI Manufacturing data from the eurozone economy. Market participants will be looking closely at the language used by US policymakers inside of the FOMC meeting minutes, especially any overly dovish or hawkish comments. Investors will also be focused on manufacturing activity inside the eurozone economy this week, especially the French and German PMI Manufacturing readings.
This week we also see the release of the European Central Bank and Reserve Bank of Australian meeting minutes and key monthly employment and unemployment data from the Australian economy. The United Kingdom economy also releases wage, employment and housing data for the month of January.
Monday 18th February, GBP UK House Price Index
The Rightmove House Price Index provides a sample of monthly and annual residential property prices in the United Kingdom economy. The index provides a strong indication of the current strength of the UK housing market, with house prices generally considered vital to the overall health of the United Kingdom economy. The UK House Price Index has recently been trending lower due to nervousness from households over Brexit uncertainty.
- The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2830 and 1.2790 levels.
- If the GBPUSD pair moves above the 1.2900 level, buyers will likely test towards the 1.2990 and 1.3095 resistance levels.
Tuesday 19th February, AUD RBA Meeting Minutes
The Reserve Bank of Australia Monetary Policy Meeting Minutes are published two weeks after the actual RBA interest rate decision. The RBA Meeting Minutes give a full account of the RBA policy discussion, including factors that influenced policy makers decision and differences of view amongst RBA members.
- The AUDUSD pair is bearish while trading below the 0.7280 level, key technical support is found at the 0.7150 and 0.7080 levels.
- If the AUDUSD pair trades above the 0.7280 level, buyers will likely test towards the 0.7340 and 0.7450 levels.
Wednesday 20th February, USD FOMC Meeting Minutes
The Federal Open Market Committee Meeting Minutes gives some of the best insights into the Federal Reserve’s monetary policy decision-making process, and how the Federal Reserve currently thinks about economic developments inside and outside of the United States economy. The FOMC organize eight meetings in a year to give a clear guide to the future US interest rate policy.
- The USDCHF pair is bullish while trading above the 0.9990 level, key resistance is found at the 1.0050 and 1.0100 levels.
- If the USDCHF pair trades below the 0.9990 level, sellers may test towards the 0.9910 and 0.9845 support levels.
Thursday 21st February, EUR ECB Policy Meeting Minutes
The European Central Bank Monetary Policy Meeting Account details the latest meeting of the ECB Board, providing valuable indications and in-depth insights into the current conditions of the eurozone economy. The ECB Policy Meeting Minutes can influence the direction of the euro currency, especially if a new policy change is being discussed or the policy language is perceived to be overly bearish or bullish.
- The EURGBP pair is bearish while trading above the 0.8845 level, further losses towards 0.8710 and 0.8580 levels seems likely.
- If the EURGBP pair moves above the 0.8845 level, buyers may test towards the 0.8890 and 0.8950 resistance levels.
Friday 22nd February, CAD Canadian Retail Sales
Canadian Retail Sales is released by Statistics Canada and measures the overall change in the total value of inflation-adjusted sales at the retail level. The figure represents a measure of consumption and consumer confidence in the Canadian economy, as retail trade is a leading indicator for the overall health of the Canadian economy and impact on how the Bank of Canada few the current outlook of the domestic economy.
- The USDCAD pair is only bearish while trading below the 1.3290 level, further losses towards the 1.3220 and 1.3100 levels remains possible.
- If the USDCAD pair trades above the 1.3290 level, buyers are likely to test towards the 1.3388 and 1.3455 resistance levels.