Financial markets await the latest economic assessment from the ECB

ECB headlines

During the upcoming trading week traders and investors look to the European Central Bank rate decision and press conference with ECB President Mario Draghi. The ECB is widely expected to keep rates on hold, with market participants expecting President Draghi to turn even more dovish, as economic growth and data points from the German and French economies are steadily worsening.

Aside from the ECB, we see the release of global inflation data from the United States, German, Chinese, Italian and Indian economies. Traders also await the FOMC Meeting Minutes, the latest Brexit news and important Trade data from the United Kingdom and Chinese economies.

Monday 8th April, USD US Factory Orders

Domestic US manufacturers report Factory Orders in regards to the US dollar volume of new orders, shipments, unfilled orders, and inventories. Factory Orders provides an intelligible, clear view of the whole US manufacturing sector. More precisely, the new orders figure acts as an indicator of overall demand across industries while Shipments provide a gauge of supply. Unfilled orders and Inventory figures accommodate the balance between orders and shipments.

• The EURUSD pair is only bullish while trading above the 1.1250 level, further upside towards the 1.1290 and 1.1330 resistance levels seems possible.
• If the EURUSD pair moves below the 1.1250 level, sellers are likely to test towards the 1.1170 and 1.1050 support levels.

Tuesday 9th April, USD US JOLTS Job Survey

The Job Openings and Labor Turnover Survey, also known as, JOLTS, is a US jobs survey that is published monthly. JOLTS examines the jobs market and collects information from more than 15,000 workplaces across the United States. The survey collects numerical and qualitative data that concerns job hires, job openings, layoffs, separations, resignations and also recruitments.

• The AUDUSD pair is only bullish while trading above the 0.7230 level, key resistance is found at the 0.7380 and 0.7450 levels.
• If the AUDUSD pair moves below the 0.7230 level, sellers may test towards the 0.7130 and 0.7000 levels.

Wednesday 10th April, EUR ECB Press Conference

After the ECB Interest Rate Decision is announced, the European Central Bank holds a lengthy monthly press conference with ECB President Mario Draghi delivering a prepared statement. The main points of the conference are inflation and an economic overview and examination of the causes behind the Governing Council’s decision. During the conference, ECB President Mario Draghi answers questions and also gives important clues related to future monetary policy.

• The EURGBP pair is bearish while trading below the 0.8640 level, further downside towards the 0.8510 and 0.8440 support levels seems possible.
• If the EURGBP pair moves above the 0.8640 level, buyers are likely test towards the 0.8680 and 0.8740 resistance levels.

Thursday 11th April, CNY Chinese Consumer Price Index

The Chinese Consumer Price Index is released by the National Bureau of Statistics of China and measures the change in the price level of a market basket of consumer goods and services purchased by Chinese households. CPI is considered a key indicator that measures inflation and changes in purchasing trends. The monthly and annual Consumer Price Index is one of the most frequently used statistics for identifying periods of inflation or deflation.

• The NZDUSD pair is only bullish while trading above the 0.6740 level, further upside towards 0.6880 and 0.6970 levels remains possible.
• If the NZDUSD pair trades below the 0.6740 level, sellers are likely to test the 0.6680 and 0.6645 support levels.

Friday 12th April, CNY Chinese Trade Balance

The Chinese Trade Balance released by the General Administration of Customs of the People's Republic of China is the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported and is known as a trade surplus if the exports exceed imports. When imports are greater than exports, a deficit is created.

• The USDCAD pair is only bullish while trading above the 1.3300 level, further upside towards 1.3400 and 1.3550 levels then remains possible.
• If the USDCAD pair trades below the 1.3300 level, sellers are likely to test the 1.3220 and 1.3160 support levels.