United Kingdom macroeconomic data releases under the spotlight
INFLATION AND RATES
During the upcoming trading week the UK economy comes under the spotlight, as the United Kingdom economy releases a raft of high-impacting macroeconomic data releases. With Brexit delayed until October 31st, traders and investors will once again start to focus on the underline fundamentals behind the UK economy.
Global inflation data is also heavily in focus this week as we see the release of inflation data from the Swiss, Indian, New Zealand, eurozone, United Kingdom, Canadian and Japanese economies. We also see the release of Chinese GDP and Retail Sales figures, the Reserve Bank of Australia Meeting Minutes and monthly Employment and Unemployment data coming from the Australian economy.
Monday 15th April, CHF Swiss Producer Price Index
Producer and Import Prices is released by the Swiss Federal Statistical Office and represents a leading indicator which tracks inflation in producer and import prices in Switzerland. The figure represents changes in the combined producer and import price index, calculated from changes in producer prices and import prices, giving appropriate weight to the proportion of domestic and imported goods.
- The USDCHF pair is only bullish while trading above the 0.9980 level, key resistance is found at the 1.0100 and 1.0150 levels.
- If the USDCHF pair moves below the 0.9980 level, sellers will likely test towards the 0.9945 and 0.9910 support levels.
Tuesday 16th April, 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 bullish while trading below the 0.7150 level, key technical resistance is found at the 0.7220 and 0.7245 levels.
- If the AUDUSD pair trades below the 0.7150 level, sellers will likely test towards the 0.7080 and 0.7000 levels.
Wednesday 17th April, CNY Chinese GDP
Chinese Gross Domestic Product is released by the National Bureau of Statistics of China and measures the national income and output for a given country's economy. Gross Domestic Product is equal to the total expenditures for all final goods and services produced within China in a stipulated period of time. It is the primary indicator of the economy's health and takes on significance as the overall Chinese economy continues to experience an economic slowdown.
- The USDJPY pair is bullish while trading above the 111.65 level, further gains towards 112.30 and 113.10 levels remain likely.
- If the USDJPY pair trades below the 111.65 level, sellers may test towards the 111.30 and 110.90 support levels.
Thursday 18th April, GBP UK Retail Sales
United Kingdom Retail Sales data is released by the National Statistics and measures the change in the total value of inflation-adjusted sales at the retail level over a stated time period. This figure represents an indicator of consumer spending inside the United Kingdom economy. Higher retail sales volume generally shows stronger consumer demand, higher retail output, and economic growth in the United Kingdom economy.
- If the GBPUSD pair trades above the 1.3100 level, further gains towards 1.3180 and 1.3260 levels seems likely.
- If the GBPUSD pair moves below the 1.3100 level, sellers may test towards the 1.2980 and 1.2840 support levels.
Friday 19th April, JPY Japanese National CPI
The Japanese National Consumer Price Index is released by the Statistics Bureau, measures the change in the price of goods and services from the perspective of the consumer. The CPI is a key indicator that measures inflation and changes in purchasing trends, therefore CPI figures are closely watched by the Bank of Japan. A rise in the Consumer Prices Index may determine whether the Bank of Japan increases interest rates in order to manage inflation and slow economic growth.
- The AUDJPY pair is only bearish while trading below the 78.90 level, further losses towards the 78.20 and 77.50 levels remains possible.
- If the AUDJPY pair trades above the 78.90 level, buyers are likely to test towards the 80.50 and 81.30 resistance levels.