At 09:00 (GMT+2), German data on the consumer climate index Gfk for February will be published. The indicator measures the degree of consumer confidence in the strength of the economy and is a leading indicator for consumer spending. The value is expected to remain unchanged at 9.6 points.
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At 02:30 (GMT+2), Australian Q4 data on the consumer price index will be released. It is the main indicator of inflation in the country, which determines the change in the level of retail prices for a certain “basket” of goods and services: food, transportation, utilities, health care and so on. It has a significant impact on monetary policy decisions. It is expected that the consumer price index on an annualized basis will remain at the same level of 1.7%, and on a monthly basis will grow from 0.5% to 0.6%. Realization of the forecast may support the Australian dollar.
A weekly report on the volume of oil reserves in the USA from API is due at 23:30 (GMT+2). The figure shows how much oil and refined products are available in storage. The reduction in reserves traditionally leads to an increase in oil quotes, and an increase in the indicator leads to a decrease in prices for “black gold”. Last week, US oil inventories rose by 1,600 million barrels. If this trend persists, it may put pressure on oil prices.
January Consumer Confidence index by Conference Board will be released in the USA at 17:00 (GMT+2). It is based on a survey of 5000 American households and takes into account their vision of the current and future economic situation. This is a leading indicator that predicts consumer spending that is part of economic activity. High rates indicate consumer optimism. The index is expected to grow from 126.5 to 128.0 points. If the forecast proves to be true, this may render support to the US currency.
December data on Durable Goods Orders in the US are due at 15:30 (GMT+2). Durable goods are those whose service life is more than three years. It is a leading indicator of industrial activity. It is expected that the total volume of orders will increase by 0.5% after a decrease of 2.1% a month earlier. Core Durable Goods Orders (excluding transportation items) can grow by 0.2% after a decrease of 0.1% in November. If the forecast proves to be true, this may render support to USD.
The US data on New Home Sales for December will be released at 17:00 (GMT+2). New Home Sales measures the annualized number of new single-family homes that were sold during the prior month and is one of the most important indicators of the US construction market. It is expected that the figure will grow from 719K to 725K. If the forecast proves to be true, this may render support to USD.
Ifo Indicator of Business Optimism for January is due at 11:00 (GMT+2). The index is based on a survey of managers of 7 thousand manufacturing enterprises, the construction sector, wholesale and retail trade. At the same time, an assessment of the current business situation and expectations for the next 6 months is carried out. It is expected that in January the figure will grow from 96.3 to 97.0 points, the best indicator since last June. The implementation of the forecast may give support to EUR.
At 09:00 (GMT+2), the data GfK German Consumer Climate for February are due. The indicator measures the degree of consumer confidence in the strength of the economy and is a leading indicator for consumer spending. The indicator is expected to resume growth and increase from 9.6 to 9.8 points. The implementation of the forecast may give support to EUR.
Baker Hughes Oil Rig Count data are due at 20:00 (GMT+2) in the US. The weekly report records a change in the amount of oil rigs in the United States. Since the end of last year, the indicator has been steadily declining. However, the last time the number of drilling rigs increased from 659 to 673 units. Continued growth in the number of rigs may put pressure on oil prices.
Canadian Retail Sales data for November are due at 15:30 (GMT+2). Retail Sales indicator measures the change in the total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations. It is the primary indicator of consumer spending, which influences the GDP. Sales are expected to grow by 0.4% after a serious drop of 1.2% a month earlier. If the forecast proves to be true, it may render support to CAD.