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20.02.2020

EIA Crude Oil Inventories. USA, 18:00 (GMT+2)

At 18:00 (GMT+2), the US Department of Energy’s Energy Information Administration (EIA) will publish a weekly Crude Oil Inventories report containing data on changes in the volume of crude oil, as well as gasoline and distillates in the United States. An increase in reserves tends to put pressure on oil prices. The indicator is expected to increase for the fourth week in a row, this time by another 3.767M barrels. The implementation of the forecast could put pressure on oil prices.

Key Releases

Today, the US dollar is strengthening against its main competitors – the euro, the pound, and the yen. Yesterday, the minutes of the last Fed meeting were published. Officials noted that the prospects for the US economy have improved, and its growth will continue at a moderate pace. The protocol also states that the current monetary policy is correct, which indicates that interest rates will be held at current levels.

USD/JPY: technical analysis

On the 4-hour chart, an uptrend is forming. The instrument broke the upper border of the sideways channel formed by the borders of Bollinger Bands, the indicator cloud is greatly expanded, which indicates the likely upward trend in the short term. The MACD histogram is in the positive area, rapidly increasing volumes, the signal line crosses the body of the histogram upwards, forming a signal to open long positions. Stochastic is in the overbought zone, the oscillator lines are reversing downwards.

Retail Sales. UK, 11:30 (GMT+2)

British Retail Sales data for January are due at 11:30 (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 0.7%, after a decline of 0.6% in December. The implementation of the forecast may facilitate the strengthening of GBP.

XAG/USD: silver prices rise

Today, during the Asian session, silver prices show ambiguous trading dynamics, slightly correcting after active growth over the past two days, which brought the instrument to new local highs since January 8. Although the market positively assesses China’s efforts to contain the spread of coronavirus, concerns about negative economic consequences remain, which provides support for shelter assets.