Today, market participants will focus on US inflation, statements made by the ECB Vice President and a preliminary estimate of German GDP.
U.S. producer price index increased. Affects USD
The EU GDP growth forecast has been revised up thanks to a positive assessment of German GDP. Affects EUR
ECB Vice President Luis De Guindos assessed the risk of the EU economy falling into recession as “very low”. Affects EUR
China lifted restrictions on U.S. poultry imports. Affects S&P500
The first public hearing of the impeachment inquiry of the president was held in the U.S. Affects USD
The EU will update the consumer price index. Analysts expect a result of 0.7%. A lower reading will have a negative impact on the EUR.
The US releases its core retail sales index. Analysts expect the sales to increase by 0.4%. If the result is lower, the USD may decline.
Germany released a preliminary estimate of its Q3 GDP yesterday. Instead of falling by 0.1%, the indicator increased by 0.1%. We believe that this is the first signal of the end of recession in Germany. The final report is to be published next week.
Meanwhile, EUR/USD is trading above the Fibonacci level. A decrease of quotes to 1.09860 will indicate a resumption of the downtrend.
The asset continues to decline due to the lack of support levels. The decline target is the lower limit of the ascending channel.
The asset might go up to 63.50. First of all, China made a move and lifted a ban on US poultry meat imports. Secondly, the market is trading the statement made by OPEC Secretary General Barkindo that there might be downward revisions of supply next year.
EUR/JPY on this day in history
- Since 2000, November 15 has been a trading day 14 times.
- On 57% of those days, the asset ended with growth.
- The maximum reinforcement range was 1.52%
- The trend down was limited to 1.16%.