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EUR/USD Daily Forecast - 14 January

Tuesday, Jan 13 2015

There were no major data releases from Eurozone yesterday. German WPI decreased by 1,0%, thus missing expectations on 0.2% increase. On the other hand Italian Industrial Production rose by 0.3%, above forecasted incline of 0.1%. However, the focus still remains on whether ECB will employ new QE measures at its meeting next week. A source close to the central bank has told CNBC that ECB could be ready to announce a quantitative easing (QE) program based on the contributions made from national central banks. The source said that the central bank is planning to design a sovereign debt purchase program based on the paid-in capital contributions made by euro zone central banks.

US session brought JOLTS Job Openings figures. There were 5.0 million job openings on the last business day of November. This was above expected figure of 4.86 million. The job openings rate was 3.4%. The number of job openings was little changed for total private and increased for government in November. Job openings increased for nondurable goods manufacturing and for state and local government. The number of job openings was little changed in all four regions.

 

As for tomorrow European Court of Justice Ruling is due to announce a preliminary, non-binding ruling on the legality of the European Stability Mechanism and Fiscal Compact, in Luxembourg. On a data front Industrial Production figures are scheduled for a release. No change is anticipated this month. In the US session Retail Sales data will be released. Analysts are predicting 0.2% increase in Retail Sales and 0.1% rise in Core Retail Sales.

 

Figures to watch:

 

European Court of Justice Ruling (Wednesday)

Retail Sales (Wednesday 14:30)

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