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EUR/USD Daily Forecast - 20 January

Monday, Jan 19 2015

There were no major data releases from Eurozone yesterday. Recent data is showing that Eurozone is far from exiting recession, with growth mostly coming from Germany, while Spain, Italy and France are still struggling with slow economic growth and high unemployment rate. ECB is expected to begin with QE programme this week, six years after Fed, and at the moment when Fed has left this programme. This move is supported by fall of inflation into deflation area, this month to -0.2%.

Furthermore, last week, EU Justice Court decided that OMT programme is legal giving ECB green light for future moves. What indicates that we could be see this ECB move is last week's SNB decision to discontinue minimum exchange rate of 1.20 CHF per euro. It seems that SNB is expecting from ECB to introduce new monetary measures, which would further weaken euro.

 

European part of tomorrow's session will be marked by ZEW Economic Sentiment figures. Sentiment for Germany is expected to raise to 40.3 points, while Eurozone Sentiment is forecasted to increase to 37.6 points. In the US session only NAHB Housing Market Index will be released. Analysts are predicting incline to 58 points.

 

Figures to watch:

 

German ZEW Economic Sentiment/ ZEW Economic Sentiment (Tuesday 11:00)

More in this category: « GBP/USD Daily Forecast - 20 January AUD/USD Daily Forecast - 21 January »

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