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EUR/USD Daily Forecast - 21 January

Tuesday, Jan 20 2015

European part of Tuesday's session was marked by Economic Sentiment figures for Germany and Eurozone. While analysts were predicting increase to 40.1 points German ZEW Economic Sentiment rose to 48.4. The index has increased for the third consecutive time reaching the highest reading since February 2014. Decreasing crude oil prices and a depreciating euro have contributed to a further gain of the indicator.

ZEW Economic Sentiment for Eurozone also beat market expectations on incline to 37.6 and increased to 45.2 points. The indicator for the current situation in the euro area has improved for the first time since May 2014. Gaining 5.7 points in January 2015, the indicator has a current value of minus 57.1 points.    

 

In the US session NAHB Housing Market Index data was released. A gauge of confidence among home builders ticked down this month by one point to 57, staying close to the highest level since late 2005. Analysts were forecasting no change. Readings above 50 signal that builders, generally, are optimistic about sales trends. January marks the seventh consecutive month of above-50 readings.

 

There will be no data releases from Eurozone tomorrow so we can expect a steadier European part of the session. In the US session Building Permits and Housing Starts data is scheduled for a release. Figure slightly above 1 million is forecasted for both releases, similar to last month's figures.

 

Figures to watch:

 

Building Permits/Housing Starts (Wednesday 14:30)

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