EUR/USD Daily Forecast – 09 March

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Tuesday, Mar 08 2016

From Eurozone, yesterday, German Industrial Production figures were released. In January 2016, production in industry was up 3.3% from the previous month on a price, seasonally and working day adjusted basis according to provisional data of the Federal Statistical Office (Destatis). In December 2016, the corrected figure shows a decrease of 0.3% (primary –1.2%) from November 2015. In January 2016, production in industry excluding energy and construction was up by 3.2%. Within industry, the production of capital goods increased by 5.3% and the production of consumer goods by 3.7%.

Traders are being cautious ahead of ECB Meeting on Thursday. The European Central Bank (ECB) is seen expanding its monetary stimulus this Thursday, giving the existing asset purchasing program a further boost after it prolonged the program till March 2017 back in December last year. The decision of the ECB to expand the current asset purchasing program would be in line with its extra dovish rhetoric of late, as the Bank struggles to meet its inflation target of close to, but not exceeding 2%.

There will be no data releases both from Eurozone and USA on Wednesday so we can expect a bit steadier session,with traderes being cautious ahead of ECB Meeting on Thursday.

More in this category: « GBP/USD Daily Forecast – 09 March AUD/USD Daily Forecast – 10 March »

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