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EURUSD Daily Forecast – 25 January

Wednesday, Jan 25 2017
EURUSD Daily Forecast – 25 January

Yesterday's session brought German and French PMI figures. Although it will do little to change the dialogue ahead of the April election, France's composite reading of 53.8 is the highest in this short time series (three-years-old). Consider that last January the composite was at 50.2, and in June it was at 49.6.  The gains came from services not manufacturing.  By contrast, the German composite slipped to 54.7 from 55.2.  Services were a drag, falling to 53.2 from 54.3.  Manufacturing, on the other hand, rose to 56.5 from 55.6, matching its record high set in January 2014.   We would not want to make a big deal of the decline in German composite reading.  The average from Q4 16 was 55.1 and Q3 53.8.  The 12-month average is 54.3.

 

In the US session Existing Home Sales figures were released. Sales of previously-owned homes dipped in December, as increasingly tight inventory and higher prices began to stifle the housing market. Existing-home sales ran at a seasonally-adjusted annual pace of 5.49 million, the National Association of Realtors said Tuesday. That was down 2.8% from an upwardly-revised November, which marked a nine-year high, but only 0.7% higher than a year ago. Economists surveyed by MarketWatch had forecast a rate of 5.51 million.

 

Tomorrow, from Eurozone, German Business Climate figures will be published. Analysts predict increase to 11.3. There will be no major data releases in the US part of the session.

 

Figures to watch:

 

German Ifo Business Climate (Wednesday 10:00)

More in this category: « GBP/USD Daily Forecast – 25 January AUD/USD Daily Forecast – 26 January »

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