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EUR/USD Daily Forecast - 08 February

Wednesday, Feb 07 2018
EUR/USD Daily Forecast - 08 February

Yesterday's session brought German Industrial Production figures were released. In December 2017, production in industry was down by 0.6% from the previous month on a price, seasonally and working day adjusted basis according to provisional data of the Federal Statistical Office (Destatis). In November 2017, the corrected figure shows an increase of 3.1% (primary +3.4%) from October 2017. In December 2017, production in industry excluding energy and construction was down by 0.7%.

In the US session Crude Oil Inventories figures were published. Oil prices turned lower Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose 1.9 million barrels for the week ended Feb. 2. Analysts surveyed by S&P Global Platts had forecast a climb of 2.8 million barrels, but the American Petroleum Institute on Tuesday reported a decline of 1.1 million barrels, according to sources. Gasoline stockpiles climbed by 3.4 million barrels for the week, while distillate stockpiles also rose 3.9 million barrels, according to the EIA.

 

There will be no major data releases both from Eurozone tomorrow. In the US session Unemployment Claims figures will be published. Analysts expect increase to 236,000.

 

Figures to watch:

 

Unemployment Claims (Thursday 14:30)

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