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EUR/USD Weekly Forecast - 23 May – 27 May

Friday, May 20 2016

Events that marked the week:

From Eurozone, on Tuesday, Trade Balance data was released. The first estimate for euro area (EA19) exports of goods to the rest of the world in March 2016 was €177.8 billion, a decrease of 3% compared with March 2015 (€182.8 bn). Imports from the rest of the world stood at €149.2 bn, a fall of 8% compared with March 2015 (€162.9 bn). As a result, the euro area recorded a €28.6 bn surplus in trade in goods with the rest of the world in March 2016, compared with +€19.9 bn in March 2015. Intra-euro area trade fell to €149.3 bn in March 2016, down by 2% compared with March 2015.

Wednesday brought Final CPI data. Euro area annual inflation was -0.2% in April 2016, down from 0.0% in March. In April 2015 the rate was 0.0%. This was in line with prelim reading. European Union annual inflation was also -0.2% in April 2016, down from 0.0% in March. A year earlier the rate was 0.0%. The largest upward impacts to euro area annual inflation came from restaurants & cafés (+0.13 percentage points), rents (+0.08 pp) and tobacco (+0.05 pp), while fuels for transport (-0.54 pp), heating oil (-0.22 pp) and gas (-0.13 pp) had the biggest downward impacts.

 

This week markets will be looking at:

 

French Flash Manufacturing PMI/French Flash Services PMI (Monday 9:00)

German Flash Manufacturing PMI/German Flash Services PMI (Monday 9:30)

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

German Ifo Business Climate (Wednesday 10:00)

More in this category: « GBP/USD Weekly Forecast - 23 May – 27 May AUD/USD Weekly Forecast – 30 May – 03 June »

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