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EUR/USD Weekly Forecast – 22 August – 26 August

Sunday, Aug 21 2016

Events that marked the week:

Tuesday brought ZEW Economic Sentiment figures. The ZEW Indicator of Economic Sentiment for Germany increased in August 2016. The index gained 7.3 points compared to the previous month, now standing at 0.5 points. "The ZEW Indicator of Economic Sentiment has partly recovered from the Brexit shock. Political risks within and outside the European Union, however, continue to inhibit a more optimistic economic outlook for Germany. Furthermore, uncertainty about the resilience of the EU banking sector persists," comments ZEW-President Professor Achim Wambach.

Financial market experts’ sentiment concerning the economic development of the Eurozone has increased considerably. ZEW’s Indicator of Economic Sentiment for the Eurozone has risen by 19.3 points to a reading of 4.6 points. Increasing by 2.1 points in August 2016, the indicator for the current economic situation in the euro area improved to a value of minus 10.3 points.

 

From Eurozone, on Thursday, Final CPI figures were released. Euro area annual inflation was 0.2% in July 2016, up from 0.1% in June. In July 2015 the rate was 0.2%. European Union annual inflation was also 0.2% in July 2016, up from 0.1% in June. A year earlier the rate was 0.2%. The largest upward impacts to euro area annual inflation came from restaurants & cafés (+0.11 percentage points), vegetables (+0.09 pp) and fruit (+0.08 pp), while fuels for transport (-0.46 pp), heating oil (-0.15 pp) and gas (-0.12 pp) had the biggest downward impacts.

 

This week markets will be looking at:

 

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

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

German Ifo Business Climate (Thursday 10:00)

M3 Money Supply (Friday 10:00)

More in this category: « GBP/USD Weekly Forecast – 22 August – 26 August AUD/USD Weekly Forecast – 29 August – 02 September »

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