EUR/USD Weekly Forecast - 10 October

Friday, Oct 07 2016

Events that marked the week:

From Eurozone, on Monday, Spanish Manufacturing PMI data was released. Spanish Manufacturing PMI rose to 52.3 in September, up from 51.0 in August and the highest since April. The reading signalled a solid monthly improvement in the health of the sector. Business conditions have now strengthened in each of the past 34 months. New orders increased for the second successive month in September following a fall in July. Moreover, the rate of expansion was solid and the fastest since April. Panellists reported higher new orders from both domestic and export clients. New business from abroad also rose at a sharper pace during the month.

On Tuesday, from Eurozone, only Spanish Unemployment Change figures were released. The number of unemployed registered at the offices of the Public Employment Services has increased by 22,801 people in September over the previous month. In the last 8 years in this month registered unemployment increased by an average of 58,835 people. Thus, the total number of registered unemployed stood at 3,720,297, and continues at lower levels of the last 7 years.

Friday's session was marked by German Industrial Production data. In August 2016, production in industry was up by 2.5% from the previous month on a price, seasonally and working day adjusted basis according to provisional data of the Federal Statistical Office (Destatis). In July 2016, the corrected figure shows a decrease of 1.5% from June 2016, thus confirming the provisional result published in the previous month.

This week markets will be looking at:

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

Industrial Production (Wednesday 11:00)

Trade Balance (Friday 11:00)

More in this category: « GBP/USD Weekly Forecast - 10 October – 14 October AUD/USD Weekly Forecast - 17 October – 21 October »