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EUR/USD Weekly Forecast – 02 January – 06 Janaury

Sunday, Jan 01 2017
EUR/USD Weekly Forecast – 02 January – 06 Janaury

Events that marked the week:

There were no major data releases from Eurozone last week, with traders paying attention to development sin Italy. The price of the government bailout of Monte dei Paschi, Italy's oldest bank, went up from €5 billion to €6.5 billion euros ($6.8 billion) this week. That happened after the European Central Bank discovered that MPS's capital shortfall was €8.8 billion, and not the expected €5 billion euros. There has been a "rapid deterioration" in MPS's outlook, according to the Financial Times.

Thursday brought M3 Money Supply figures. The annual growth rate of the broad monetary aggregate M3 increased to 4.8% in November 2016, from 4.4% in October, averaging 4.7% in the three months up to November. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), increased to 8.7% in November, from 8.0% in October.

 

From Eurozone, on Friday, Spanish CPI data was released. In December, Spanish CPI was eight tenths higher than in November. The annual rate of the leading indicator of the HICP was 1.4%. The estimated annual inflation of the CPI in December 2016 is 1.5%, according to the an advance indicator prepared by INE. This indicator provides an advance of the CPI which, if confirmed, would Increase of eight tenths in its annual rate, since in the month of November this variation was 0.7%. This increase is mainly explained by the rise in fuel prices (Diesel and gasoline) compared to the decline experienced last year. On the other hand, the annual variation of the leading indicator of the HICP 1.4%.

 

This week markets will be looking at:

 

Spanish Manufacturing PMI (Monday 9:15)

German Prelim CPI (Tuesday)

German Unemployment Change (Tuesday 9:55)

CPI Flash Estimate (Wednesday 11:00)

German Factory Orders (Friday 8:00)

German Retail Sales (Friday 8:00)

More in this category: « GBP/USD Weekly Forecast – 02 January – 06 Janaury AUD/USD Weekly Forecast – 23 January – 27 Janaury »

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