Market Drivers
- (9:15 GMT +1) European Central Bank (ECB) president Mario Draghi due to speak; as head of the ECB, which controls short term interest rates, he has more influence over the EUR value than any other person. His comments may determine a short-term positive or negative trend.
- (13:30 GMT+1) United States Core Consumer Price Index (CPI); forecast to increase from 0.1% to 0.2%; a higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD; The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
- (15:30 GMT+1) United States Crude Oil Inventories forecast to decrease -1 million barrels; If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.
Charts
EUR/ USD pushing higher after US president said that the Euro is 22% too cheap; EUR/USD breaks above the 1.1315 resistance; current price 1.1340 +117 pips last 5 days; today the European Central Bank (ECB) president Mario Draghi due to speak; followed by the United States Core Consumer Price Index (CPI) due later today should provided for high price action for the EUR/USD pair; upside 1.1375 to 1.1450 resistance area; supports spotted at 1.1210 and 1.1150.
German Dax hits resistance at 12,212; current price 12,087.50 + 124 points last 5 days; resistance 12,212 needs to be cleared in order to see a further upside move; today the European Central Bank (ECB) president Mario Draghi due to speak; traders will be looking for signals that the ECB will add more stimulus to boost the European economic area; German Dax remains sensitive to US trade disputes.
(15:30 GMT+1) United States Crude Oil Inventories forecast to decrease -1 million barrels; If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.