Amid growing expectations that the ECB will soon shift to an easing stance, tomorrow’s barrage of Eurozone economic data will be closely scrutinized. Germany’s retail sales in December are seen mixed, with the monthly report reversing the previous month’s 1.7% drop, increasing by 1.5%. However, on an annualized basis, retail sales are forecast to plunge by 4.8% versus a 3.4% drop a year earlier. Germany’s unemployment rate is seen improving slightly to 8.3%, down from 8.4% from December.
The Eurozone economic sentiment is estimated to slip to 104, down from 104.7, while the E-13 unemployment rate is seen unchanged at 7.1%. Also due out will be the flash HICP report, expected to hold steady at 3.1%.
EURUSD holds steady near 1.4780 with interim resistance seen at 1.48, followed by 1.4840 and 1.4870. Additional ceilings will emerge at 1.49, backed by 1.4920 and 1.4965. On the downside, support begins at 1.4750, backed by 1.47 and 1.4675. Subsequent floors are seen at 1.4640, followed by 1.46 and 1.4550.
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