European inflation data is on deck Tuesday. Meanwhile, the 16 January EURUSD Fundamental Forecast gives more on what to expect of the pair.
16 January, OctaFX – Action begins at 07:00 GMT with a pair of German reports centered on inflation. The wholesale price index will provide a snapshot of wholesale values in Europe’s largest economy. Meanwhile, the consumer price index (CPI) will show the average price change for all goods and services purchased by German households. The CPI indicator is forecast to rise 0.6% in December, which translates into a year-over-year gain of 1.7%.
The harmonized index of consumer prices (HICP), which tracks German inflation using a method consistent throughout the European Union, is expected to climb 1.6% annually.
Forty-five minutes later, the French government will provide a reading of the monthly budget for November. Paris ran a deficit of €77.2 billion in October.
The Italian government will also report on regional and global trade at 09:00 GMT. One hour later, the government will report.
16 January EURUSD Fundamental Forecast
Europe’s common currency held steady on Monday, as the dollar took a pause on the holiday. The EUR/USD exchange rate was last seen trading at 1.2262, where it was little changed from the previous close. The pair faces immediate support at 1.2220, followed by 1.2180. On the opposite side of the spectrum, resistance is likely seen at 1.2300 followed by 1.2340.
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