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A bunch of medium-tier reports are due from the euro zone this week, but these might pale in comparison to the ECB events. Read on to know what’s up!
Medium-tier euro zone data (starting Jan. 13, 8:00 am GMT)
- Jan. 13: German wholesale price index and Italian retail sales data due
- Jan. 15: Euro zone industrial production and trade balance due
- Jan. 17: Euro zone current account balance and final CPI readings lined up
ECB monetary policy meeting accounts (Jan. 16, 1:30 pm GMT)
- ECB officials decided to sit on their hands in the December monetary policy decision.
- Head honcho Lagarde noted that incoming data points to muted inflation pressures and that policy review is due.
- More dovishness among other policymakers could drag the shared currency lower.
ECB head Lagarde’s testimony (Jan. 16, 7:00 pm GMT)
- ECB Chairperson Lagarde is due to give a speech at a New Year’s reception in Frankfurt.
- Any remarks related to economic performance and monetary policy could stir a strong reaction from EUR pairs.
Overall market sentiment
- As in previous weeks, risk sentiment could also play a role in determining where these European currencies are headed, especially since there are no major reports due for the franc.
- Risk-off flows combined with anti-dollar price action tend to be bullish for the Swiss currency and euro.
- Geopolitical uncertainties remain in play, and the market focus could return to the U.S.-China trade negotiations this week.
Technical snapshot
- The trend analysis tool on MarketMilk shows that most euro pairs are in bearish territory, with the exception of EUR/JPY.
- Stochastic reveals that most franc pairs are overbought, most particularly against the yen and pound.
Missed last week’s price action? Read the EUR & CHF price recap for January 6 – 10!