EUR/USD:
The European currency closed yesterday significantly lower around 1.2930, while the pair will be waiting for a collection of economic figures today. The most important news is German Retail Sales which is expected to improve to 0.2% vs. -0.2%, and EU Industrial New Orders which is also expected to improve to 2.4% vs. -6.2% during the previous month. In the meantime, the European currency is expected to remain under pressure as most technical indicators remain negative so far, the next obstacle support stands around 1.2870 followed by 1.2830, while the upside risk has been limited during the week.
German Retail Sales: Another leading indicator for goods sales during the previous month, but this index measures the total change in the sales value from the retail side. The index has a medium impact on the markets.
Italian Unemployment Rate: A leading indicator for the jobs sector, which measures the total percentage of unemployed people still looking for full time jobs during the reported month.
United Kingdom
GBP/USD: The British pound showed significant stabilization during yesterday’s trading, and this was due to better than expected construction PMI which had been released yesterday. The pair closed the day slightly lower and continued to trade above that support during the Asian session, in the meantime, technical indicators are suggesting further stabilization mode, while a break below 1.5600 could lead to further downside pressure toward 1.5500 later this week.
Services PMI: A leading composite index of more than nine sub indicators, the index measures the service sector health through surveyed purchasing managers in the service sector during the reported month.