Breaking News
0

UK Consumer Price Index Data On The Tap

By ORBEXForexFeb 13, 2018 05:06AM ET
www.investing.com/analysis/uk-consumer-price-index-data-on-the-tap-200289793
UK Consumer Price Index Data On The Tap
By ORBEX   |  Feb 13, 2018 05:06AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

The U.S. dollar was seen trading rather flat on Monday. Lack of economic data and a modest recovery in the equity markets saw most of the currencies trading in a range. Earlier today, BJ Governor Kuroda said that the central bank must maintain its QE program as it takes time for inflation to reach the BoJ's 2% inflation target rate. Kuroda was addressing the Lower House Budget Committee.

Looking ahead, the economic data today will focus on the annual CPI data from the UK and will cover the period of January. Economists forecast that headline CPI in the UK rose 2.9% on the year. This marks a slower pace of increase in inflation for the second month. Core CPI is however expected to rise 2.6% on the year.

In the U.S. trading session, FOMC member Loretta Mester will be speaking while later in the evening, Japan will be releasing its preliminary GDP data. Economists forecast that GDP advanced 0.2% on the quarter, down from 0.6% previously.

EUR/USD intra-day analysis

EUR/USD 4 Hour Chart
EUR/USD 4 Hour Chart

EUR/USD (1.2297): The EUR/USD was seen retracing its declines following Friday's doji pattern. The rebound to the upside could see a follow through in the short term with the potential lower high being formed on the current retracement. Resistance is seen near 1.2333 - 1.2363 level which could see price posting a reversal. This could potentially pave way for further declines to the initial support level at 1.2090 - 1.2070. Alternately, in the event that EUR/USD breaks above 1.2363, we could anticipate further room to the rally above the resistance level.

GBP/USD intra-day analysis

GBP/USD 4 Hour Chart
GBP/USD 4 Hour Chart

GBP/USD (1.3841): The British pound stayed flat with price action confined to Friday's range. Price was seen to be briefly consolidating near 1.3855 level where resistance is likely being formed. In the event that GBP/USD breaks above this level, we can expect price action to test 1.3978 which marks the next level of resistance. To the downside, the support seen at 1.3611 - 1.3589 will be tested in the near term. This will potentially mark the correction to the rally following which we could see renewed momentum taking shape.

NZD/USD intra-day analysis

NZD/USD 4 Hour Chart
NZD/USD 4 Hour Chart

NZD/USD (0.7261): The NZD/USD currency pair has been modestly drifting higher. Following the breakdown below 0.7333 level, price action formed a minor support level at 0.7280. A retest back to this level could see NZD/USD forming resistance. A reversal at this level will signal the downside price action. NZD/USD could be seen targeting the support at 0.7160. To the upside, a breakout above 0.7280 will keep NZD/USD trading flat within the resistance and support levels. Further gains can be expected only on a breakout above 0.7333 level.

UK Consumer Price Index Data On The Tap
 

Recommended

UK Consumer Price Index Data On The Tap

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer:


Continue with Google
or
Sign up with Email