Economic data coming up in the European session

Author: Justin Low | Category: News

German Ifo business survey on the agenda today

Fed
The market rounded off last week with a bit of a whimper but there is much to anticipate as we get into the new week with the FOMC meeting, key earnings releases and month-end trading all in focus over the next few days.

The dollar remains in a tricky spot as it keeps stretched across the board, with commodity currencies recouping the losses from Friday in trading today.

EUR/USD continues to stay perky but is finding gains limited around 1.2180, although getting back above 1.2200 will be a key challenge technically as well; 50.0 retracement level of the recent swing lower seen @ 1.2201.

Meanwhile, gold and silver suffered a dip on Friday though the former is keeping above its 200-day moving average while the latter holds above its 100-day moving average.

Price action in precious metals are more tepid so far but those two key levels will be ones to watch in case there is a potential for any big moves in the coming days.

Despite Powell coming out to clarify the Fed's stance two weeks back, the FOMC meeting will be arguably the key highlight in trading this week. Hence, expect the market to take clues from that more so than anything else as we round off January trading.

0900 GMT - Germany January Ifo business climate index
Prior release can be found here. Amid the latest lockdown measures in Germany, the index should reflect some tempering in the recent optimism though the expectations component is estimated to stay elevated considering vaccine optimism.

0900 GMT - SNB total sight deposits w.e. 22 January
Your weekly check of the deposits kept at the SNB by Swiss banks. This data is a proxy for FX interventions.

ECB president Lagarde is also scheduled to speak at 0845 GMT but her short speech is touching more on green banking i.e. sustainable financing, so I wouldn't expect much policy remarks - if any at all - from Lagarde later in the day.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

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