Industrial production in Germany continued its decline in January, official data showed, adding to signs that showed Europe's biggest economic slowdown. Output fell 0.8%, adjusted for seasonal and calendar effects - far from the expected 0.4% increase and the last -0.4%. Look up source to learn forex on Didimax where they provide more trading news.
On an annual basis, German industrial production arrived at -3.3% compared to -3.9% recorded in December. Handelsblatt came out with a report, citing that the German government is said to now expect 2019 GDP growth of 0.8%. The previous revision for their growth forecasts for the economy stood at 1.0% for 2019 from the last 1.8%.
German Data Monitored as Pound Slips Due to Back Brexit Anxiety
Forex today saw massive sales in the Pound at the start of a new week in the Asian session on Monday, as Brexit jitters returned to the market amid growing opportunities for Brexit rejection of Britain's PM May deal by British lawmakers ahead of Tuesday's significant election. The cable broke below the 1.3000 level and reached three-week lows near the 1.2970 region.
The EUR/USD pair also traded downward, following the decline in sterling while easing Eurozone growth concerns also dragged the common currency lower. Meanwhile, the traded Yen strengthened amid a softer risk tone, keeping USD/JPY near 111. Learn forex through Didimax, a broker company with a website full of trading news.
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The antipodean, on the other hand, returned to the red zone amid Chinese deflationary fears and a broad return of the USD while the downside remained limited amid oil prices higher and recovery in gold prices. Mixed trade was witnessed in Asian equities, as Chinese stocks tried to bounce back after Friday's selloff, in response to disappointing Chinese trade reports.
This week's EUR calendar starts with a series of major German macro releases scheduled at 07:00 GMT / 14:00 WIB, including industrial production, trade balance and current account. Also, the relevance remains of data on inflation expectations of British consumers. From economic data, US retail sales data will be published among several minority reports. Meanwhile, the speech of MPC BOE members, Haskel will be carefully followed to trade new GBP. US traders can receive some new trade boosts from US President Trump's budget release.
As Traders Wait for German Data, US Retail Sales Determine Further Directions
German industrial production and the trade balance can support EUR strength if it matches 0.4% and Euro 21.0 billion market consensus compared to -0.4% and previous Euro 19.4 billion figures. The cable opened with a bearish gap of more than half a dollar because traders were positioned for a bumpy trip this week. Lawmakers will pass their verdict on Prime Minister Theresa May's plan to get Britain out of the European Union on March 29.
The Corrective Bounce May End
The gold corrective bounce from lows near $ 1280 seen yesterday seems to have gone well and the price could return $ 1290, hourly charts and 4 hours shows. Retail sales are expected to increase to 0.1% in January after a large decline in December but possibly incomplete by 1.2%. Trump's Budget Seeks to Cut 5% in Non-Defence Expenditures.