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Euro, British Pound May Fall on Soft Eurozone Inflation Data

Euro, British Pound May Fall on Soft Eurozone Inflation Data

Ilya Spivak,

Talking Points:

  • Euro, Pound May Fall if Soft Eurozone CPI Fuels ECB Easing Speculation
  • Yen Falls, Australian and Canadian Dollars Rise as Risk Appetite Recovers
  • Gauge Trends and Spot Reversals in Leading Currencies with DailyFX SSI

Eurozone CPI figures headline the economic calendar in European trade. The core year-on-year inflation rate expected to tick up to 1 percent. Yesterday’s disappointing set of analogous German price growth numbers warns a soft result may be in the cards however. Such an outcome may fuel bets on further expansion of ECB stimulus measures, weighing on the Euro. It may likewise punish the British Pound considering further ECB easing stands to compound imported disinflation pressure in the UK, delaying the onset of BOE rate hikes.

The Australian and Canadian Dollars outperformed in overnight trade in a move that appeared corrective in the context of yesterday’s broad-based selloff across the risky asset spectrum. Appropriately enough, the safety-linked Japanese Yen proved weakest on the session. S&P 500 futures are pointing firmly higher, suggesting the corrective recovery is aiming to carry forward in the hours ahead. With that in mind, we continue to see the path of least resistance as favoring risk aversion in the first part of 2016.

Losing Money Trading Forex? This Might Be Why.

Asia Session

22:30AUDWeekly Consumer Confidence Index (JAN 03)116.3-115.4
23:50JPYMonetary Base End of period (DEC) (¥)356.1T-343.7T
23:50JPYMonetary Base (YoY) (DEC)29.5%-32.5%
23:50JPYLoans & Discounts Corp (YoY) (NOV)2.71%-3.32%
05:00JPYVehicle Sales (YoY) (DEC)--0.3%

European Session

08:55EURGerman Unemployment Change (000's) (DEC)-8k-13kMedium
08:55EURGerman Unemployment Claims Rate SA (DEC)6.3%6.3%Medium
09:30GBPMarkit/CIPS UK Construction PMI (DEC)56.055.3Medium
10:00EUREurozone CPI Estimate (YoY) (DEC)0.3%0.2%High
10:00EUREurozone CPI Core (YoY) (DEC A)1.0%0.9%High

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.