Market Review for February 08, 2016
Asian session passed rather quietly due to the Lunar New year holiday. Majors pairs continues to trade in the Fridays ranges after NFP data where the EURUSD touch the 1.1250.
Crude oil seems to hold the 30 USD per barrel level but analyst commented that there is no momentum to move higher. Gold, on the other hand, is rather firm and is trading near 1170 area and we should not surprise is the 1200 level is reached handle again.
On the data front, the calendar is relatively light this week. UK trade balance and production might trigger some reactions in the markets. But other than Yellen’s testimony, main focuses will be on Friday’s Eurozone GDP and US retail sales. Others highlights of the week ahead would be the Australia NAB business confidence; Swiss unemployment, German industrial production, trade balance; UK trade balance UK productions, US jobless claims German GDP and University of Michigan sentiments.
View our full economic calendar for a daily roundup of major economic events.
Data releases to monitor:
CAD: Building Permits m/m, Gov Council Member Lane Speaks,
USD: Labor Market Conditions Index m/m