News
- Overnight the U.S. reported higher trade deficit sending the stock market in the red. Despite President Trump’s protectionist trade moves, its trade gap rose to a 10-year high with a $119bn increase since he took office.
The focus of attention
- Besides the interest rate decision by the ECB, today markets are expecting a slew of economic data including housing data from the UK, Q4 GDP from the EU as well as initial jobless claims from the U.S. Observers are closely watching to see whether the Federal Reserve will lean towards tightening in view of continued strength of the economy.
Expected events. All times GMT.
- 0001 UK will release the RICS House Price Balance.
- 0830 UK will release the Halifax HPI.
- 1000 EU will release Q4 GDP.
- 1245 EU will release its latest interest rate decision.
- 1330 U.S. will release Initial Jobless Claims.
Technical Analysis
- GPB USD arrested its decline with a higher low on Wednesday, stopping a six day downtrend. The RSI also showed that momentum resistance at 53% broke on the same day and the pair appears to be consolidating at the moment with momentum at the 60% level. Expect the reversal to continue should RSI heads higher in today’s session.