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UK Manufacturing Data Headlines Wednesday Trading

Written OctaFx Analyst Team | 2018-01-10 04:18:26 GMT

Action begins at 07:45 GMT with a report on French industrial production. Output in the French economy is projected to fall 0.5% in November, after rising 1.9% the previous month.

The UK Office for National Statistics will release its monthly manufacturing report at 09:40 GMT. The report is expected to show month-on-month growth of 0.3% in November, which translates into a year-over-year gain of 2.8%.

Industrial production – a broader measure of factory output – is expected to rise 0.3% from October and 1.8% annually.

The ONS will also report the November trade balance on Wednesday. Britain’s goods trade deficit with the rest of the world is forecast to drop slightly to £10.7 billion from £10.781 billion. The trade deficit with non-European Union countries is expected to rise to £2.6 billion from £2.382 billion.

In a separate report on Wednesday, the National Institute of Economic and Social Research (NIESR) will provide a forecast of GDP for the three months ended December.

In the United States, a report on export and import prices will make headlines at 13:30 GMT. Later in the session, the Department of Commerce will report on wholesale inventories for the month of November.

Oil traders will also be monitoring the weekly crude inventory report courtesy of the US Energy Information Administration (EIA). The EIA is expected to show a weekly drawdown of 4.1 million barrels in the week ended 5 January, following a drawdown of 7.41 million barrels the week before.

In monetary policy, Federal Reserve Bank of Chicago President Charles Evans will deliver a speech at 14:00 GMT. The Fed will hold its next monetary policy meeting later this month. It will be the last meeting chaired by Janet Yellen.  

 

EUR/USD

Europe’s common currency consolidated on Tuesday following a sharp drop at the start of the week. The EUR/USD exchange rate was last seen trading at 1.1943 for a gain of 0.1%. The pair faces immediate support at 1.1890. On the opposite side of the spectrum, immediate resistance is located at 1.2000.

EURUSD

 

GBP/USD

Pound sterling was trading within a narrow range on Wednesday, as investors awaited fresh trading catalysts in the form of economic data. The GBP/USD exchange rate was last seen trading at 1.3534, where it was little changed. Cable is well supported at 1.3495, the low from the previous week. Resistance is likely found up ahead near 1.3600.

GBPUSD

 

USD/JPY

The Japanese yen declined on Wednesday, as the dollar regained its composure following a series of heavy losses early in the week. The USD/JPY exchange rate fell 0.3% to 112.30. It now faces a support level of 112.10. On the opposite side of the ledger, resistance is likely found at 113.40.

USDJPY

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OctaFx Analyst Team
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