Eurozone Data Headline A Quiet Good Friday

www.investing.com/analysis/eurozone-data-headline-a-quiet-good-friday-200302033

By Octa | Mar 30, 2018 02:36AM ET

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The global financial markets will have very little to report on Friday, with most traders pausing for the Easter long weekend. That being said, Good Friday will see a small handful of important data that traders may want to consider when they return to action next week.

Action begins at 06:45 GMT with a report on French producer and consumer inflation. The consumer price index (CPI) is projected to grow 2.1% for February, after plunging 1.9% the previous month.

France’s {{ecl-941||harmonized index of consumer prices}} is projected to rise 1.5% in the 12 months through March, according to a median estimate of economists.

Later in the day, the Italian government will unveil the latest consumer inflation data for March. The consumer price index (CPI) is forecast to rise 0.7% year-over-year, pointing to subdued inflationary pressures. The EU harmonized index will likely show growth of 0.8% annually.

Market participants can expect the data dump to continue over the weekend, with China’s National Bureau of Statistics reporting its latest PMI reports on Saturday. At 1:00 GMT, the government will report on manufacturing and non-manufacturing PMI. Taken together, the reports provide a holistic view of the world’s second-largest economy.

On Sunday, the Bank of Japan (BOJ) will release the Tankan large manufacturing outlook for the first quarter. The headline data will provide a high-level overview of factory output in the world’s third-largest economy.

Action resumes next week with a steady stream of economic data. On Easter Monday, traders will brace for a deluge of manufacturing PMIs from around the world.

EUR/USD
Europe’s common currency was dragged lower on Thursday, but prices held above the pivotal 1.2300 US handle. EUR/USD has faced several swift selloffs this week, with prices tumbling 170 pips from the Tuesday swing high near 1.2470. In terms of market levels, traders are eyeing the 1.2300 support level for signs of a bearish breakdown. Upside is expected to be limited without compelling data providing the necessary catalyst.

EUR/USD M15 Chart

USD/JPY
The dollar enjoyed firm gains against the yen this week, with prices coming within a few pips of 107.00 on Wednesday. At the time of writing, USD/JPY was trading at 106.43, where it was little changed form the previous day. The pair faces immediate support at 106.39, which corresponds with the daily low from Thursday. A further breakdown would expose USD/JPY to a break below 106.00.

USD/JPY M15 Chart

GBP/USD
Cable rounded out its third consecutive loss on Thursday, with prices falling toward the psychological 1.4000 handle. At the time of writing, GBP/USD was trading at 1.4025, where it was little changed compared with the previous close. Key levels to watch for include 1.4000 and 1.3910 on the downside and 1.4080 and 1.4145 on the upside.

GBP/USD M15 Chart

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Eurozone Data Headline A Quiet Good Friday

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