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USD/JPY was deflected by the strong resistance area 110 - 110.5 (February high, 200 DMA, 50 WMA) last week, after briefly trading above the big figure. There was enough demand in the 108.5 - 109 area (100 DMA) and with Iran risk out of the way, the pair can now make another shot at the resistance. U.S. PPI (today) and CPI (tomorrow) inflation reports could provide some fuel for the rally.
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U.S. data and BOC outlook worth watching
Main economic event in the week ahead is probably the release of U.S. CPI and Retail Sales data for December, on Friday. Add to that U.S. PPI on Thursday. Monday's BOC Business Outlook Survey will be the bank's last communication before eagerly awaited monetary policy decision on January 17th.
Economical Indicators,PPI
[i]Producer Price Index
[/i] Definition: The PPI is not as widely used as the CPI, but it is still considered to be a good indicator of inflation. Generally, the PPI is also collected by governments and it's considered to be among the most authoritative statistics.This indicator measures and reflects the change of manufacturers’ cost of raw materials and semi-finished goods retrieving data from production and manufacturing firms across several sectors (manufacturing, agricultur…
Economical Indicators
Economical Indicators
Economic indicators are important to Forex traders, because they represent vital data to understand the macro picture of a currency’s economy. They also help to anticipate future market activity and to determine whether a particular currency is over- or under valued. Macroeconomic indicators include figures such as growth rates, interest rates, inflation, employment, money supply and productivity.
There are many more indicators for the US economy than the…