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What happened yesterday in the market is just a clear demonstration that financial markets revolve around the United States. As soon as the United States extended its weekend on the occasion of the celebration of Martin Luther King Day, and so, the markets stopped showing any signs of life. Of course, we can say that there was simply no macroeconomic data published yesterday. However, they were published. But it is worth remembering any holiday in the United States and what happened on the market on these significant days. It's just that it is the American market participants in the person of banks, pension funds and investment funds that control most of the capital circulating in the financial markets. That's all. Thus, it's not surprising that what is happening in the United States, including American macroeconomic statistics, is what interests market participants the most.
However, in fact, macroeconomic data were released in Europe yesterday, but only for individual countries. Thus, the volume of construction in Italy, which is the third economy of the euro area, declined by 3.4%, which is extremely significant. Worse, they forecast growth of 1.6%. It is clear that Italian builders are not enthusiastic about what is happening, because this means that equipment that costs money is idle. And if it is really idle, then it does not make a profit and does not pay off. In short, Italian builders are sad. In addition, data on producer prices in Germany were also published, from which German industrialists can only experience restrained joy. The decline in producer prices has slowed, and this is the only thing you can enjoy, from -0.7% to -0.2%. However, this is still a recession.
Producer Price Index (Germany):
I must admit that yesterday's data was local in nature and have only an indirect effect on the single European currency. Today, data on the labor market in the UK are published just in time for the exit of the rested and amassed forces of American traders, so to speak, it is specially for them. The problem is that well-rested people are not inclined to immediately begin to think intensely, and that is what they will have to do today. After all, the unemployment rate itself should remain unchanged, so you need to look at the accompanying indicators, which cause many speculators to be completely misunderstood in ordinary circumstances. And then after a long weekend, apparently, the British decided to mock the former colony like that. In short, what will the accompanying data show us? The number of applications for unemployment benefits may be reduced from 28.8 thousand to 26.0 thousand. Moreover, employment should increase by 95 thousand against 24 thousand in the previous month. And it seems that the data will be positive at first glance. However, the average wage growth rate may slow down from 3.5% to 3.3%, which completely eliminates employment data. After all, it turns out that employment seems to be growing, but at the expense of lower wages. Therefore, the reaction of the market to labor market data will be more likely neutral.
Unemployment Rate (UK):
The euro / dollar currency pair found a foothold in the region of the range of 1.1080 once again, where it immediately formed a rebound. It is likely to assume a chatter within the control level of 1.1080 with a possible local upward movement.
The pound / dollar currency pair found a foothold all in the same range-psychological level of 1.3000, after a rapid inertial move. It is likely to assume that the rebound from the control level will still persist in the market, directing the quote towards the values of 1.3050-1.3060.
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