Here are the key factors to keep in mind today for Euro trades:
- German Import Price Index: The German Import Price Index for July decreased by 0.4% monthly and increased by 1.9% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 2.3% annualized. Forex traders can compare this to the German Import Price Index for June which decreased by 1.1% monthly and which increased by 2.5% annualized.
- German GDP: The Final German GDP for the second-quarter increased by 0.6% quarterly and by 2.1% annualized. Economists predicted an increase of 0.6% quarterly and of 2.1% annualized. Forex traders can compare this to the first German GDP report for the second-quarter which increased by 0.6% quarterly and by 2.1% annualized. Exports increased by 0.7% and Imports increased by 1.7%. Economists predicted an increase of 1.2% and of 2.0%. Forex traders can compare this to the first data on Exports which increased by 1.6% and Imports which increased by 0.4%. German Private Consumption increased by 0.8% and German Domestic Demand by 1.0%. Economists predicted an increase of 0.7% and of 1.0%. Forex traders can compare this to the first data on German Private Consumption which increased by 0.4% and German Domestic Demand which increased by 0.1%. German Government Spending increased by 0.6%. Economists predicted an increase of 0.6%. Forex traders can compare this to the first data on German Government Spending which increased by 0.2%. German Capital Investment increased by 1.0% and German Construction Investment by 0.9%. Economists predicted an increase of 1.1% and of 1.6%. Forex traders can compare this to the first data on German Capital Investment which increased by 2.7% and German Construction Investment which increased by 3.4%.
- German IFO: The German IFO Business Climate Index for August was reported at 115.9. Economists predicted a figure of 115.5. Forex traders can compare this to the German IFO Business Climate Index for July which was reported at 116.0. The German IFO Current Assessment Index for August was reported at 124.6. Economists predicted a figure of 125.0. Forex traders can compare this to the German IFO Current Assessment Index for July which was reported at 125.5. The German IFO Expectations Index for August was reported at 107.9. Economists predicted a figure of 106.8. Forex traders can compare this to the German IFO Expectations Index for July which was reported at 107.3.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese National CPI: The Japanese National CPI for July increased by 0.4% annualized. Economists predicted an increase of 0.4% annualized. Forex traders can compare this to the Japanese National CPI for June which increased by 0.4% annualized. The Japanese National Core CPI for July increased by 0.1% annualized. Economists predicted an increase of 0.1% annualized. Forex traders can compare this to the Japanese National Core CPI for June which was reported flat at 0.0% annualized. The Japanese National CPI Excluding Fresh Food for July decreased by 0.5% annualized. Economists predicted a decrease of 0.5% annualized. Forex traders can compare this to the Japanese National CPI Excluding Fresh Food for June which decreased by 0.4% annualized.
- Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for July increased by 0.6% annualized. Economists predicted an increase of 0.8% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for June which increased by 0.7% annualized.
Should price action for the EURJPY remain inside the or breakdown below the 129.200 to 129.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 129.350
- Take Profit Zone: 125.300 – 125.750
- Stop Loss Level: 130.300
Should price action for the EURJPY breakout above 129.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 129.750
- Take Profit Zone: 131.500 – 131.700
- Stop Loss Level: 129.200
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