Community Forecasts for January 12-16: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro started previous week in the mid of the 1.19 level against the Greenback, but was not able to sustain it and the broadly stronger Dollar rose to nine-year highs. Data showed that German inflation fell to a five year low in December, putting more pressure on the European Central Bank to implement quantitative easing measures on January 22. Moreover, the ECB President Mario Draghi announced that measures may contain purchases of government bonds.  According to the Germany's Federal Statistics Office, the annual inflation rose just 0.2% in December, below forecasts for 0.3% and down from 0.6% in November, while on a monthly basis consumer prices stayed unchanged, compared to the expectations for an increase of 0.2%. However, the Dollar fell against the Euro on Friday after the latest US jobs report which indicated that the Federal Reserve could continue keeping rates, prompting investors to fix profits in the Greenback. Moreover, US economy added 252,000 jobs in December, more than 240,000 forecasted by economists. The unemployment rate, in turn, reached the six-year low at 5.6% in December, down from 5.8% a month ago.
In a week time, sentiment on the EUR/USD pair changed insignificantly, as now 61% of traders predict the Euro to decline, compared to previous week's 58%. The mean forecast for January 16 is located around the 1.1850 level. Among important fundamentals, data on EU industrial production will be published on Thursday, followed by final data on Eurozone's inflation a day later. From American side, data on retail sales, as well as reports on import prices and business inventories are going to be released on Wednesday. The report on industrial production and preliminary data on consumer sentiment will additionally be published on Friday. 

© Dukascopy Bank SA
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