{"id":122054,"date":"2018-02-23T06:34:57","date_gmt":"2018-02-23T11:34:57","guid":{"rendered":"http:\/\/countingpips.com\/?p=122054"},"modified":"2018-06-01T15:42:20","modified_gmt":"2018-06-01T15:42:20","slug":"uk-q4-gdp-revised-lower-eu-inflation-data-on-the-tap","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/02\/uk-q4-gdp-revised-lower-eu-inflation-data-on-the-tap\/","title":{"rendered":"UK Q4 GDP revised lower. EU inflation data on the tap"},"content":{"rendered":"
February 23, 2018<\/div>
\r\n<\/div><\/div>

By Orbex Blog<\/a><\/strong><\/p>\n

Daily Forex Market Preview, 23\/02\/2018<\/em><\/strong><\/p>\n

Data from the UK showed that the second revised estimate was lowered to 0.4% down from the first estimate of 0.5% for the quarter. This brought the annual GDP in the UK to 1.4% on the year missing estimates of 1.5%. The business investment for the quarter was also revised to show a flat print, compared to the initial estimates of 0.5%. The British Pound was seen falling on the news.<\/p>\n

Later in the day, the New Zealand quarterly retail sales data showed a 1.7% increase on the quarter ending December 2017. This was stronger than expected as retail sales increased from 0.3% in the third quarter.<\/p>\n

Looking ahead the data will cover the final inflation estimates for the month of January. Canada will also be releasing the inflation figures. Economists forecast a 0.4% increase on the month, which would reverse the 0.4% decline from the previous month. A number of Fed officials will also be speaking which includes Dudley, Mester and Williams.<\/p>\n

 <\/p>\n

EURUSD intra-day analysis<\/strong><\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

\"EURUSD<\/p>\n

EURUSD (1.2302):<\/strong> The EURUSD managed to post a modest rebound yesterday closing on a bullish note. However, the gains look to be short lived as price action earlier this morning shows a reversal. This coincides with the rally to the resistance level at 1.2363 \u2013 1.2333 level. As long as the resistance holds, EURUSD could be seen posting further declines targeting the immediate support at 1.2090 \u2013 1.2070 region. Price will of course need to close below the previous lows at 1.2213 from February 9th<\/sup>.<\/p>\n

 <\/p>\n

GBPUSD intra-day analysis<\/strong><\/p>\n

\"GBPUSD<\/p>\n

GBPUSD (1.3943):<\/strong> The British pound had initially weakened on the day as the currency pair posted an intraday low to 1.3856 before recovering to close the day on a higher note. Price action suggests that the support level around 1.3902 will stall the declines in the near term. Overall, GBPUSD continues to trade within the triangle pattern posting a consolidation over the medium term. A strong breakout to the downside, below 1.3902 is required for GBPUSD to resume the declines towards 1.3611 \u2013 1.3589.<\/p>\n

 <\/p>\n

NZDUSD intra-day analysis<\/strong><\/p>\n

\"NZDUSD<\/p>\n

NZDUSD (0.7293):<\/strong> The New Zealand dollar was seen consolidating near the 0.7333 level but the rebound in prices at this resistance level failed. At the time of writing, NZDUSD is seen posting a decline off the resistance level. This could potentially indicate a decline toward 0.7160 level of support in the near term. Alternately, a close above 0.7333 on a daily basis could indicate a continuation to the sideways range in the NZDUSD.<\/p>\n

\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Blog Daily Forex Market Preview, 23\/02\/2018 Data from the UK showed that the second revised estimate was lowered to 0.4% down from the first estimate of 0.5% for the quarter. This brought the annual GDP in the UK to 1.4% on the year missing estimates of 1.5%. The business investment for the quarter […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-122054","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=122054"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122054\/revisions"}],"predecessor-version":[{"id":122063,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122054\/revisions\/122063"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=122054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=122054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=122054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}