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Forex Analysis
by ForexNewsNow Team on November 30, 2010

Forecast: No changes expected in EMU CPI, unemployment

Euro money supplyNEW YORK (Forex News Now) – Eurostat, the statistical office of the European Union, is due on Tuesday to publish data on changes in the last month to the Consumer Price Index and the unemployment rate, in reports that could affect currency market trading.

According to two major online FX trading outlets, both reports are expected to show that there were no major changes in the last month: CPI is forecast to have continued to rise at a rate of 1.9% in November, while unemployment is expected to remain at 10.1% for October, the same figure recorded for September.

The office is scheduled to release both reports at 10:00 A.M., GMT.

They will follow the release an hour earlier of German unemployment statistics for October, which should also have an impact on trading as Germany is Europe’s largest economy.

According to EUR/USD analysis, a higher-than-expected growth in CPI or lower-than-expected unemployment, could lift EUR/USD toward resistance around 1.3200, while the opposite could see the currency pair pushed toward support around the mark of 1.3000.

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