Look ahead: France consumer confidence; eurozone economic sentiment; EIA; H&M earnings
France releases its latest consumer confidence print after the US. The eurozone economic sentiment reading could prompt some volatility for the euro.
EIA oil inventories come as oil prices are little changed amid a weaker dollar and as traders keep a wary eye on Ukraine-Russia. H&M reports Q1 earnings.
(AI Video Summary)
AUD/JPY
Angeline Ong gives us a sneak peek of the important events and indicators to keep an eye on this Wednesday, 27 March. We start in Australia, where we'll be watching the Consumer Price Index (CPI) for February. This indicator measures the changes in prices of goods and services and is expected to show a 3.5% increase compared to last year. Ong also brings our attention to the AUD/JPY pair, where she notices a strong upward triangle pattern, suggesting that the currency pair is likely to continue its upward trend.
France and eurozone data
Moving on to France, we have the release of consumer confidence numbers for March. These numbers give us an idea of how optimistic consumers are feeling about the economy. The consensus forecast is set at 90, indicating a positive outlook. In the eurozone, we'll be keeping an eye on economic sentiment, which is a measure of how optimistic or pessimistic businesses and consumers are feeling about the economy. The forecast for March is 96.1, showing that confidence is still relatively high.
US data and crude oil inventories
In the United States, we have some interesting data coming out from the Energy Information Administration (EIA) regarding crude oil inventories. This data gives us insights into the levels of oil inventories in the country and can influence oil prices. Currently, oil prices have been stuck within a certain range, waiting for a catalyst to push them higher or lower. Factors such as the recent attacks in Ukraine, which have led to a decrease in Russian refinery capacity, and the weaker US dollar, are playing into investors' decision-making process.
H&M earnings report
Lastly, Ong mentions a big earnings release from H&M, a popular fast fashion retailer. The company's shares have been down 14% so far this year, so investors will be eagerly anticipating the quarterly revenue numbers. Analysts are expecting the company to report 53.2 billion in revenue.
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