Midweek data: more highs for inflation ahead of the ECB

<img width="562" height="338" src="https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="float: left; margin-right: 5px;" link_thumbnail="" loading="lazy" srcset="https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness.jpg 880w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-730×438.jpg 730w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>The technical picture remains unambiguously negative, with a fresh two-year closing low of $1.0825 on Tuesday. The next key support is the psychological area of $1.07 near the 100% Fibonacci retracement, i.e. full retracement of all the euro’s gains since March 2020. To the upside, any possible bounce in the next few weeks would probably face resistance around $1.10 and above that the 50 SMA. Volatility is likely to be higher in the early afternoon GMT as is typical around a meeting of the ECB.</p>
<h3>Key data this week</h3>
<p><strong>Bold </strong>indicates the most important release for this symbol.</p>
<p><u>Thursday 14 April</u></p>
<ul>
<li><strong>from 11.45 GMT: statement and press conference of the European Central Bank</strong></li>
<li>12:30 GMT: American retail sales (March) – consensus 0.6%, previous 0.3%</li>
<li>12:30 GMT: initial jobless claims (9 April) – consensus 171,000, previous 166,000</li>
</ul>
<p><u>Friday 15 April</u></p>
<ul>
<li>6:45 GMT: French annual inflation (final, March) – consensus 4.5%, previous 3.6%</li>
<li>6:45 GMT: French monthly inflation (final, March) – consensus 1.4%, previous 0.8%</li>
<li>13:15 GMT: American annual industrial production (March) – consensus 5.9%, previous 7.5%</li>
</ul>
<h2>Gold, daily</h2>
<p><img class="alignnone size-full wp-image-444690" src="https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily.jpg" alt="" width="1463" height="768" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily.jpg 1463w, https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily-250×131.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily-700×367.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily-768×403.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily-120×63.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily-245×129.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/04/Gold-daily-500×262.jpg 500w" sizes="(max-width: 1463px) 100vw, 1463px" /></p>
<p>Gold reached a monthly high yesterday around $1,980 in the aftermath of higher than expected American inflation and a general lack of optimism surrounding talks between Russia and Ukraine. On the contrary, it appears that Russia is preparing a new offensive in the east of Ukraine. A large majority of participants, more than 85%, expects a two-step hike by the Fed on 4 May. Yields of 10-year Treasuries meanwhile reached a fresh post-Covid high above 2.63% on Tuesday.</p>
<p>The chart seems to suggest more gains to come, with the price having moved upward from the range that was established in the second half of last month. However, with buying volume still quite low and buying saturation approaching, an immediate strong breakout upward is unfavourable based on TA. American data this afternoon and tomorrow might drive some movement, but sentiment, the war and events in stock markets seem more important in the near future.</p>
<h3>Key data this week</h3>
<p><u>Thursday 14 April</u></p>
<ul>
<li>12:30 GMT: American retail sales (March) – consensus 0.6%, previous 0.3%</li>
<li>12:30 GMT: initial jobless claims (9 April) – consensus 171,000, previous 166,000</li>
</ul>
<p><u>Friday 15 April</u></p>
<ul>
<li>13:15 GMT: American annual industrial production (March) – consensus 5.9%, previous 7.5%</li>
</ul>
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<p><em>Disclaimer: opinions are personal to the author and do not reflect the opinions of Exness or LeapRate.</em></p>
</div>
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