Week 9 data: Oil and gold. How they might be affected in the short term?

[ExnessOfficial]

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook. The most important economic data for this week are:

Monday:

• Japanese inflation rate at 23:30 GMT. The expectation for January is that the rate could go down to 2.1% from the previous 2.6%. This might be somewhat bearish news to the market participants trading the yen.

Thursday:

• Preliminary German inflation rate at 13:00 GMT. The market consensus for February is for a decline of the figure of around 0.3% reaching 2.6%. If this is broadly accurate then it could probably influence the following day’s European inflation figure.
• The US core PCE price index for January is expected to increase to 0.4% against the previous 0.2%. If these figures are broadly accurate then it might create some support for the Dollar whereas in the event of a more soft PCE reading the Dollar might weaken.

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