EUR/USD

The EUR/USD pair is showing a slight decline, developing the corrective impetus formed the day before, when the instrument retreated from the local highs of February 22. Quotes are testing 1.0830 for a breakdown, while investors expect new drivers to emerge. In particular, today the EU will publish February statistics on the level of sentiment in the economy, which, however, is unlikely to significantly affect the dynamics of the instrument. However, the Economic Sentiment Indicator is expected to strengthen from 96.2 points to 96.7 points, Consumer Confidence may remain at -15.5 points, and the Services Sentiment indicator may rise from 8.8 points to 9.0 points. Tomorrow, February inflation data will be presented in Germany, France and Spain. In Germany, the monthly dynamics of the Consumer Price Index is expected to accelerate from 0.2% to 0.5%, and in annual terms - a decrease from 2.9% to 2.6% is projected. In France, the CPI harmonized with EU standards may slow down from 3.4% to 3.0%. In addition, on Thursday the market will receive American statistics on Personal Consumption Expenditures - Price Index, which is an important indicator that the US Federal Reserve uses when calculating the average dynamics of inflation in the country. In annual terms, the index is projected to decrease from 2.6% to 2.4%, and in monthly terms it is expected to increase from 0.2% to 0.3%.

GBP/USD

The GBP/USD pair is trading with downward dynamics, retreating from the local highs of February 2, updated last week. The instrument is testing 1.2660 for a breakdown, while trading participants are in no hurry to open new positions ahead of the publication of US statistics on Personal Income and Spending and Personal Consumption Expenditures - Price Index, which may affect the US Federal Reserve's immediate plans for monetary policy. Forecasts for Personal Consumption Expenditures in January suggest a slowdown in annual dynamics from 2.6% to 2.4%, and in monthly terms an increase from 0.2% to 0.3%. Investors continue to analyze statistics on the dynamics of Durable Goods Orders, which were presented the day before. Durable Goods Orders excluding Transportation in January fell from -0.1% to -0.3%, while analysts expected an increase of 0.2%. Overall Durable Goods Orders fell 6.1% after -0.3% in the previous month, with a forecast of -4.5%. Some pressure on the pound yesterday was exerted by data on a slowdown in the BRC Shop Price Index in January from 2.9% to 2.5%.

NZD/USD

The NZD/USD pair has been developing corrective dynamics in recent days, retreating from the local highs of January 15, updated last week. During the Asian session, quotes are testing the level of 0.6110 for a breakdown, and the focus of investors' attention is on the results of the meeting of the Reserve Bank of New Zealand (RBNZ). As analysts expected, the regulator kept the key interest rate unchanged at 5.50% for the fifth time in a row, noting that the country still faces significant risks of renewed inflation growth. That is why officials are confident in the need to keep borrowing costs at restrictive levels to further control demand. The RBNZ also spoke about the mixed prospects for economic growth in China, which remains one of New Zealand's main trading partners in the region. Meanwhile, the US currency was put under some pressure by data on the dynamics of Durable Goods Orders published the day before. In January, Durable Goods Orders excluding Transportation lost 0.3% after -0.1% in the previous month, while analysts expected growth of 0.2%, and Nondefense Capital Goods Orders excluding Aircraft added 0.1% after -0.6% a month earlier. Today, the United States will present January statistics on Personal Income and Spending, as well as updated data on Gross Domestic Product (GDP) for the fourth quarter of 2023: the American economy is projected to grow by 3.3%.

USD/JPY

During the Asian session, the USD/JPY pair is growing slightly, recovering from the update of the lows of February 22, and testing 150.60 for a breakout. Today, investors are awaiting the publication of key American statistics: according to preliminary estimates, the dynamics of Gross Domestic Product (GDP) in the fourth quarter will accelerate, as before, by 3.3%, while the Core Personal Consumption Expenditures will remain at 2.0% on a quarterly basis. In addition, on Thursday, analysts expect a slowdown in the Core Personal Consumption Expenditures - Price Index from 2.9% to 2.8% in annual terms, while an increase is expected from 0.2% to 0.4% in monthly terms. Tomorrow Japan will present data on the dynamics of Industrial Production and Retail Sales in January: analysts believe that annual trade dynamics will accelerate from 2.1% to 2.3%, and production volumes will adjust by -7.3% from 1.4%.

XAU/USD

The XAU/USD pair is consolidating at 2030.00, awaiting the emergence of new drivers on the market. In particular, today investors will focus on statistics on the dynamics of US Gross Domestic Product (GDP) for the fourth quarter of 2023: analysts do not predict a revision of the previous estimate at 3.3%. Also, during the day, January data on the dynamics of Personal Income and Spending of American citizens will be published. In the previous month, Spending rose by 0.7% and Income by 0.3%. Tomorrow the market will receive statistics on the dynamics of the Core Personal Consumption Expenditures - Price Index. This indicator is used by the US Federal Reserve when calculating average inflation in the country, and therefore its fluctuations may lead to a revision of forecasts regarding the launch of a program to reduce borrowing costs in the near future. It is assumed that the Core Personal Consumption Expenditures - Price Index in annual terms will slow down from 2.9% to 2.8%, and in monthly terms it will increase from 0.2% to 0.4%.