Investor awaits inflation Data in the USA

The United State tariff wall keeps scaring investors and swing world markets. Asian market traded mix on Tuesday because investor fears Donald Trump’s tariffs on steel (25%) and aluminum (10%) imports may cause the trade war and world economic slowdown. While Shanghai market may wait for Chinese industrial production in February at 9.00 a.m. which predict lower than January. Therefore, major markets in Asia may trade mixed today.
Investors also keep eyes on the U.S. inflation data. Today PPI will be released at 19.30 p.m. PPI forecast is lower so it may affect the inflation data. In my opinion, the decreasing hour earning in USA may affect the core retail sales and retail sales at 19.30 p.m. and these indices may affect the New York stock market. If retail sales edge lower than expected, Dow Jones and greenback may fall for short time. I think the U.S. dollar may hold steady before FOMC meeting on 20-21 March.
Euro dropped lower on Tuesday because German 10-year bond yield fell to 0.64%. I suggest listening ECB chair speech at 15.00 p.m. and Eurogroup meetings. The European Union may do the countermeasures to U.S. steel tax. Oil price may rise above 65 USD per barrel again, if OPEC report at 18.20 p.m. and U.S. crude oil inventories at 21.30 p.m. give the good support.
Goldman Sachs’ technical analysis team, led by Sheba Jafari, has recently made another Bitcoin (BTC) prediction on March 12 that BTC may fall lower than the latest low 5,922 USD, if it falls lower to 7,667 USD to 7,198 USD. In my opinion, it explains the reversal pattern on daily time-frame. There is the possibility that Bitcoin will get down when the price breaks the confirmation line at 9,256 points. However, I think Bitcoin price may stabilize.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

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