On the final trading day of the week investors will be served just two noteworthy readings. The first one will be released at 1:00 pm GMT and it will be the German CPI reading. This data should be watched closely ahead of next week’s CPI reading for the whole euro area as Germany is Europe’s biggest economy. Market consensus expects a deceleration from 2.3% YoY in November to 1.9% YoY in December. Investors may watch regional data, that will be released at 9:00 am GMT and 9:30 am GMT, in order to assess what the reading for the whole country will be. In the late afternoon (4:00 pm GMT) the US Department of Energy will release weekly oil inventories data. API estimates released yesterday pointed to a huge build of 6.9 million barrels. Oil trades more or less flat since Wednesday’s stellar surge and a solid reading may help commodity leave this sluggishness behind.
OIL halted decline ahead of the $50 handle. However, bulls failed to add to Wednesday’s gain so far and solid inventories data may be a trigger for an extended price move. Source: xStation5
