During the European trading session, traders will be getting ready for the publication of the ECB meeting results. The meeting will take place tomorrow. At the moment, we see price swings caused by traders who choose short-term trading. In other words, only speculators are active today.According to the previous data, the eurozone industrial production contracted by 1.7% on a yearly basis. Today, the data was downwardly revised to a drop of 2.0%. However, in January, the indicator increased by 0.9%, whereas economists had expected just a 0.5% rise. Notably, that was not enough to support the euro. As a result, the single currency continued losing value, thus dragging the pound sterling. There are two reasons for that. Since Friday, the US dollar has significantly depreciated, which led to oversold conditions. That is why the market needed a rebound, which began just after the opening of the European session. Secondly, the US will disclose its retail sales figures today. According to the forecast, the growth pace will slacken. In other words, the data will confirm the US economic slowdown, which together with the ballooning banking crisis is considered an alarming signal. The market is moving against expectations as it often happens ahead of the publication of important reports. Once the data is disclosed, the trend may alter. Traders may see such a situation today if the predictions come true and the news flow remains calm. Ahead of the publication of the US reports, we see that the euro dropped below 1.0700 against the greenback after a short-lived stagnation. Although the price is changing, the euro is still attracting investors. That is why a jump above 1.0750 may lead to a further rise in the pair. The current decline could be defined as a correction after the recent inertial movement. Meanwhile, the pound/dollar pair stopped hovering along 1.2150 and dropped. Nevertheless, the price consolidation above this level reflects mainly bullish sentiment. Against the backdrop, a rise above 1.2200 is likely to allow the pair to climb to 1.2300.

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00:00 INTRO
00:22 EUROZONE INDUSTRIAL PRODUCTION, Y/Y
00:41 QUOTES
01:05 USA
01:46 EUR | USD
02:13 GBP | USD