During the upcoming trading week, the Meeting Minutes from the last Federal Open Market Committee policy meeting takes centre stage. Traders and investors will be combing through the details of the FOMC Meeting Minutes for clues about the central banks current thinking towards the United States economy. Market participants will also be looking forward to the release of US Retail Sales, Jobs, and PMI Manufacturing data this week.

Other important events on the economic calendar this week include the release of the Reserve Bank of Australia Meeting Minutes and the European Central Bank Monetary Policy Meeting Accounts. Preliminary eurozone PMI Manufacturing data and PMI Services data from the United Kingdom will also be closely watched.

Monday 15th February, EU Industrial production

EU Industrial Production is released by the Eurostat and shows the volume of production of Industries such as factories and manufacturing inside the eurozone economy. An uptrend Industrial production is regarded as inflationary, which may generate a positive sentiment towards the euro, while a low Industrial production figure is seen as a negative for the euro currency.

• The EURUSD pair is only bullish while trading above the 1.2100 level, key resistance is found at the 1.2185 and 1.2220 levels.
• If the EURUSD pair holds below the 1.2100 level, sellers may test towards the 1.2060 and 1.2030 levels.

Tuesday 16th February, RBA Meeting Minutes

The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the RBA is bearish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate decrease.

• The AUDUSD pair is only bearish while trading below the 0.7680 level, key support is found at the 0.7450 and 0.7380 levels.
• If the AUDUSD pair moves above the 0.7680 level, buyers may test towards the 0.7800 and 0.7950 levels.

Wednesday 17th February, US FOMC minutes

The FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy. The Federal Open Market Committee organizes eight meetings in a year and reviews economic and financial conditions, and determines the appropriate stance of monetary policy. Financial market participants closely watch the release of the FOMC Meeting Minutes.

• The USDCHF pair is only bearish while trading below the 0.9000 level, further losses towards 0.8800 and 0.8650 levels remain possible.
• If the USDCHF pair trades above the 0.9000 level, buyers are likely to test the 0.9100 and 0.9150 resistance levels.

Thursday 18th February, US Initial Jobless Claims

US Initial Jobless Claims is released by the US Department of Labor on a weekly basis and is a measure of the number of jobless claims filed by individuals seeking to receive state jobless benefits. This figure measures the overall strength in the United States labour market and is closely followed by both traders and investors.

• The USDCAD pair is only bearish while trading below the 1.2800 level, key support is found at the 1.2660 and 1.2580 levels.
• If the USDCAD pair moves above the 1.2800 level, buyers will likely test towards the 1.2900 and 1.3000 resistance levels.

Friday 19th February, EU Manufacturing PMI

The EU Manufacturing Purchasing Managers Index is released by Markit Economics and measures the activity level of purchasing managers in the manufacturing sector. The manufacturing PMI is an important indicator of business conditions and the overall economic condition in the eurozone because the manufacturing sector represents nearly a quarter of total GDP. A reading above 50 indicates expansion in the sector and below 50 indicates contraction.

• The EURGBP pair is only bearish while trading below the 0.8850 level, key support is found at the 0.8650 and 0.8510 levels.
• If the EURGBP pair trades above the 0.8850 level, buyers will likely test towards the 0.8880 and 0.8910 resistance levels.