Thursday will see the release of important data from China. As China is the largest consumer of platinum, palladium, copper and many other commodities, a decrease in industrial production will see commodity prices decrease. Analysts forecast a bullish figure for industrial production. In January, production grew at 9.% compared to 9.7% the same January of the previous year. For retail sales, the median projection is a slight increase from the year before to approximately 13.5%. Buying around 6.0700 should prove to be a solid strategy with stops placed at 6.0500 with a target at 6.1540. A deep correction may also be likely in the near future, thus showing the double bottom support.
Written by Daniel Elo, analyst for www.EconomicCalendar.com
