FOREX Report: Technical Analysis 17th Dec

Posted: December 17, 2014 in Uncategorized

EUR/USD down 0.19% to 1.2486. The pair rose to a three week high of 1.2568 on Tuesday after data showed that the closely watched ZEW index of German economic sentiment improved to its highest level since May this month. The Fed still seems keen to start raising U.S. rates by mid-2015. However, with inflation still well below its 2 percent target and likely to dip further as fuel prices fall, investors are wagering that any hike will only add to the disin flationary impulse in the economy.
GBP/USD was trading at 1.5712 from around 1.5717 ahead of the release of the data, The Office for National Statistics said the unemployment rate held steady at 6.0% in the three months to October, compared to expectations for a tick down to 5.9%. The number of people in the U.K. claiming unemployment benefits fell by 26,900 last month, compared to expectations for a decline of 21,200.
The Australian dollar fell from highs near 0.8270 to around 0.8200 and traded near 0.8210 in late trade. US Central bankers meeting today may say they’re monitoring markets carefully as Russia’s currency collapse threatens to destabilize other regions.
The Japanese yen traded between 115.65 yen per US dollar to ¥117.65 and was near ¥117.25 in late US trade. This morning the yen dipped to 116.61 as the greenback recovered some of yesterday’s losses. Japanese exports undershot expectations in November despite the effects of a weaker yen, but rose for the third straight month suggesting a pick-up in global demand. Exports rose 4.9 percent on year, below expectations for a 7 percent rise in a Reuters poll and down from October’s 9.6 percent increase. Imports decline 1.7 percent, below expectations for a 1.7 percent rise and down from October’s 2.7 percent rise.
Data Update for 17th Dec 2014

Time Currency Impact Particular Forecast Previous
3:15am NZD Current Account -5.32B -1.08B
5:00am AUD MI Leading Index m/m 0.10%
5:20am JPY Trade Balance -0.99T -0.99T
15:00:00 GBP High Average Earnings Index 3m/y 1.30% 1.00%
GBP High Claimant Count Change -19.8K -20.4K
GBP High MPC Official Bank Rate Votes 2-0-7 2-0-7
GBP MPC Asset Purchase Facility Votes 0-0-9 0-0-9
GBP Unemployment Rate 5.90% 6.00%
3:30pm CHF ZEW Economic Expectations -7.6
EUR Final CPI y/y 0.30% 0.30%
EUR Final Core CPI y/y 0.70% 0.70%
7:00pm CAD High Wholesale Sales m/m 0.90% 1.80%
USD High CPI m/m -0.10% 0.00%
USD High Core CPI m/m 0.10% 0.20%
USD Current Account -98B -99B
7:30pm CHF SNB Quarterly Bulletin
9:00pm USD Crude Oil Inventories -2.6M 1.5M

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