TODAY’S FOREX BUZWORD MAJOR CURRENCY PAIRS 12.19.16

A DAILY SOCIAL TRADING EVENT

Today's Forex Buz Word Major Currency Pairs This morning, the greenback is trading higher against most of the major currencies, ahead of the US flash Markit services PMI, slated to release in a few hours.

MAJOR CURRENCY PAIRS 12.19.16 This morning, the greenback is trading higher against most of the major currencies, ahead of the US flash Markit services PMI, slated to release in a few hours.

The EUR is trading lower against the USD. In economic news, Ifo business climate index showed that German business morale notched its highest level since February 2014 in December, indicating that the economy proved resilient in the face of uncertainties that are clouding the growth outlook for the Eurozone’s largest economy. Additionally, the nation’s Ifo business expectation index improved in December, meeting market estimates, thus suggesting that firms remain optimistic about the nation’s growth prospects, while the Ifo current assessment index came in better than forecasted in December. Additionally, the Eurozone’s seasonally adjusted construction output rebounded in October.

The Yen is trading higher against the USD. Going ahead, investors will focus on the Bank of Japan’s interest rate decision, due to be announced tomorrow. The central bank is widely expected to maintain the key interest rate unchanged at -0.1%, while it is expected to keep its already-massive stimulus program unchanged at its monetary policy meeting.

On Friday, the greenback traded lower in the New York session, against the key currencies, after US housing starts dropped more than expected in November, suggesting slower growth in the nation’s housing sector in the fourth quarter. Moreover, the nation’s building permits eased in November.

 




 

 

EURUSD Struggling Euro Steady After Fed Rate Fallout

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0440 against the USD, 0.07% lower from the New York close. In economic news, Germany’s Ifo business expectations index advanced in December, meeting market expectations, while the Ifo business climate index rose more than anticipated in the same month. This morning, the pair traded at a high of 1.0479 and a low of 1.0433. The Euro traded marginally higher against the US Dollar in the New York session on Friday, with the pair closing the session at 1.0447. The pair is expected to its find support at 1.0399 and its first resistance at 1.0480.

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GBPUSD Fed Rate Fallout Weighs on Pound

GBPUSD

At 10:40 GMT, the pair is trading at 1.2456, with the Pound trading 0.19% lower against US Dollar from the New York close. In absence of any major economic releases in UK today, investor sentiment would be governed by global macroeconomic factors. The pair witnessed a high of 1.2502 and a low of 1.2448 during the session. On Friday, the Pound traded 0.18% higher against the US Dollar in the New York session and ended at 1.2480. Immediate downside, the first support level is seen at 1.2402, while on the upside, the first resistance level is situated at 1.2510.

 

USDJPY Yen Steadies After Rough Week

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 117.50 against the Yen, 0.36% lower from the New York close. Overnight data indicated that Japan’s adjusted merchandise trade surplus expanded less than expected in November. During the session, the pair traded at a high of 118.00 and a low of 116.96. On Friday, the US Dollar traded 0.14% lower against the Yen in the New York session and ended at 117.93. The pair is expected to its find support at 116.84 and its first resistance at 118.28.

 

USDCHF Weakness is Minimal

USDCHF

The US Dollar is trading at 1.0262 against the Swiss Franc at 10:40 GMT this morning, a tad lower from the New York close. Looking ahead, market participants will closely monitor Switzerland’s trade balance figures, slated to release tomorrow. The pair traded at a high of 1.0278 and a low of 1.0236 this morning. On Friday, the USD traded 0.21% lower against the CHF in the New York session and ended at 1.0267. The pair is expected to its find support at 1.0228 and its first resistance at 1.0303.

 

USDCAD Canadian Dollar Edges Higher

USDCAD

The pair is trading at 1.3368 at 10:40 GMT this morning, with the USD trading 0.25% higher against CAD from the New York close. The pair traded at a high of 1.3370 and a low of 1.3315 this morning. The US Dollar declined against the Canadian Dollar in the New York session on Friday, closing 0.2% lower at 1.3335. The pair is expected to its find support at 1.3325 and its first resistance at 1.3401.

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 AUDUSD Bids Lower Deficit Forecast

AUDUSD

The pair is trading at 0.7275 at 10:40 GMT this morning, with the Australian Dollar trading 0.29% lower against US Dollar from the New York close. Going ahead, investors will look forward to the Reserve Bank of Australia’s December meeting minutes, due to release overnight. This morning, the pair traded at a high of 0.7312 and a low of 0.7267. The Australian Dollar traded 0.53% lower against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7296. The pair is expected to its find support at 0.7237 and its first resistance at 0.7336.

 After an initial rally on Monday, Gold is selling off

Gold

Gold is trading at $1139.60 per ounce at 10:40 GMT this morning, 0.25% higher from the New York close. This morning, the precious metal traded at a high of $1144.10 per ounce and a low of $1136.00 per ounce. On Friday, gold traded 0.11% higher in the New York session and closed at $1136.80 per ounce, amid weakness in the greenback and decline in US equities.  Immediate downside, the first support level is seen at $1131.37 per ounce, while on the upside, the first resistance level is at $1145.97 per ounce.

 

Silver Prices Edge Lower, No Support

Silver

The precious metal is trading at $16.10 per ounce at 10:40 GMT this morning, 0.28% lower from the New York close. During the session, silver traded at a high of $16.27 per ounce and a low of $16.09 per ounce. In the New York session on Friday, silver rose 0.16% and closed at $16.14 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $15.96 per ounce, while on the upside, the first resistance level is at $16.27 per ounce.

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Oil prices hover near $US55

Oil

The commodity is trading at $52.06 per barrel at 10:40 GMT this morning, 0.06% higher from the New York close. Crude oil witnessed a high of $52.52 per barrel and a low of $51.96 per barrel during the session. In the New York session on Friday, crude oil rose 1.84% to close at $52.03 per barrel, amid growing optimism that major oil producers will adhere to their agreement to cut production to stabilize oil market. Separately, Baker Hughes disclosed that US oil rig count jumped by 12 to 510 last week, hitting its highest level since January 2016. Immediate downside, the first support level is seen at $50.87 per barrel, while on the upside, the first resistance level is at $52.88 per barrel.

 

Economic Snapshot  MAJOR CURRENCY PAIRS 12.19.16

 

Eurozone construction output rebounded in October

MAJOR CURRENCY PAIRS 12.19.16

The seasonally adjusted construction output in the Eurozone recorded a rise of 0.80% on a MoM basis, in October. Construction output had fallen by a revised 0.80% in the previous month.

 

German Ifo current assessment index recorded a rise in December

The Ifo current assessment index advanced to 116.60 in Germany, in December, compared to market expectations of a rise to a level of 115.90. In the prior month, the Ifo current assessment index had recorded a reading of 115.60.

   

Japanese exports declined less than expected in November

Exports eased 0.40% on an annual basis in Japan in November, lower than market expectations for a drop of 2.40%. In the previous month, exports had registered a drop of 10.30%.

 

Japanese imports dropped less than anticipated in November

Imports in Japan eased 8.80% on an annual basis in November, compared to a fall of 16.50% in the previous month. Market anticipation was for imports to fall 12.00%.

 

Chinese house price index recorded a rise in November

The house price index climbed 12.60% in China on an annual basis, in November. In the previous month, the house price index had climbed 12.30%.




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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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