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Old 17-12-2019, 06:05
MikhailLF MikhailLF is offline
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Default Re: Forex News Analysis by LiteForex

Morning Market Review
2019-12-17 08:51 (GMT+2)
EUR/USD

EUR shows flat dynamics against USD during today's Asian session, maintaining a "bullish" momentum formed at the beginning of last trading week. The euro is adding about 0.04%, expecting new drivers for growth. The instrument had a moderate positive trend on Monday; however, the macroeconomic background of the beginning of the week remains ambiguous. Manufacturing PMI of the euro area in December fell from 46.9 to 45.9 points against the forecast of growth to 47.3 points. At the same time, Services PMI grew from 51.9 to 52.4 points, which turned out to be better than market expectations of 52 points. Separately, investors were disappointed with data from Germany. German Manufacturing PMI fell from 44.1 to 43.4 points against the forecast of 44.5 points. German Services PMI increased again from 51.7 to 52 points, meeting market expectations. Composite PMI in December consolidated at the previous level of 49.4 points, contrary to expectations of growth to 49.9 points.

GBP/USD

GBP is declining during today's Asian session, correcting after sharp growth over the last two trading sessions. The instrument is testing 1.3300 for a breakdown, although during the first hours of trading, the pound fell to the level of 1.3234. The euphoria from the confident victory of the Conservative Party of Great Britain in the parliamentary elections is gradually passing, and not the most successful macroeconomic statistics comes to the fore. Markit Manufacturing PMI of the UK in December fell from 48.9 to 47.4 points against the forecast of growth to 49.3 points. Services PMI also showed a decrease from 49.3 to 49 points against the forecast of growth to 49.5 points. Today, investors are waiting for the publication of UK labor market data. In addition, closer to the end of the afternoon session, Bank of England Governor Mark Carney should give his speech.

AUD/USD

AUD is going down against USD during today's Asian session, losing about 0.22%. Pressure on the instrument is exerted by not the most successful macroeconomic statistics from Australia, as well as the publication of last RBA meeting minutes, at which the monetary policy parameters were preserved unchanged. Australian Home Loans in October grew by 0.6% MoM after the decline of 3% MoM in the previous month. Analysts had expected growth rate at 1% MoM. At the same time, Invest Housing Finance in October grew by 2% MoM after an increase of 1.1% MoM in September. During the day, investors expect publication of statistics on the housing market and the US industrial production in November.

USD/JPY

USD shows flat dynamics of trading against JPY during today's Asian session. The pair is consolidating after moderate growth the day before, which again brought the dollar to local highs (109.69), updated at the end of last week. Monday's macroeconomic statistics clearly contributed to the development of the uptrend in the instrument. Jibun Bank's Manufacturing PMI dropped from 48.9 to 48.8 points in December, which, however, turned out to be better than forecasts of 48.4 points. Tertiary Industry Index in October decreased by 4.6% MoM after growth by 1.8% MoM in the previous month. Analysts had expected positive dynamics to remain at 0.7% MoM. In turn, American statistics turned out to be better than the forecasts. Services PMI in December rose from 51.6 to 52.2 points against the forecast of 52 points. Composite PMI in December rose from 52 to 52.2 points against the forecast of 51.9 points.

XAU/USD

Gold prices are stable at the beginning of the new week and consolidate near the levels of 1475.00–1480.00. Friday's growth gave way to flat dynamics amid the fading of previous growth factors, one of which was the fact that the US and China had agreed upon a trade deal. In addition, China managed to avoid new import duties, which should have a positive effect on global trade. The uncertainty in the market was also lowered by the confident victory of the Conservative Party of Great Britain in the early parliamentary elections, which will allow Boris Johnson to carry out the Brexit procedure without any special obstacles by the end of January next year.
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