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Old 24-12-2020, 16:41
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD. December 24, 2020 Consolidation at 1.22

The EUR/USD pair is showing consolidation in the area of ​​local highs at 1.2200.

Yesterday's weak statistics put some pressure on the dollar rate. In particular, the number of initial applications for unemployment benefits did not increase as much as analysts predicted, but still the figure is still above 800 thousand, which is a high figure. Moreover, in November, the growth in durable goods orders slowed, personal income and expenses fell, and new home sales fell sharply.

In addition, the consumer confidence index in the US fell to 88.6 points in December, while experts had expected the index to rise to 97 points.

At the same time, the European currency is supported by the approaching final in the Brexit negotiations. Experts note that the main controversial issues have already been practically resolved, and if an agreement between the EU and the UK is adopted, the euro may rush to the area of ​​1.2300.

Today the macroeconomic calendar is almost empty, the markets are getting ready for Christmas. In the United States, it is a shortened day, and European exchanges do not work at all throughout the day. However, today you should still pay attention to the statistics on basic orders for durable goods in the US in November.

GBP/USD. December 24, 2020 Sterling continues to storm the area of ​​local highs

The British sterling was the leader on Wednesday trading, confidently moving to a local maximum at around 1.3570. Negative factors in the form of the emergence of new strains of coronavirus and the lack of progress in the Brexit negotiations have not yet put pressure on the British currency, but everything can change at any time.

The pressure on the US dollar was exerted by yesterday's weak statistics. In particular, the number of initial applications for unemployment benefits did not grow as much as expected, but still the figure is still above 800 thousand.Moreover, in November the growth in the volume of orders for durable goods slowed down, income and expenses of individuals decreased. and new home sales fell sharply.

At the same time, the sterling is supported by the hopes of investors for the successful completion of negotiations on Brexit, despite the fact that the deadline for making a decision on a trade deal is rapidly approaching. Negotiations between the EU and the UK lasted all night, and if an agreement is reached, the pound will rush to new highs in the 1.40 area. If the negotiations fail, the dynamics of the British currency will depend on whether the debate continues in the future.

Today the macroeconomic calendar is almost empty, the markets are preparing for Christmas, so the movement of the pair will be limited by a narrow range below the 1.3570 level.
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