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Forex Daily Market Analysis from ForexMart

Discussion in 'Forex Forum' started by Andrea ForexMart, Oct 4, 2016.

  1. KostiaForexMart

    KostiaForexMart Active Member

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    Brent. November 27, 2020 – Oil is correcting after an upward rally

    Yesterday Brent began to decline, interrupting the upward rally. Prices failed to hold on to the reached maximum near $49 per barrel and retreated to $47.45. The current quotation is $48.40 per barrel.

    Most likely, the driver of the decline was the news that Venezuela, despite the US sanctions, resumed oil supplies to China. This once again caused investors to worry about a possible oversupply of oil.

    The Venezuelan state-owned company PdVSA signed a contract with China to resume oil supplies in August this year. And after the publication of the results of the US presidential election, Venezuela apparently decided to ignore Trump's sanctions.

    Today is a quiet trading day as the United States continues to celebrate Thanksgiving. Brent will fluctuate weakly around $48.50 a barrel.

    EUR/USD. November 27, 2020 – Euro is trading above 1.1900

    On Friday, the EUR/USD pair resumed its growth: the current quotation of the asset is 1.1920. Thanksgiving weekend continues in the US, so the dynamics of trading today is rather sluggish.

    The euro is strengthening, despite weak data from Germany, published yesterday. The consumer climate index in Germany from the GfK institute for December fell to -6.7 points from -3.1 earlier. This is even worse than predicted, suggesting that consumer sentiment is becoming increasingly pessimistic.

    The index of economic expectations fell to -0.2 points from the previous 7.3, which was the worst value since May this year.

    Today the macroeconomic calendar is almost empty and the EUR/USD pair will continue to fluctuate slightly above the 1.19 level.
     
  2. KostiaForexMart

    KostiaForexMart Active Member

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    EUR/USD. November 30, 2020 – Euro continues to rally

    The European currency demonstrates steady growth in the trading on Monday, renewing September highs and coming close to strong psychological resistance at 1.20. The current quote for the EUR/USD pair is 1.1983.

    The euro is growing despite the negative statistics released last Friday. In particular, the indicator of sentiment in the eurozone services sector in November fell from -12.1 to -17.3 points, while analysts had expected a fall only to -15.5 points. The level of consumer confidence for the same period decreased from -15.5 to -17.6 points.

    The main reason for the growth of the EUR/USD pair can be called the general weakness of the US dollar against the background of persisting significant epidemiological risks. In addition, investors expect that with the arrival of the new Joe Biden administration, long-awaited economic reforms will take place, and urgent programs to help the American economy will be approved. And that won't do the dollar any good.

    Today we should pay attention to the speech of the head of the ECB Christine Lagarde, the consumer price index for November in Germany, as well as data on the volume of pending home sales in the United States in October.
     
  3. KostiaForexMart

    KostiaForexMart Active Member

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    GBP/USD. November 01, 2020 – The pound is confidently approaching the level of 1.3300

    The British currency continues to show a decline from the 1.3400 highs area. The current quote for the pair is 1.3315.

    Investors are still awaiting progress in the Brexit negotiations. Earlier, the head of the European Commission, Ursula von der Leyen, noted that the fate of the trade agreement will be decided this week, while the EU is ready to exit without a deal with Great Britain.

    Yesterday, the dynamics of the pound was also affected by economic reports: the volume of consumer lending in October fell by 0.6 billion pounds, but the total number of approved applications increased from 91.454 to 97.5 thousand.

    Today we should pay attention to the November house price index from Nationwide and the PMI of the manufacturing sector in the UK. Business activity in the country remained at 55.6 points, while analysts predicted the figure at 55.2. In the US, the manufacturing PMI will also be published and Jerome Powell will speak.
     
  4. KostiaForexMart

    KostiaForexMart Active Member

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    Brent. December 02,2020 – Oil declines after postponing OPEC+ meeting

    During trading on Wednesday, oil recovered somewhat after falling to $46.90 per barrel. The current Brent quote is $47.30.

    The pressure on prices increased after OPEC+ postponed until Thursday the final decision on oil production quotas, which will operate from January 1, 2021. The oil cartel was supposed to make the appropriate decision on Tuesday.

    Currently, the cumulative reduction in oil production by the alliance countries is 7.7 million barrels per day. OPEC+ planned that from January production will increase by 2 million barrels per day. However, the countries did not reach a consensus during the meeting on Monday due to persistent disagreements between Saudi Arabia and the UAE over countries that were in bad faith in fulfilling the terms of the deal, in particular Russia.

    Market participants are looking forward to the outcome of the next meeting: the most likely outcome will be an extension of the current terms of the deal by three months. However, this is unlikely to be enough to offset the negative impact on demand amid the deteriorating situation with the coronavirus in the world, so the sales in the oil market are likely to continue.
     
  5. KostiaForexMart

    KostiaForexMart Active Member

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    EUR/USD. December 3, 2020 – Euro updated its April 2018 high

    Quotes of the EUR/USD pair continue to update their highs: the current price of the euro is 1.2125. The last time the couple was at such heights at the end of April 2018.

    The euro is being supported by investors' hopes that the US authorities are about to start supporting the economy. After the Democrats and Republicans in the US Congress agreed on the size of the fiscal stimulus program in the amount of $ 908 billion, the markets returned to the hope that support will be provided later this year.

    An additional «bearish» factor for the greenback is rumors that the Fed will start a «twist» operation in December with the purchase of long-term bonds. In addition, yesterday's data on the labor market from ADP also disappointed investors: statistics showed the worst dynamics since July. It is reported that employment in the private sector will grow by only 307 thousand, which is worse than the forecast of 433 thousand and last month's figure of 404 thousand.

    The RSI indicator has leveled off to a horizontal position, which signals that the pair will adhere to flat dynamics during the day near the 1.2100 level.
     
  6. KostiaForexMart

    KostiaForexMart Active Member

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    EUR/USD. December 04, 2020 – Euro has updated its maximum at around 1.2175

    The euro continues to renew its multi-year highs, reaching 1.2175. In November, the growth of the pair was due to the general weakness of the US dollar and increased interest in risky assets. In December, the US currency continues to decline against the background of continuing negotiations on fiscal stimulus in the US Congress.

    Democrats and Republicans were finally able to agree on the volume of the aid package, which will amount to $908 billion. At the same time, Joe Biden noted that the American economy will need much more injections.

    However, the position of the European currency is rather shaky in the medium term. At the moment, it is the eurozone that is the brake on the world economy, which is confirmed by the recently published statistics on business activity in the region. Market participants assume that the European Central Bank will expand the asset purchase program by at least 500 billion euro at its December meeting and will extend its duration until the end of 2021.

    Moreover, the European Union faced problems when discussing the creation of a pandemic rescue fund in the amount of 750 billion euros. Poland and Hungary do not agree with the position of the European Commission, and, possibly, these countries will be excluded from the support program. All of these factors increase political uncertainty in Europe, which could put pressure on the euro in the near future.
     
  7. KostiaForexMart

    KostiaForexMart Active Member

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    AUD / USD. 07.12 | "Inside bar" above the level of 0.7400

    On the daily chart, the Australian Dollar / US Dollar currency pair has formed an “inside bar” candlestick pattern based on the resistance level of 0.7400, giving a signal to buy.

    At the end of last week, the AUD / USD price renewed its maximum since August 2018 at 0.7448, after which it went into a slight correction. In the medium term, I would like to see further development of the upward trend.

    On the one hand, you can take a closer look at purchases according to the specified pattern, on the other hand, first wait for the development of a correction for a more convenient entry into the market. To make a decision, it makes sense to follow the price behavior and the formation of buy signals on lower timeframes. The next upside target is at 0.7500.
     

  8. KostiaForexMart

    KostiaForexMart Active Member

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    EUR/AUD. 08.12 | Consolidation between the lines EMA 21 and EMA 60

    The euro / Australian dollar currency pair has formed on the daily chart a series of doji patterns above the resistance level of 1.6300, located between the exponential moving averages for 21 and 60 days - EMA 21 and EMA 60.

    Earlier, the EUR / AUD price renewed its maximum since November 4, after which it corrected to the nearest strong support level - 1.6300. I would like to see the completion of consolidation and continued growth along the upward trend.

    I will monitor the appearance of buy signals. The nearest target is at the level of 1.6400, near the EMA 200 line. The medium-term target for growth is at the level of 1.6500.
     
  9. KostiaForexMart

    KostiaForexMart Active Member

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    GBP / USD. December 09, 2020 - Pin bar "from the level of 1.3300

    The GBP / USD currency pair formed a pin bar reversal pattern on the daily chart, rebounding from the 1.3300 resistance level.

    The price of the GBP / USD trading instrument corrected to the line of the 21-day exponential moving average - EMA 21, after which it turned around, giving a buy signal. The pound sterling rose in price amid news of the success of the Brexit negotiations.

    Most likely, the correction is over and the pair is ready to continue growing. The immediate upside target is 1.3500, which is in the area of highs since May 2018.
     
  10. KostiaForexMart

    KostiaForexMart Active Member

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    XAU / USD. December 10.2020 - "Absorption" from the EMA 60 line

    At the end of yesterday's trading, the gold / US dollar trading pair formed an engulfing candlestick pattern on the daily chart based on the 60-day exponential moving average line - EMA 60.

    The price of the trading instrument XAU / USD has renewed its maximum since November 23 at around 1874, after which it turned around, giving a signal to sell. We failed to consolidate at the level of 1860 and, most likely, the pair will start a new downward wave.

    It makes sense to take a closer look at sales according to the specified candlestick pattern. The closest reference for the decline is at 1800, near the EMA 200 line.
     
  11. KostiaForexMart

    KostiaForexMart Active Member

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    NZD / USD. December 11.2020 - Growth to highs

    The New Zealand dollar / US dollar currency pair bounced off the round level of 0.7000 in yesterday's trading and formed an engulfing candlestick pattern on the daily chart, giving a buy signal.

    The NZD / USD price rose to the 0.7100 resistance level, which is located in the area of the highs since April 2018. Buyers were unable to overcome the resistance at the indicated level, and today the pair went into a slight correction.

    In the medium term, I would like to see continued growth along the upward trend. At the same time, it is better to enter new deals after breaking through the level of 0.7100, the next target is at 0.7200.
     
  12. KostiaForexMart

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    EUR/USD. December 14, 2020 – Euro remains in local highs

    Euro continues to feel confident in the area of local highs. The couple is stable, even despite the fact that there is no progress with vaccines as such, however, there is still a strong optimism on the market about an early vaccination, which supports interest in risky assets. The current quote for the EUR/USD pair is 1.2160.

    Today the macroeconomic calendar is almost empty. Only the data on the volume of industrial production in the euro zone in October will attract attention: the forecast assumes an increase of 1.8% m/m against a decline of 0.4% m/m in September.

    The ECB meeting last week did not please the bears either. The European regulator did not give any signals regarding further monetary policy and the high rate of the single currency. Moreover, the situation with Brexit no longer scares investors, which also allows the euro to remain in the highs.

    Experts note that the meeting of the US Federal Reserve may become the only factor that can cool the ardor of sellers. It is known that the Fed is not going to launch a «twist», which, together with the lack of plans for fiscal stimulus, may provide visible support to the dollar.

    Brent. December 14, 2020 – Oil returns to February highs

    Brent crude oil prices rise on Monday, trading at $50.50 a barrel. The asset is supported by general market optimism regarding the imminent mass vaccination against coronavirus, which should restore global demand for fuel. Vaccinations are starting in the United States today, which gives hope for the lifting of quarantine restrictions in the near future.

    Prices were further supported by an explosion on a tanker in a Saudi port, raising concerns about a possible disruption to supplies. Shipping company Hafnia reported an explosion on one of its tankers following an «external unidentified object strike» while unloading at the port of Jeddah.

    However, the problem of falling demand is also exacerbated by an increase in supply. On Friday, Baker Hughes announced an increase in the existing oil rigs in the US by 12 units, to 258. Earlier, the OPEC + countries also agreed to increase oil production by 500 thousand barrels, starting in January 2021. Given that the threat of oversupply is becoming more real, a reversal in the oil market could occur at any time.
     
  13. KostiaForexMart

    KostiaForexMart Active Member

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    EUR/USD. December 15, 2020 – Euro is stable at 1.2170 area

    The EUR/USD pair remains stable on Tuesday, trading in the highs just below the 1.2170 level.

    Eurozone industrial output statistics for October released yesterday exceeded analysts' expectations, reflecting 2.1% m/m growth. The forecast implied an increase of 1.8%, while a month earlier the indicator rose by 0.1% m/m.

    At the same time, the US dollar is under pressure from further actions of the American authorities in the issue of providing financial assistance to the economy. It is noted that a bipartisan incentive plan may be presented at the Congress level in the coming hours. We are talking about an amount of $908 billion, and the financing will most likely take place in 2 stages.

    Today we should pay attention to the data on the volume of industrial production in the US for November, the degree of utilization of production facilities, import prices and the index of business activity in the manufacturing sector in New York. Experts predict that the rate of decline in American industry may slow down from -5.3% to -5.0%. And although the scale of the slowdown is extremely small, this data may be a reason for the dollar to strengthen by the end of the day.
     
  14. KostiaForexMart

    KostiaForexMart Active Member

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    Brent. December 16, 2020 – The oil market is growing despite a number of negative factors

    Oil prices continue to remain stable above $50 a barrel, ignoring all the fundamental factors that could cause a corrective pullback.

    First, according to the OPEC forecast, oil demand in 2021 will remain low, and oil consumption worldwide will average 97.3 million barrels per day in the IV quarter of the year. By comparison, in 2019, the same figure was recorded at over 100 million barrels.

    The International Energy Agency (IEA) has similar views, which has lowered its forecast for a recovery in demand in 2021 by 170 thousand barrels per day – to 5.7 million barrels per day.

    Secondly, an increasing number of countries in Europe and states in the US are tightening coronavirus restrictions during the Christmas and New Year periods, which will also negatively affect oil demand.

    Today we should pay attention to the data on changes in US oil reserves last week. Analysts predict a drop in US oil inventories by 1.9 million barrels, an increase in gasoline inventories by 2.6 million barrels and an increase in distillate stocks by 1.1 million barrels.

    EUR/USD. December 16, 2020 – Euro broke through the level of 1.22 on expectations of the results of the US Federal Reserve meeting

    The European currency continues to renew its multi-year highs, breaking the 1.22 mark. The currency was supported by the news that Germany from December 23 will issue a permit for the use of vaccines from Pfizer and BioNTech, as well as strong statistics from the euro area.

    The main event of the day today will be the announcement of the results of the US Federal Reserve meeting. Market participants are almost sure that after a large-scale expansion of the ECB's quantitative easing program, it is highly likely that the Fed will take similar steps. And this is an extremely negative factor for the US currency rate.

    Moreover, the situation on the labor market in the United States is noticeably worsening: the current indicators indicate not only a slowdown in the pace of its recovery, but also an increase in unemployment.

    From the economic reports today it is worth highlighting the data on the index of business activity in the manufacturing sector in Germany: the indicator came out better than forecast (58.6 points against the forecast of 56.4). The similar index in the service sector also increased (47.7 against the forecast of 44.0 points). Moreover, business activity throughout the eurozone also showed an increase in all indicators, which was another positive factor for the euro exchange rate.
     

  15. KostiaForexMart

    KostiaForexMart Active Member

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    Brent. December 17, 2020 – Oil has updated the maximum in 9 months after the US Federal Reserve meeting

    Brent crude hit a 9-month high on Thursday after the Energy Information Administration (EIA) reported declining US inventories last week. The current Brent price is $51.80 per barrel.

    According to yesterday's statistics, crude oil inventories in the United States fell by 3.135 million barrels over the week (to 500.1 million barrels), which was better than the forecast for a decrease of 1.9 million.

    Additional support to the asset is provided by some progress in the discussion of the issue of fiscal stimulus in the US Congress, as well as strong demand for oil in Asia. American lawmakers yesterday came close to an agreement on measures to support the economy in the amount of $900 billion.

    At the same time, the US dollar was again under pressure. This time, the driver of the weakening of the currency was the results of yesterday's meeting of the US Federal Reserve: the regulator kept the rate at 0-0.25% per annum, while predicting that the rate would remain at this level until 2023.

    GBP/USD. December 17, 2020 – Sterling has renewed its maximum in 2.5 years

    The British currency continues to update maximum after maximum. The current quote for the GBP/USD pair is 1.3570. The last time such values were recorded in mid-May 2018.

    The pound is growing amid weakness in the US dollar and strong business activity in the UK. Manufacturing activity in the country in November rose to 57.3 points after rising to 55.6 in October. At the same time, activity in the service sector was in the red zone.

    Further support for the pound is provided by the progress in negotiations between the UK and the EU on the controversial Brexit issues. The head of the European Commission, Ursula von der Leyen, said that there is «a way to an agreement» and in fact, the deal could be concluded in the next few days. Moreover, Britain has signed a customs agreement with the United States, ensuring business continuity.

    At the same time, the results of yesterday's meeting of the US Federal Reserve System exerted strong pressure on the dollar rate. The US regulator kept the target range for the federal funds rate at 0-0.25% and said it intends to maintain this range until conditions in the labor market reach peak employment levels and inflation approaches 2%.
     
  16. KostiaForexMart

    KostiaForexMart Active Member

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    EUR/USD. December 18, 2020 – Euro continues the «northern campaign»

    The continuing weakening of the US dollar and rising stock indices continue to provide strong support for the EUR/USD pair. The current quote for the pair is 1.2270. However, the higher the quotes rise, the more painful it will fall, especially since the main factors supporting the euro (successful Brexit and fiscal stimulus) may not be implemented.

    It became known yesterday that negotiations between the EU and the UK are again at a deadlock, and the issue of fishing is again not the only controversial point. Not all is well in the US Senate either: the parties cannot come to a final agreement on the scope of the incentive program.

    And even if the other day Congress approves the aid package, which, together with the vaccination of the population, can become a strong driver of US GDP growth, investors may recall the «dollar smile theory». If the United States soon begins to show a better economic recovery than other countries, the greenback will inevitably go up the hill.

    The economic calendar is practically empty today. Only the data on the IFO business climate index in Germany will be of interest: the indicator came out better than forecast (92.1 against 90.9 points), which also supported the European currency today.
     
  17. KostiaForexMart

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    Brent. December 21, 2020 – Oil starts to decline on news of Covid mutation

    At the beginning of the week, Brent crude oil shows a decline from the $52.30 area to $49.25 per barrel. The current Brent price is $50.30 per barrel.

    The decline was driven by the return to the market of fears regarding the mutation of the coronavirus in the UK. The British authorities said that a new strain has been identified in the country, the spread of which is several times higher than previous indicators. The same mutation of the Covid-19 virus has been found in the Netherlands, Denmark and Australia, according to WHO.

    Oil market participants fear that a new mutation will call into question the economic recovery in the world and again negatively affect the demand for hydrocarbons.

    Another factor in the weakening of the asset is the potential growth of the world oil supply, which may increase by 1 million barrels already in January due to additional supplies from OPEC+ countries, Libya, the United States and Iran.

    EUR/USD. December 21, 2020 – Euro started a protracted correction

    As predicted by last week's forecasts, the euro rate has moved to a retreat from the highs. The current quote for the EUR/USD pair is 1.2168. The dollar is on the side of a whole set of factors: here and the mutation of COVID-19 in the UK, and Brexit, and the vote in the US Congress on fiscal stimulus.

    Despite the fact that lawmakers were able to agree on the volume of a new stimulus package in the United States, it is too early to talk about a complete solution to the issue. Now the bill must pass a vote in two chambers of the US Congress. And it is possible that a failure is possible here.

    News from Britain that a new Covid-19 stamp has been opened, the spread of which is several times higher than previous indicators, exerted strong pressure on the euro. Epidemiologists fear that recently developed vaccines may be powerless against the new threat, and economists are already questioning economic growth next year.

    In the UK, there is another factor of pressure on the pound and the euro – Brexit, the issues and disputes of which have not yet been resolved. The risks are high that instead of one big agreement, the parties will have to sign several different agreements.

    Thus, the downward correction of the euro is only gaining momentum. The forecast for today assumes further strengthening of the dollar below the level of 1.2150.
     
  18. KostiaForexMart

    KostiaForexMart Active Member

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    EUR/USD. December 22, 2020 – Euro strengthens again on fundamental background

    During morning trading, the EUR/USD pair showed some weakening, dropping to the level of 1.2200. Both houses of the US Congress approved a $892 billion fiscal stimulus package, which could slightly improve US economic performance in the first quarter of the new year.

    However, almost immediately, the euro began to strengthen again amid positive news on Brexit. The current quote for the pair is 1.2230. Today it became known that the UK and the EU may agree on fishing quotas, which brings back hopes for a full Brexit deal before the end of this year.

    EUR/USD was also supported by statements from the WHO, which announced that the new Covid strain found in the UK is less transmissible than other infections. This means that existing vaccines can handle it as well.

    Thus, the decision of Congress and the breakthrough in the Brexit negotiations provided strong support for the bulls on EUR/USD. The next target for the asset is 1.2250 and above.
     
  19. KostiaForexMart

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    Brent. December 23, 2020 – Oil declines for the third day in a row

    Oil quotes are declining during Wednesday morning trading: the current price of Brent is $49.90 per barrel. The asset was pressured by data from the American Petroleum Institute (API), according to which US oil reserves rose by 2.7 million barrels over the week (to about 497.7 million), while analysts predicted a decline of 3.2 million barrels.

    Additional pressure on Brent continues to be exerted by concerns about a further drop in demand for hydrocarbons amid prolonged lockdowns in many countries.

    In addition, US President Donald Trump threatened yesterday not to sign a bill on measures of financial assistance to the US economy in the amount of $892 billion, calling for an increase in the amount of payments to citizens from $ 600 to $ 2 thousand. It is worth noting that if Trump does not approve the new law by the end of this year, a recession for the United States will become almost inevitable.

    EUR/USD. December 23, 2020 – Euro returns to 1.22 level after decline a day earlier

    The US dollar on Wednesday again declines against the euro after some strengthening a day earlier. The day before, the American currency received support amid growing demand for safe assets after the news of the coronavirus mutation appeared. Then the dollar managed to strengthen to the level of 1.2950. The current quote for EUR/USD is 1.2190.

    Today the pressure on the dollar is exerted by the approval of the US Congress of a new stimulus package. The adoption by the American authorities of measures to support the economy, as well as the expectation of an early vaccination, support the optimism of investors regarding the future prospects of the global economy. And this, in turn, leads to a weakening of the greenback.

    American lawmakers have agreed on a program to support the economy, including direct payments to citizens in the amount of $600. However, Donald Trump demanded that Congress increase payments to $2 thousand or $4 thousand for spouses.

    The euro is growing today also due to a breakthrough in the Brexit negotiations. The fishing issue has not yet been resolved, but sterling (and after it the euro) is showing significant growth, which suggests that investors still believe in the signing of a trade agreement.
     
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    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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