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Daily Forex Preview – 18/12

The much anticipated FOMC statement and press conference yesterday was as expected with the Fed removing the phrase ‘Considerable Time’ and instead urging the markets to remain patient on the interest rate hike timing. The timing of the rate hike however will be data dependent however and currently the markets are yet to digest the Fed’s statement. Markets were volatile as expected with the EURUSD trading between the highs and lows of 1.25 and 1.234.

Earlier in the day, UK’s unemployment statistics showed a marked improvement in the monthly claimant count change alongside an uptick to the average earnings index. The unemployment rate was however unchanged at 6%. The BoE’s MPC votes for interest rates did not show any shifts as the committee voted with 2 dissenters.

After yesterday’s event driven volatility, markets are looking to a quiet day ahead today with not much of major news releases scheduled with the exception of the German Ifo business climate and retail sales from the UK, during the European trading session and the US Philly Index and services PMI on the tap.

Fundamentals Recap – December 17, 2014
• UK claimant count change -26.9ks vs. -19.8k estimates
• UK average earnings index 3m/y 1.4% vs. 1.3%
• UK unemployment rate 6% vs. 5.9%
• BoE MPC bank rate votes
• Eurozone final CPI y/y unchanged at 0.3%, Core CPI y/y at 0.7%
• US CPI m/m -0.3% vs. -0.1%, core CPI m/m at 0.1%
• Canada wholesale sales m/m 0.1% vs. 0.9%
• SNB quarterly bulletin
• FOMC fed funds rate, statement and press conference

Fundamentals – December 18, 2014
• German Ifo Business climate to rise to 105.6
• UK Retail sales m/m to be soft, rising 0.3%
• US Weekly unemployment claims expected 297k
• US Flash services PMI to rise 57.1
• Philly Fed manufacturing index to ease to 26.3
• CB leading index m/m to ease to 0.6%

Thursday, 18 Dec, 2014 / 9:47

Source : http://www.orbex.com/blog

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