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Daily Forex Preview – 23/12

Lack of fundamentals yesterday saw the markets trading off broad themes with no major market moving events. The USD continues to be strong against most of its peers with the EURUSD making a fresh yearly low of 1.2215, while USDJPY managed to break above previous highs to end the day at 120.087.

Eurozone consumer confidence met expectations rising to -11, from -12 previously. The Euro was however little changed on the data. Despite a weaker than expected existing home sales data, the Greenback managed to push higher.

Today’s economic data will see a lot of fundamentals across the European and US trading session with the UK, Canada and the US posting their GDP data respectively as well as durable goods and PCE readings from the US ahead of the holidays.

Fundamentals Recap – December 22, 2014
• BoJ monthly report
• Eurozone consumer confidence meets estimates of -11
• US existing home rises lower than estimates at 4.93Mn vs. 5.21Mn forecasts; existing home sales m/m declines -6.1% vs. -1.1% forecasts
• New Zealand trade balance to shrinks to -213mn.

Fundamentals – December 22, 2014
• France consumer spending m/m to rise 0.2%
• Italy retail sales to rise 0.2% m/m
• UK Current account expected to be at -21.1bn
• UK Final GDP q/q to remain steady at 0.7%; index of services 3m to be soft at 0.7%
• Canada GDP m/m to be soft at 0.1%; GDP y/y to ease to 2.1%
• US Durable goods orders m/m to rise 3%; Core durable goods orders to rise 1%
• US Final GDP q/q to rise 4.3%
• PCE annualized q/q to rise 2.5%; Core PCE to rise 1.4%

Tuesday, 23 Dec, 2014 / 12:49

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

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