Community Forecasts December 7-11 : EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 01 Dec 2015 11:33:04 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
Finally, the most traded currency pair settled at the 1.06 mark, thus we can forget about 1.10-mark in the nearest future, keeping in mind heightened expectations that the European Central Bank will scale up its monetary easing programme this month. However, the Dollar also was flat, as the latest US consumer data disappointed, revealing a worsening mood among American shoppers in November. The Conference Board reported a 90.4 print, the weakest figure since July, following the 97.6 in October. Markets were anticipating a tick up to 99.5 during the month. Moreover, increased geopolitical tensions, after Turkey shot down a Russian jet supported the Euro, which managed to bounce off April lows seen on Monday. Nevertheless, the US Dollar rose to a more than eight-month peak against its major counterparts on Friday, as demand for the Greenback remained underpinned amid growing confidence the Federal Reserve will raise interest rates in December.
No change in the Dukascopy Community members has been observed, with only less than 30% of opened positions being bullish. "The EUR/USD is in for a volatile week with several fundamental drivers. The ECB will be announcing their monetary policy plans and Draghi has been vocal about introducing further stimulus. The downside may be limited somewhat as the market has been pricing this in for several weeks already" said Jignesh.
Speaking about the economic news, on Wednesday, the Euro zone is to publish preliminary data on consumer price inflation, while the next day, the ECB is to announce its monetary policy decision. The rate announcement will be followed by a post-policy meeting press conference with President Mario Draghi.

© Dukascopy Bank SA

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