Community Forecasts for December 8-12: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Dollar currency cross traded in highly-volatile and mixed environment during the December 1-5 working week. Starting on Monday on a rather positive note at 1.2442, the single European currency started to depreciate on Wednesday, following the release of US non-manufacturing PMI, which advanced to 59.3 points in November from 57.1 in a month earlier. However, later on Thursday the Euro started to rebound gradually after ECB President Mario Draghi indicated that it would not embark on quantitative easing for now, saying the Bank would reassess its stimulus program in the first quarter of 2015. ECB interest rate decision, in turn, remained unchanged at 0.05%. On Friday, the Euro dropped to the 1.2289 level, reaching two-year lows against the Dollar, as the US non-farm payrolls' report for November showed that the US economy added 321,000 jobs, the fastest expansion rate in nearly three years. The US unemployment rate remained unchanged at a six-year low of 5.8%. 
Meanwhile, this week the sentiment among Dukascopy traders changed insignificantly, as now 63% of traders predict the Euro to lose value, while last week this scenario was suggested by 76% of Dukascopy Community members. Alongside, the average forecast for the end of the week is placed around the 1.231 level. Among important news, markets will be waiting for the ECB's targeted LTRO results on Thursday, as well as employment change and industrial production report in the Eurozone, which will be announced the day after. The US is due to release data on retail sales and the federal budget balance for November, followed by a scheduled weekly report on jobless claims.

© Dukascopy Bank SA
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