Coming Up Today (All Times GMT)
Wednesday, encouraging data from the US contributed to the strengthening of the dollar against its major counterparts (EUR, GBP, JPY). In November, US industrial production increased 0.4%, its best performance since July, while the capacity utilization rate rose 0.3% to 75.2%. Also, US core inflation edged slightly up (+0.10%) in November, after having been unchanged over the past three months. Today, investors will be looking at the weekly jobless claims report (forecast = 421,000), after the Federal Reserve said Tuesday that economic recovery was still too weak to reduce unemployment.
EUR
Yesterday, the euro continued to retreat against the US dollar, after Moody's announced that Spain could suffer a credit downgrade, in the light of its high refinancing needs in 2011. In reaction, the euro suffered a selloff to close near the $1.3200 support level. This warning added to several political crises that are intensifying among European nations. This week, Standard & Poor's warned Belgium that political impasse to form a governing coalition could result in a possible credit downgrade. Furthermore, in Italy, Prime Minister Berlusconi emerged extremely weakened, after surviving a non-confidence motion by only 3 votes. Altogether, these events show that several Euro-zone members are now lacking political leadership, a situation that may hurt their ability to pass key reforms and restore investors' confidence.
EURUSD Support/Resistance: 1.3180/1.3300
GBP
The pound broke below the $ 1.5700 support level to trade back to $1.5550, following the release of a disappointing job report. In the three months to October, the jobless rate climbed to 7.9% from 7.8% in the previous quarter. The main concern was that hiring in the private sector wasn’t dynamic enough to offset the destruction of public-sector jobs, as a result of government spending cuts. This raised the fear that 2011 could be more challenging than expected, should the recovery fail to improve the employment situation in the UK. Today, investors will be looking at November’s retail sales figures (09:30 GMT) to see if they can help the pound stage a technical rebound.
GBPUSD Support/Resistance: 1.5510/1.5610
EURGBP Support/Resistance: 0.8450/0.8520
- CHF - Interest Rate Statement (08:30)
- GBP - Retail Sales (09:30)
- USD - Building Permits & Jobless Claims (13:30)
- USD - Philly Fed Manufacturing Index (15:00)
- Natural Gas - Weekly Storage Report (15:30)
Wednesday, encouraging data from the US contributed to the strengthening of the dollar against its major counterparts (EUR, GBP, JPY). In November, US industrial production increased 0.4%, its best performance since July, while the capacity utilization rate rose 0.3% to 75.2%. Also, US core inflation edged slightly up (+0.10%) in November, after having been unchanged over the past three months. Today, investors will be looking at the weekly jobless claims report (forecast = 421,000), after the Federal Reserve said Tuesday that economic recovery was still too weak to reduce unemployment.
EUR
Yesterday, the euro continued to retreat against the US dollar, after Moody's announced that Spain could suffer a credit downgrade, in the light of its high refinancing needs in 2011. In reaction, the euro suffered a selloff to close near the $1.3200 support level. This warning added to several political crises that are intensifying among European nations. This week, Standard & Poor's warned Belgium that political impasse to form a governing coalition could result in a possible credit downgrade. Furthermore, in Italy, Prime Minister Berlusconi emerged extremely weakened, after surviving a non-confidence motion by only 3 votes. Altogether, these events show that several Euro-zone members are now lacking political leadership, a situation that may hurt their ability to pass key reforms and restore investors' confidence.
EURUSD Support/Resistance: 1.3180/1.3300
GBP
The pound broke below the $ 1.5700 support level to trade back to $1.5550, following the release of a disappointing job report. In the three months to October, the jobless rate climbed to 7.9% from 7.8% in the previous quarter. The main concern was that hiring in the private sector wasn’t dynamic enough to offset the destruction of public-sector jobs, as a result of government spending cuts. This raised the fear that 2011 could be more challenging than expected, should the recovery fail to improve the employment situation in the UK. Today, investors will be looking at November’s retail sales figures (09:30 GMT) to see if they can help the pound stage a technical rebound.
GBPUSD Support/Resistance: 1.5510/1.5610
EURGBP Support/Resistance: 0.8450/0.8520
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