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Wednesday, December 28th
Yesterday the EUR/USD pair managed to break out of its bearish trend and performed upper move refreshing today’s tops at 1.0480 spot despite better-than-expected US CB Consumer Confidence seen in the last NY session. Yesterday better readings from US economy failed to provide any bullish impetus on the US dollar as investors are awaiting for more detailed D.Trump’s economic outlook to perform any further important steps. Today the pair will keep tracing global market’s sentiments as Eurozone’s docket remains empty, while US Pending Home Sales may provide fresh impetus to the greenback across the board.
Another quiet session approached the market this Wednesday. The dollar/yen pair remains little changed since today’s opening in light of holiday-thinned trades. Even more, investors payed little of attention to mixed data from Japanese market seen in Asia leaving the pair without clear direction this morning. However, broadly muted sentiments around the US dollar are adding some bearish momentum to the pair. Nothing much is scheduled in event calendar, as only data from US housing market will be able to provide investors with short-term trading opportunities.
Having rebounded the level of 1.2240 the GBP/USD pair currently is extending its recovery eyeing to retake 1.23 resistance level. Slightly weaker sentiments around the greenback seen lately and better risk tone are keeping the pair underpinned this Wednesday. At the moment of writing the pair was trading around 1.2290 level upper from its today’s lows marked at 1.2265 spot. Today most probably the market will continue to run in conditions of lowered trading activity in wake of festive season, while the US dynamics will remain as solo driver for the pair.
The Canadian dollar remains flat against its American neighbor hovering around the level of 1.3570 and stepping down a bit from its monthly lows witnessed yesterday at 1.3580 level. The USD/CAD major remains pressured from both sides, as weaker oil prices are negatively influencing commodity-linked currencies, while broadly muted the US dollar also remains unable to provide enough of impetus to knock the pair out of its consolidative pattern. Overall, the market will stay inactive during this day in wake of upcoming New Year holiday, while US Pending Home Sales will be closely watched by investors later in NA session.
The main events of the day:
US Pending Home Sales – 17.00 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0419 R. 1.0481
USDJPY S. 116.79 R. 117.93
GBPUSD S. 1.2218 R. 1.2310
USDCHF S. 1.0244 R. 1.0314
AUDUSD S. 0.7160 R. 0.7208
NZDUSD S. 0.6865 R. 0.6915
USDCAD S. 1.3490 R. 1.3622
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