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market review 16 December 20

16 December 20

U.S Stats, COVID-19 News, and Updates from Capitol Hill in Focus

U.S economic data, COVID-19, and chatter on Brexit and from Capitol Hill will be in focus. Economic data from China was skewed to the positive this morning.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. Finalized November inflation figures are due out of France and Italy.

Barring any marked revisions from prelims, however, we don’t expect the figures to have a material impact on the EUR.

COVID-19 news and further chatter on Brexit will influence.

At the time of writing, the EUR was up by 0.12% to $1.2159.

For the Pound

It’s a busy day ahead on the economic calendar. Key stats include November claimant count and October employment change and unemployment figures.

Wage growth figures for October are also due out but will likely have a muted impact on the day.

While the stats will influence ahead of Thursday’s BoE monetary policy decision, Brexit chatter will also remain in focus.

At the time of writing, the Pound was up by 0.11% to $1.3339.

For The USD

It’s a relatively busy day ahead on the economic calendar. NY Empire State Manufacturing figures are due out along with industrial production and import and export price figures.

We would expect December’s NY Empire State and November’s industrial production figures to have the greatest influence.

Away from the economic calendar, however, updates from stimulus talks on Capitol Hill will influence.

EUR/GBP Price Analysis: Fades recovery moves above 0.9100 ahead of UK jobs report

EUR/GBP drops to 0.9112 during the pre-London open on Tuesday. Even so, the quote keeps the 20-pips range established above the 0.9100 since early Asia.

While recovery moves ahead of the short-term key support line favor EUR/GBP buyers, the pair traders await the latest employment data from the UK for fresh impulse.

Although forecasts suggest a downbeat scenario for the British currency, a one-week-old horizontal resistance line near 0.9145 offers an immediate upside hurdle before directing the EUR/GBP buyers towards the monthly peak near 0.9230.

During the run-up, the 0.9200 round-figure can offer an extra filter.

Alternatively, a downside break below the stated support line, at 0.9045 now, will shift the market’s attention to the 200-bar SMA level surrounding 0.8995.

In a case where the EUR/GBP bears dominate past-0.8995, the monthly low of 0.8930 will become their favorite.

GBP/USD Price Analysis: Bulls look to revisit short-term resistance line around 1.3400

GBP/USD picks up bids near 1.3340, up 0.11% intraday, during early Tuesday. The cable rose for the first time in the last three days on Monday before recently extending gains above 100-bar EMA.

The upside moves also benefit from the absence of overbought or oversold RSI conditions.

As a result, GBP/USD buyers are again targeting a falling trend line from December 04, at 1.3410 now. However, a clear upside beyond the same will be critical to watch.

Should the quote remains positive past-1.3410, odds of a fresh monthly high above 1.3539 can’t be ruled out.

Alternatively, a downside break below 100-bar EMA, currently around 1.3320, will direct the GBP/USD sellers toward 1.3250 and the monthly low near 1.3130.

Also acting as a downside filter is November’s trough surrounding 1.3100

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