The Commerce Department will report on new home sales on Friday. New home sales are projected to fall 4.7% in November. Meanwhile, dig into the 22 December EURUSD Fundamental Outlook.
22 December, OctaFX – A deluge of economic data will make headlines on Friday, giving investors a final taste of the global economy ahead of the Christmas long weekend.
Action begins at 07:00 GMT with a report on German consumer confidence courtesy of GfK. The monthly indicator is expected to show a reading of 10.8 for January. The French government will report on producer inflation, consumer spending and third quarter GDP at 07:45 GMT. France’s economy likely expanded 0.5% in the quarter, according to a median estimate of analysts.
Shifting gears to North America, the US Department of Labor will report on personal income and outlays at 13:30 GMT. Personal income from all sources is projected to grow 0.4% month-on-month. Personal spending is projected to grow 0.5%. The core personal consumption expenditure (PCE) index – the Federal Reserve’s preferred measure of inflation – is projected to rise 1.5% annually. That’s well below the central bank’s 2% target.
A report on durable goods orders will also make headlines at 13:30 GMT. Orders for manufactured goods meant to last three years or more is forecast to rise 2% in November after falling 0.8% the month before. Excluding transportation, durable goods orders likely rose 0.5%, according to analysts.
The Commerce Department will report on new home sales at 15:00 GMT. New home sales are projected to fall 4.7% in November. Other US data releases on Friday including the Michigan consumer sentiment index and the Kansas City Fed’s manufacturing index.
22 December EURUSD Fundamental Outlook
The EUR/USD traded within a narrow range on Thursday, as investors awaited fresh trading catalysts in the form of economic data. The EUR/USD exchange rate was last down 0.1% on Friday to 1.1849. Cable faces immediate support at 1.1815, the low from Thursday. Resistance is likely found at 1.1900.
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