Here’s the CrowdTrading outlook ahead of ECB's much anticipated LTRO announcement from Trade360, the world’s only CrowdTrading platform, where you can take advantage of immediate insights on the real market momentum.
Despite a Euro surge on Thursday following the big ECB meeting, on Friday the EUR/USD pair returned to losing form, dropping 59 pips to finish the week at $1.0881. With negative interest now taking root across the Eurozone, things are looking dicey ahead of this week's LTRO announcement.
The GBP/USD also finished lower, falling 32 pips to $1.5112.
But keep a watching brief on the UK Official Bank Rate, announced on Thursday 10th December at 12.00 GMT. With a Fed rate hike increasingly probable, could the Bank of England take the hint? Last month, the rate remained at 0.5%, but the GBP/USD pair still moved 160 pips.
Don’t miss the US Retail Sales numbers either. They’re released on Friday 11th December at 13.30 GMT. Solid results, of course, should boost the Dollar. Last month was underwhelming, at 0.1% instead of the 0.3% forecast, but there was still decent amount of movement with 60 pips on the EUR/USD pair.
Another entry for your Trading calendar: the Australian Unemployment Rate on Thursday December 10th at 00.30 GMT. November’s number was 5.9%, significantly below the forecast of 6.2%, providing a healthy boost for the AUD and solid 90-pip movement on the AUD/USD pair.
And then there’s the New Zealand Cash Rate, announced on Wednesday 9th December at 20.00 GMT. In October, the forecast was spot on, at 2.75%, but smart Traders were able to benefit from movement of 100 pips on the NZD/USD pair. This time around, the forecast is just 2.50%, opening up another window of opportunity.
Crude oil continues its long-term slump. A barrel of West Texas Intermediate (WTI) fell 2.70%, closing just below $40 at $39.97. Following suit was Brent Oil, with a 1.92% slip to $43.00. But with Russia and many of the smaller OPEC members hurting badly, could a supply reduction be on the horizon, or will the Saudis take it right to the wire?
Could gold be rebounding from rock-bottom? COMEX Gold saw a bounce of 2.16%, closing Friday at $1,084.10 per ounce. Gold-Spot rose 2.29%, to $1,086.44 an ounce.
Friday was a good day for all the main US indices. The DOW Jones was up 2.12%, closing at 17,847.63. The NASDAQ also climbed 2.08% to 5,142.27, while the S&P 500 grew 2.05% finishing up at 2,091.69.
Don’t miss the US PPI (Producer Price Index) on Friday 11th December at 13.30 GMT. Last month’s result was below par, at -0.3% instead of the expected 0.1%. But EUR/USD Traders had the opportunity to profit from movement of 60 pips.
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