USD Index: Consolidates With Upside Bias
The US Dollar Index remains on the upside as long as 93.59/93.10 support holds on a daily closing basis, resistance comes at the 94.00 levels, a halt is likely if seen it will retest the 93.59/93.10 levels before another rising, however; above 94.00 levels, will aim the 94.53 levels, further upside will challenge the 95.04 levels (double top). Above 95.04 will extend gains to the 95.59/96.08 levels.
On the downside, below 93.59 will aim the 93.10 levels, a cut through the93.10 levels will reverse risk to the downside to the 92.46/91.97 levels…
In the week ahead, the global financial markets will shift their focus to the central banks meeting in the U.S.A, Eurozone, U.K, and Switzerland…
This is a list of the most important economic news for the week:
Tuesday, December 12
The UK will release inflation data for November.
The ZEW Institute will produce data on German economic sentiment.
The U.S will release data on producer price inflation.
ECB President Mario Draghi will speak in Frankfurt.
Wednesday, December 13
Reserve Bank of Australia Governor Philip Lowe is to speak at an event in Sydney.
The U.K will release its monthly jobs report.
The U.S will report on consumer inflation.
It will not have a direct impact on the market, but rising inflation would be a catalyst to push the Fed toward raising interest rates.
The Federal Reserve will announce its benchmark interest rate and publish a rate statement that will determine the economic conditions and factors affecting the monetary policy decision.
The Federal Reserve is expected to raise the range of target funds by a quarter point at the end of the two-day policy meeting at 1900 GMT on Wednesday, which will put it within 1.25-1.50 percent.
Thursday, December 14
Australia will publish its latest jobs report.
China will release data on industrial production and fixed asset investment.
The euro zone is to release data on manufacturing and service sector activity.
The Swiss National Bank will announce its latest monetary policy decision.
The Bank of England will also announce its latest monetary policy decision.
The ECB will announce its latest monetary policy decision. The announcement is to be followed by a press conference with President Mario Draghi.
Bank of Canada Governor Stephen Poloz is to speak at an event in Toronto.
Japan will publish data on manufacturing and service sector growth…
You can follow the rest of the week’s economic events by visiting:
Recommendations: Buying the USD on dips is recommended…