Forex News (2015.12.29)
Source: SolForex Broker (Review and Forex Rebates Up to 85%)
The U.S. dollar showed up and downs with its influence from the rate hike issues. The euro was bearish with the European Central Bank extending quantitative easing program. In third quarter, China stock index was eased from its sudden drop but the devaluation in yuan brought emerging market currencies to depreciation. The rate hike was executed in the fourth quarter but the dollar’s gain was yet limited.Overall major pairs, USD/JPY fell 0.62%, EUR/USD fell 9.32%, and GBP/USD fell 4.23%. Emerging market currencies were bearish, South African rand fell 31.09%, Mexican peso fell 16.92%, and Turkish lira fell 25.03%. As well as commodity linked currencies, with Russian ruble falling 20.94%, Brazilian real down 129.45%, New Zealand dollar down 12.33%, Norway crone down 16.40%, and Australian dollar fell 10.91%.
The euro rose against the dollar last week after slowed U.S. economic index released. While the dollar’s bullish trend let up after the rate hike execution, the oil price movements more affected the euro up and downs. While the trades were thinned due to global markets being closed for Christmas, the dollar slid lower against the euro and yen. The loss was limited as the market closure for holiday limiting significant moves to traders. EUR/USD closed the week at 1.0963, up 1% and USD/JPY fell 0.66%, closed the week at 120.287.The mixed U.S. economic reports further lowered the dollar, failed to hint how soon the Federal Reserve will raise the rates next year. The U.S. economy grew 2.0% in the third quarter, slightly higher than 1.9% expected but revised from 2.1% of preliminary estimate. The U.S. core capital goods orders declined 0.4% last month, while shipments of core capital goods fell 0.5%. But personal spending rose and consumer sentiment improved to a five-month high in December.
Also, the U.S. oil prices rallied for the fourth straight session on Thursday, gaining 10% for the week.On Monday, the oil price dropped further as well as gold and silver and nonferrous metal showing decline, the safe asset preference was increased. But the commodity market falling spurred concerns toward emerging market and the carry trades moved to Eurozone and Japan slightly increasing the euro and yen.The pound fell due to the oil price drop as the brent oil hitting lowest point in eleven years. But the U.K. and the British Commonwealth countries markets were shut for holiday, limited the loss of pound. The pound fell 0.27% against the dollar.In the week ahead, trading volumes are expected to be remained thin and calm due to holiday period. The U.S. will release key reports on consumer confidence, pending home sales and jobless claims, guiding the strength of the economy and investors will look for further indication of next rate hike.
Weekly Events and Forecasts
Ahead of the coming week, Solforex has compiled a list of these and other significant events likely to affect the markets.
Tuesday, December 29
The U.S. is to release data on S&P Case schiller housing prices, consumer sentiments and State Street investor sentiments.
Wednesday, December 30
Spain is to release data on consumer prices.
The Eurozone is to release data on money supply.
The U.S. is to publish data on mortgage applications, pending home sales and weekly report on oil inventories.
Thursday, December 31
Markets in Germany, Japan and France are shut for the New Year’s Eve holiday.
The U.S. is to report on initial jobless claim and Chicago state PMI manufacturing.
Friday, January 1
Markets closed: United States, Europe, Japan, China, United Kingdom, Canada, Australia and New Zealand for New Year’s holiday.
China is to publish PMI data on manufacturing and non-manufacturing activity.
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