Today, the pre-Christmas week on the financial markets begins, therefore it should be expected that the closer to the holidays the more volatility and liquidity will be limited. Data for durable goods and the PCE index will be published from the most important US data. Tomorrow, we will also know the December reading of the Ifo index. On the other hand, we will get acquainted with the next series of central bank decisions. The bank in the Czech Republic, Sweden, Japan and Hungary will decide on the monetary policy parameters this week. Negotiations on the Brexit officially went into the next phase, which was confirmed by the President of the European Council Donald Tusk. At present, talks will focus on the transitional period and future relations between Great Britain and the European Union. The final vote on tax reform in the US is scheduled for this week – today in the House of Representatives and tomorrow in the Senate. A positive result of the vote will be a pro-market factor.
Let’s take a look at the US Dollar Index technical picture. Strong resistance is seen around 94.18 level and local support is seen at the level of 93..32 (post-FOMC low). Quotations continue to oscillate around the 50-period moving average on a daily time frame. The market might keep trading in this narrow zone until the tax reform bill is officially announced by Trump Administration.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Sebastian Seliga,
InstaForex Group © 2007-2017
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