Foreign Exchange Market Forecast December 3, 2015 EUR / USD
Forex traders note the news on:
12.30 MSK. United Kingdom: PMI index for the services sector by the Markit in November (the previous value of 54.9, forecast 55.1).
16.30 MSK. Eurozone: ECB press conference.
18.00 MSK. USA: A composite index for the ISM non-production sphere in November (the previous value of 59.1, forecast 58.1).
18.00 MSK. USA: The employment index of the ISM non-manufacturing sector in November.
The euro exchange rate against the dollar today, EUR / USD forecast for 03/12/2015
Today, the main event players exchange announcement of the meeting of the ECB's monetary policy. Press conference Mario Draghi will be released 16.30 Moscow time, before the pair euro dollar traders kids trade in a narrow flat. Market participants take a break, and in the first few minutes of speech Draghi, we expect high volatility. Pre-release of the inflation in the euro area in November, which was yesterday, indicating that the controller will go to the program increase QE. CPI growth in November was 0.1%, compared to the same period in 2014. Fixed reduction and core inflation, which does not depend on changes in oil prices. Decrease in quotations of oil continues, continue to put pressure on consumer prices in the Old World. By Bloomberg this week economist surveyed 53 leading investment banks have unanimously declared that on December 3 from the ECB await action. The inflation data yesterday dot the "I". Today, against this background, we continue to reduce waiting and testing of the fifth figure, because the increase in the stimulus package is traditionally negative for the currency.
Recommendations traders in the euro / dollar: Today during the auction is to sell a couple of EUROUSD Sell on growth course in the area of 1.0637 / 1.0673 and 1.0505 at the close of the transaction.
Euro / dollar levels today;: support levels 1.0617 - 1.0592 and resistance levels: 1.0673
The pound against the dollar today GBP / USD forecast for 03/12/2015
Prevalence of bearish sentiment for the pair GBP / USD traders waiting for today, although the pace is expected to fall slower than yesterday, nothing. The onslaught of sellers today, keep the cross-rate EUR / GBP, which will unfold down on the ECB's decision to increase the program QE, which have a positive impact on the stock of sterling. Today, there are a couple of factors that will put pressure on the sterling.
Firstly, the data this week on the PMI manufacturing and construction sector disappointed investors.Causes of weak data, discussed in detail earlier. Against this backdrop, government bond yields in Britain reduced in relation to the German and American, which reduces the attractiveness of investing in the assets of the United Kingdom.
Secondly, the report of the US Energy Department has sent oil prices to a knockout. Commercial crude oil inventories rose for 10 consecutive weeks, it forms an even greater imbalance of supply and demand.Yesterday, both the benchmark grade of oil lost more than 4%, while sales were across the spectrum of commodity assets. It is traditionally positive for the greenback, as the cost of raw materials denominated in currencies States.
Recommendations traders on the pair GBP / USD: Today, the foreign exchange market in the first half of the trading players is to sell a couple Sell on growth rate sterling to 1.4985 / 1.5015 and 1.4885 on the objectives.
The levels for the pair GBP / USD: Support levels: 1.4950 - 1.4826 and resistance levels: 1.4993- 1.5026.
The dollar against the yen today USD / JPY forecast for 03/12/2015
For forex traders trading the dollar with the yen waiting for the predominance of buyers, especially in the trades in the United States.
First, market participants yesterday ignored strong reduction of the yield differential of US and Japanese government bonds after the publication of the release of ISM manufacturing sector. Their conclusion is that that many buyers in the market.
Second, the ECB's decision on additional stimulation of the eurozone economy, cause demand for risky assets in Europe. Traditionally, traders are responding positively to easing monetary policy. Growth of "risk appetite" will put pressure on the yen as a funding currency.
Recommendations for the dollar against the yen: Today is the forex players in the first half of trading to buy a pair Buy's dips towards 123.05 / 122.65 and 123.75 on the take.
It is necessary to highlight the levels of the dollar, the yen: support levels: 123.00 - 122.61 and resistance levels: 123.60 - 124.12.