Forex forecast for December 7, 2016
The main event for traders today:
12.30 MSK. UK: Industrial Production for October (the previous value of -0.4% m / m forecast 0.2% m / m).
18.30 MSK. US data on crude oil inventories from the Department of Energy in December (previous value -884K; -1500K forecast).
Forex forecast euro dollar (EUR / USD) as of today 07/12/2016
Today, forex trading in the first half, the euro the dollar may strengthen somewhat against the background of growth in yields on 10-year German government bonds to the English and American papers. Bears on the euro are two reasons to use the growth of quotations for building Sell positions.
The first reason , in the raw material market correction began black gold, this is a positive factor for the greenback against the background of the strong inverse correlation between two instruments. Saudi Arabia said yesterday that for clients from Asia and the United States in January, will reduce the price. Reducing the amount of $ 0.6 to $ 1.5.Although this dumping and does not pose any structural risks but market rumors again that OPEC will not fulfill the promise to reduce oil production. These rumors may correct oil for a couple of per cent down.
The second reason is the growth of "risk appetite", which still remains, and will put pressure on the euro as a funding currency.
EUR / USD recommendation for today 12/07/2016: Players forex euro dollar pair is worth to sell Sell 1,0725 / 1,0750 with take profit 1,0662.
Forex forecast Pound Dollar (GBP / USD) as of today 07/12/2016
Today at the auctions in Europe released a positive report on industrial production in Albion in October, against this background, investors should not expect some strengthening of the British currency. The PMI from Markit shows positive. For the fourth quarter the volume of production capacity has increased, which confirms the trend. This trend is primarily due to the strong devaluation of sterling, it increases the competitiveness of British products in foreign markets. The second half of trading, as noted above, will be held under the influence of black gold correction in the oil market, it will put pressure on the pound.
GBP / USD recommendation for today 12.07.2016: the flat in the range 1.2630 -1.2730.
Forex forecast of the dollar, the yen (USD / JPY) 07.12.2016 Today
Players Forex Buy USD / JPY for two reasons.
One reason , the yield differential of US and Japanese 10-year government bonds in the credit market shows growth, this is positive for the dollar.
Reason number two , world stock markets and high-yield cross rates on the eve of closed in positive territory, indicating strong demand for risky assets. The stock market in the United States vcheraliderom growth was the small-cap Russell 2000 Index company, is a strong signal for the "bulls". The index of "fear" the VIX closed lower again, which also confirms our hypothesis. Such dynamics of the negative for the yen as a funding currency in the carry trade №1 operations.
USD / JPY recommendations for today 07/12/2016: Forex Traders on the dollar with the yen today is worth buying a pair Buy 113,90 / 113,60 to take profit 114,45.
Alexander GoryachevAnalitik Company FreshForex