Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for December was reported at 50.5. Economists predicted a figure of 50.1. Forex traders can compare this to the Italian Markit Services PMI for for November which was reported at 50.3. The Italian Markit Composite PMI for December was reported at 50.0. Economists predicted a figure of 49.3. Forex traders can compare this to the Italian Markit Composite PMI for for November which was reported at 49.3.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for December was reported at 49.0. Economists predicted a figure of 49.7. Forex traders can compare this to the previous French Markit Services PMI for for December which was reported at 49.6. The Final French Markit Composite PMI for December was reported at 48.7. Economists predicted a figure of 49.4. Forex traders can compare this to the previous French Markit Composite PMI for for December which was reported at 49.3.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for December was reported at 51.8. Economists predicted a figure of 52.5. Forex traders can compare this to the previous German Markit Services PMI for for December which was reported at 52.5. The Final German Markit/BME Composite PMI for December was reported at 51.6. Economists predicted a figure of 52.2. Forex traders can compare this to the previous German Markit/BME Composite PMI for for December which was reported at 52.2.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for December was reported at 51.2. Economists predicted a figure of 51.4. Forex traders can compare this to the previous Eurozone Markit Services PMI for for December which was reported at 51.4. The Final Eurozone Markit Composite PMI for December was reported at 51.1. Economists predicted a figure of 51.3. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for December which was reported at 51.3.
- German Unemployment Change and German Unemployment Rate: The German Unemployment Change for December was reported at -14K and the German Unemployment Rate at 5.0%. Economists predicted a reading of -13K and of 5.0%. Forex traders can compare this to the German Unemployment Change for November which was reported at -16K and to the German Unemployment Rate which was reported at 5.0%.
- Eurozone PPI: The Eurozone PPI for November decreased by 0.3% monthly and increased by 4.0% annualized. Economists predicted a decreased of 0.2% monthly and an increased of 4.2% annualized. Forex traders can compare this to the Eurozone PPI for October which increased by 0.8% monthly and by 4.9% annualized.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for December increased by 1.6% annualized and the Eurozone Core CPI increased by 1.0% annualized. Economists predicted an increase of 1.8% and of 1.0%. Forex traders can compare this to the Eurozone CPI for November which increased by 2.0% annualized and to the Eurozone Core CPI which increased by 1.0% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK BRC Shop Price Index: The UK BRC Shop Price Index for December increased by 0.3% annualized. Forex traders can compare this to the UK BRC Shop Price Index November which increased by 0.1% annualized.
- UK Nationwide House Prices: UK Nationwide House Prices for December decreased by 0.7% monthly and increased by 0.5% annualized. Economists predicted an increase of 0.1% monthly and of 1.5% annualized. Forex traders can compare this to UK Nationwide House Prices for November which increased by 0.4% monthly and by 1.9% annualized.
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for November was reported at £0.9B and Net Lending Securities on Dwellings was reported at £3.5B. Economists predicted a figure of £1.0B and of £4.0B. Forex traders can compare this to UK Net Consumer Credit for October which was reported at £0.8B and to Net Lending Securities on Dwellings which was reported at £4.1B.
- UK Mortgage Approvals: UK Mortgage Approvals for November were reported at 63.7K. Economists predicted a figure of 66.0K. Forex traders can compare this to UK Mortgage Approvals for October which were reported at 66.7K.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for December was reported at 51.2 and the UK Markit/CIPS Composite PMI was reported at 51.4. Economists predicted a figure of 50.7 and of 50.8. Forex traders can compare this to the UK Markit/CIPS Services PMI for November which was reported at 50.4 and to the UK Markit/CIPS Composite PMI which was reported at 50.7.
Should price action for the EURGBP remain inside the or breakdown below the 0.8980 to 0.9030 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9000
- Take Profit Zone: 0.8815 – 0.8890
- Stop Loss Level: 0.9090
Should price action for the EURGBP breakout above 0.8980 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9020
- Take Profit Zone: 0.9080 – 0.9100
- Stop Loss Level: 0.8980
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