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Bullet Report: Its MAKE or BREAK for the EUR today as ECB decides.
December 8, 2016 8:53 amVideo
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Thursday is here and traders should embrace volatility coming from the ECB meeting this noon. The European Central Bank is widely expected to announce a set of measures to continue stimulating the European economy, especially after the political Turmoil caused by the resignation of the Italian PM. In case it doesn’t, even more volatility can be caused with the EUR possibly coming under renewed pressure. Overall the sentiment is extremely positive for stocks globally, which have reached new record highs.
Currencies: The EURUSD traded near a 3-week high yesterday ahead of the ECB meeting. It has been the traders main focus this week, especially after the resignation of the Italian PM. ECB is expected to announce a 6-month extension to its Q.E program. On Monday, EURUSD reached as low as 1.0505 – a 20-month low, but quickly rebounded to 1.08. Yesterday, as expected the BOC kept rates unchanged at 0.5%. Higher oil prices owing to the OPEC deal to cut oil output has supported CAD in the last two weeks. NZDUSD rose from 0.7160 to 0.7220, while AUDUSD made it from 0.7475 to 0.7510. USDJPY fell in the early Asian session, despite the risk-on sentiment in markets. However, the pair found support ahead of 113 and made it back to 113.60. GBPUSD rose from 1.2615 to 1.2665.
Stocks: Stocks posted strong gains on Wednesday, with both the Dow Jones Industrial Average and the S&P 500 indexes finishing higher by over 1% to set fresh records. Dow Jones, markets its third consecutive record close. The Nasdaq Composite Index which had been trading in negative territory earlier, turned higher, and finished up 60.76 points, or 1.1%, at 5,393.76, a few points shy of its record close set in late November. The continuing rise of stocks globally is due to the hopes that Trump will follow through with pro-business policies as well as increased infrastructure spending which will boost the economy.
Oil and Gold: Oil prices once again went lower on mixed U.S. crude stocks data and doubts over OPEC’s implementation of an output cut, although a weaker dollar put a floor under prices. Crude oil inventories in the United States dropped 2.4 million barrels in the week that ended on Dec. 2, compared with analyst expectations for a draw of 1 million barrels. Oil prices have rallied since the OPEC and Russia reached a landmark agreement last week to cut production to erode a global supply overhang and prop up prices. GOLD prices rose $5 ahead of the ECB on the back of a weaker Dollar.
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Source: Easy Forex Forex.Info
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