The major currency pair is expected to have a pretty calm week and trade in a narrow range.
EURUSD is very quiet early in the last week of December. The current quote for the instrument is 1.1175.
Last Friday, market players already took their lead from the news flow relating to the short-term outlook of the US-China trade agreement. Chinese representatives already said that they remained in close contact with American negotiators and were ready to sign the first draft of the agreementб thus sparking investors’ interest in risks and putting pressure on the USD. In addition to that, US President Donald Trump mentioned that the deal signed with China would require at least a high-profile ceremony.
In this light, the Euro went to its two weeks highs against the “greenback” but will find it very difficult to continue climbing due to the New Year calmness on the market.
This week, the USA is scheduled to publish several reports of Monday and Tuesday: the Preliminary Wholesale Inventories and the Pending Home Sales for November. After that, one should pay attention to the Conference Board Consumer Confidence, which is expected to go from 125.5 points to 128.0 points.
Wednesday will be a holiday almost everywhere.
Later in the week, investors will start returning to the market and may pay attention to the Construction Spending and the ISM Manufacturing PMI. December numbers on the US labor market will be published only the next week, on January 10th.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.