These are the last days to Christmas and this is felt not only in the centres and shopping malls but also on the markets. For almost entire week before Christmas macroeconomic calendar seems poor. Similarly will be today. It is true that in today’s calendar we find some important publications but all of them will be announced short before 16:00.
What we already know
Yesterday evening we learned the GDP of New Zealand for third quarter, which quarterly (q/q), despite still better forecasts of 0.9% compared to the last reading of 0.9% (revised up to 0.7%) this time was up 1.1% and as it turns out this is the best result since December 2013 year.
What are we waiting for
The most important macroeconomic publications, which will be announced today, will be from the UK (GBP), the United States (USD) and Canada (CAD) and it is where we expect a bit more volatility today.
The full picture of todays important publications presents the following screen:
The situation on the charts
AUDUSD currency pair almost from the beginning of the week moves in a consolidation. Given that in night increases reached only level of 50% Fibonacci correction of yesterday’s declines its likely that we can expect continuations of declines today.
EURUSD from last week moves in a bearish channel. We are now in vicinity of the upper limit of the formation, where just appeared bearish response. Rejection of this level could return to strengthening the US dollar and continuation of declines.
