Forex, Market Reports

Forex MarketWatch Weekly Outlook for December 23rd

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Graphic for MW Outlooks

EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

This week’s economic calendar has very few releases due to the Christmas holidays. Many countries will be celebrating bank holidays every day until Thursday.

Thursday’s highlights include a speech by BOJ Governor Haruhiko Kuroda and the release of U.S. CB Consumer Confidence. The week concludes with the release of German Preliminary CPI, the KOF Economic Barometer and Chicago PMI.

We here at The FXperts hope your year thus far has been prosperous, and we extend our best wishes to you and your loved ones in this holiday season.

ECONOMIC OUTLOOK

The following table contains significant upcoming data and events for each of the major economies, as well as the market’s consensus expectation and last result for each data release.

Date GMT Time Currency   Event      Forecast Previous  
MonDec 24 All Day JPY Bank Holiday
All Day EUR German Bank Holiday
All Day NZD Bank Holiday
All Day AUD Bank Holiday
 11:50pm JPY SPPI y/y 1.3% 1.3%
TueDec 25 All Day CHF Bank Holiday
All Day EUR French Bank Holiday
All Day EUR German Bank Holiday
All Day EUR Italian Bank Holiday
All Day GBP Bank Holiday
All Day CAD Bank Holiday
All Day USD Bank Holiday
All Day NZD Bank Holiday
All Day AUD Bank Holiday
11:50pm JPY Monetary Policy Meeting Minutes
WedDec 26 5:00am JPY BOJ Core CPI y/y 0.6% 0.6%
All Day CHF Bank Holiday
All Day EUR German Bank Holiday
All Day EUR Italian Bank Holiday
All Day GBP Bank Holiday
All Day CAD Bank Holiday
2:00pm USD S&P/CS Composite-20 HPI y/y 4.8% 5.1%
3:00pm USD Richmond Manufacturing Index 16 14
ThuDec 27 4:00am JPY BOJ Gov Kuroda Speaks
5:00am JPY Housing Starts y/y -0.1% 0.3%
9:00am CHF Credit Suisse Economic Expectations -42.3
EUR ECB Economic Bulletin
1:30pm USD Unemployment Claims 220K 214K
2:00pm USD HPI m/m 0.3% 0.2%
3:00pm USD CB Consumer Confidence 133.0 135.7
USD New Home Sales 569K 544K
11:30pm JPY Tokyo Core CPI y/y 0.9% 1.0%
JPY Unemployment Rate 2.4% 2.4%
11:50pm JPY BOJ Summary of Opinions
JPY Prelim Industrial Production m/m -1.6% 2.9%
JPY Retail Sales y/y 2.1% 3.6%
FriDec 28 All Day EUR German Prelim CPI m/m 0.3% 0.1%
8:00am CHF KOF Economic Barometer 98.8 99.1
EUR Spanish Flash CPI y/y 1.5% 1.7%
9:30am GBP High Street Lending 38.9K 39.7K
Tentative EUR Italian 10-y Bond Auction 3.24|1.4
1:30pm USD Goods Trade Balance -75.5B -77.0B
USD Prelim Wholesale Inventories m/m 0.9% 0.8%
2:45pm USD Chicago PMI 61.2 66.4
3:00pm USD Pending Home Sales m/m 1.1% -2.6%
3:30pm USD Natural Gas Storage -141B
4:00pm USD Crude Oil Inventories -0.5M

TECHNICAL OUTLOOK

The table below contains a directional forecast for the coming week, the current spot rate, and key support and resistance levels for each of the major currency pairs.

EUR/USD Higher Resistance: 1.1401/85 1.1500/1.1659 1.1721/1.1852
Spot: 1.1378 Support: 1.1301/66 1.1267/98 1.1216
USD/JPY Lower Resistance: 111.13/112.56 112.95/113.38 113.66/114.95
Spot: 111.06 Support: 109.78/110.90 109.20/37 108.65/95
   
GBP/USD Higher Resistance: 1.2659/1.2662 1.2696/1.2726 1.2812/1.2958
Spot: 1.2657 Support: 1.2530/89 1.2477 1.2347/66
 
AUD/USD Higher Resistance: 0.7145/0.7265 0.7302/93 0.7453/0.7503
Spot: 0.7055 Support: 0.7016/26 0.6905/37 0.6827
   
USD/CAD Lower Resistance: 1.3598/1.3600 1.3793 1.4001
Spot: 1.3579 Support: 1.3444/55 1.3388/1.3401 1.3159/1.3359
   
NZD/USD Higher Resistance: 0.6756/0.6824 0.6885/0.6910 0.6969/0.7060
Spot: 0.6738 Support: 0.6676/0.6702 0.6424/0.6630 0.6347

Disclaimer:

TheFXperts’ Forex MarketWatch Reports are provided strictly for educational purposes and represent the opinions of the authors. No recommendation or endorsement for specific financial trading or investment purposes is offered. Subscribers are advised to seek financial, business and legal guidance from licensed professionals.

Visit TheFXperts’ official website at www.TheFXperts.com.  You can also view and purchase Jay and Julie Hawk’s six financial books at Jay’s Amazon author page here: amazon.com/author/Jayhawk

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