Forex, Market Reports

Forex MarketWatch Weekly Outlook for December 30th

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Graphic for MW Outlooks

EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

This will be another holiday-shortened week due to the New Year’s Eve and New Year’s Day bank holidays, with many countries celebrating bank holidays every day until Wednesday when the only significant release is UK Manufacturing PMI.

On Thursday, highlights include the U.S. ADP Non-Farm Employment Change and ISM Manufacturing PMI. The week concludes with a busy Friday, featuring the release of the UK Net Lending to Individuals and Services PMI; the EZ Core CPI Flash Estimate; the Canadian Employment Change, RMPI and Unemployment Rate; and U.S. Non-Farm Payrolls, Average Hourly Earnings and the Unemployment Rate. Fed Chair Jerome Powell will also speak on Friday.

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 for this holiday season and into the New Year.

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    Actual Forecast Previous  
MonDec 31 All Day JPY Bank Holiday
12:30am AUD Private Sector Credit m/m 0.3% 0.3% 0.4%
1:00am CNY Manufacturing PMI 49.4 50.0 50.0
CNY Non-Manufacturing PMI 53.8 53.2 53.4
All Day EUR German Bank Holiday
 9:30am GBP Housing Equity Withdrawal q/q -6.0B -6.3B
All Day NZD Bank Holiday
All Day AUD Bank Holiday
TueJan 1 All Day JPY Bank Holiday
All Day CNY Bank Holiday
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
WedJan 2 All Day JPY Bank Holiday
1:45am CNY Caixin Manufacturing PMI 50.3 50.2
5:30am AUD Commodity Prices y/y 14.9%
All Day CHF Bank Holiday
8:15am EUR Spanish Manufacturing PMI 52.4 52.6
8:45am EUR Italian Manufacturing PMI 48.4 48.6
8:50am EUR French Final Manufacturing PMI 49.7 49.7
8:55am EUR German Final Manufacturing PMI 51.5 51.5
9:00am EUR Final Manufacturing PMI 51.4 51.4
9:30am GBP Manufacturing PMI 52.6 53.1
2:30pm CAD Manufacturing PMI 54.9
Tentative NZD GDT Price Index 1.7%
2:45pm USD Final Manufacturing PMI 53.9 53.9
ThuJan 3 All Day JPY Bank Holiday
Tentative EUR Spanish Unemployment Change -1.8K
8:30am CHF Manufacturing PMI 56.9 57.7
9:00am EUR M3 Money Supply y/y 3.8% 3.9%
EUR Private Loans y/y 3.3% 3.2%
9:30am GBP Construction PMI 52.9 53.4
Tentative EUR Spanish 10-y Bond Auction
12:30pm USD Challenger Job Cuts y/y 51.5%
1:15pm USD ADP Non-Farm Employment Change 180K 179K
1:30pm USD Unemployment Claims 215K 216K
3:00pm USD ISM Manufacturing PMI 58.2 59.3
USD ISM Manufacturing Prices 57.9 60.7
All Day USD Total Vehicle Sales 17.4M 17.5M
FriJan 4 12:01am GBP BRC Shop Price Index y/y 0.1%
12:30am JPY Final Manufacturing PMI 52.4 52.4
1:45am CNY Caixin Services PMI 53.1 53.8
7:00am GBP Nationwide HPI m/m 0.1% 0.3%
7:45am EUR French Prelim CPI m/m 0.1% -0.2%
8:15am EUR Spanish Services PMI 53.8 54.0
8:45am EUR Italian Services PMI 50.1 50.3
8:50am EUR French Final Services PMI 49.7 49.6
8:55am EUR German Final Services PMI 52.5 52.5
EUR German Unemployment Change -13K -16K
9:00am EUR Final Services PMI 51.4 51.4
9:30am GBP Net Lending to Individuals m/m 5.1B 5.0B
GBP Services PMI 50.8 50.4
GBP M4 Money Supply m/m 0.6% 0.7%
GBP Mortgage Approvals 66K 67K
10:00am EUR CPI Flash Estimate y/y 1.8% 2.0%
EUR Core CPI Flash Estimate y/y 1.0% 1.0%
EUR PPI m/m -0.1% 0.8%
EUR Italian Prelim CPI m/m 0.1% -0.2%
1:30pm CAD Employment Change 94.1K
CAD Unemployment Rate 5.6%
CAD RMPI m/m -2.4%
CAD IPPI m/m 0.2%
USD Average Hourly Earnings m/m 0.3% 0.2%
USD Non-Farm Employment Change 181K 155K
USD Unemployment Rate 3.7% 3.7%
2:45pm USD Final Services PMI 53.5 53.4
3:15pm USD Fed Chair Powell Speaks
USD FOMC Member Bostic Speaks
3:30pm USD Natural Gas Storage -48B
4:00pm USD Crude Oil Inventories 0.0M
SatJan 5 3:15pm USD FOMC Member Bostic Speaks

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 Lower Resistance: 1.1443/85 1.1500/1.1659 1.1721/1.1852
Spot: 1.1434 Support: 1.1301/1.1432 1.1267/98 1.1216
USD/JPY Higher Resistance: 110.14/112.56 112.95/113.38 113.66/114.95
Spot: 110.06 Support: 109.78/110.03 109.20/37 108.65/95
   
GBP/USD Mildly Higher Resistance: 1.2726/38 1.2812/1.2985 1.3070/80
Spot: 1.2725 Support: 1.2659/1.2696 1.2530/89 1.2477
 
AUD/USD Lower Resistance: 0.7077 0.7145/0.7265 0.7302/93
Spot: 0.7064 Support: 0.7016/26 0.6905/37 0.6827
   
USD/CAD Higher Resistance: 1.3660 1.3793 1.4001
Spot: 1.3621 Support: 1.3567/1.3600 1.3444/55 1.3159/1.3401
   
NZD/USD Lower Resistance: 0.6746/0.6824 0.6885/0.6910 0.6969/0.7060
Spot: 0.6714 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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