Date : 17th December 2014
EURUSD TRADING LOWER AHEAD OF THE US SESSION. FOMC MEETING MINUTES AND FEDERAL FUNDS RATE ON FOCUS.
EURUSD rose yesterday and closed at 1.2510. Data released yesterday indicated that the German ZEW Economic Sentiment rose to a level of 34.9 in December. The ZEW Economic Sentiment in the Eurozone also rose to a level of 31.8. The single European currency was also supported by the German Flash Manufacturing PMI which advanced to a level of 51.2 in December.
Data from the United States showed that the Flash Manufacturing PMI dropped to a level of 53.7 in December. The Building Permits and Housings starts in the US also registered a small drop.
Investors are now looking forward for the US CPI and Core CPI releases due in the afternoon and the FOMC Meeting Minutes, FOMC Statement and the Federal Funds rate due from the United States later today. The possibility of high volatility on the market during the FOMC releases exists and investors should be fully aware of the potential volatile price action which may be seen.
Support for the EURUSD is seen at 1.2414 and resistance is seen at 1.2553.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.