Not Much on the Agenda Today
Skerdian Meta • 1 min read
Christmas is getting closer and the activity in the forex market is reducing. In recent weeks, we have seen some immense moves in the range of 400-500 pips, but the moves have been getting smaller. This week started normally, with a 100 pip range in most forex pairs but the range has been getting tighter and as we can see today, EUR/USD has been the most active pair which has climbed 30 pips overnight.
That´s how today and tomorrow are going to be, really slow and boring. Even the economic calendar is very light; we´ve had the UK GFK consumer confidence which declined by 7 points, while the German import prices posted a 0.7% pickup. That will give whatever little help it can to EU inflation.
Today in the afternoon we will have the retail sales and inflation (CPI) report from Canada and the last important round of economic data until next year, along with the US durable goods orders, final GDP, and unemployment claims.
The price action is really slow and that´s going to be for about a week or so with this afternoon´s US data being the last potential event to shake the forex market for the last time.
By the way, I just decided to open a sell EUR/USD signal around 1.0450. This level has been such a long-term support, as we mentioned in one of yesterday's updates, and it´s likely to turn into an important resistance now. So, that´s the reason I opened this forex signal, besides hearing rummours around that a very big name has a few billions of sell interest lined up here. Fingers crossed so we can get a Christmas bonus.