Forex Weekly Trading Forecast for December 16 - 22, 2012
The US Dollar (ticker: USDOLLAR) and Japanese Yen were the worst performers in an eventful week for forex trading. Price momentum favors further USD and JPY losses, but caution is urged ahead of potentially difficult week of currency price action.
A fresh wave of Quantitative Easing from the US Federal Reserve was enough to push the US Dollar (ticker: USDOLLAR) lower cross the board, and current price momentum leaves short-term trading outlook in favor of Greenback losses.
The euro's strength was robust and broadly distributed this past week. A combination of general (though modest) improvement in economic ...
The Japanese Yen continued to weaken against its U.S. counterpart, with the USDJPY advancing to a nine-month high of 83.95, and the December 16 elections may continue to weigh on the low-yielding currency as Liberal Democratic Party President Shinzo Abe pushes for an unlimited asset purchase program.
Our attention is drawn to a future BoE governor, which when combined with the near-term fundamental backdrop necessarily suggests a “neutral” rating for the British Pound for the next week.
Gold prices were slightly softer at the close of a volatile week with the precious metal off by 0.52% to trade at $1695 at the close of trade in New York on Friday.
The Australian Dollar may fall after US policymakers reach a widely expected deal to avoid the “fiscal cliff” as focus turns to the 2013 RBA rate cut outlook.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.