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EUR/USD Daily Forecast - 16 December

Monday, Dec 15 2014

There were no major data releases from Eurozone yesterday. Euro is still under pressure due to weak Eurozone figures but also Greek government recent decision to bring forward a parliamentary vote for president to this week.

 

In the US session Empire State Manufacturing Index and Industrial Production figures were released. The December 2014 Empire State Manufacturing Survey indicates that business activity declined for New York manufacturers. The headline general business conditions index dropped fourteen points to -3.6, its first negative reading in nearly two years. Analysts were anticipating incline to 12.1 points. The new orders index also fell into negative territory, tumbling eleven points to -2.0, and the shipments index fell to -0.2.

 

Industrial production increased 1.3% in November after edging up in October, beating market expectations on 0.8% growth. Output is now reported to have risen at a faster pace over the period from June through October than previously published. In November, manufacturing output increased 1.1% with widespread gains among industries.

 

We can expect quite volatile morning part of session, tomorrow, with French, German and Eurozone Manufacturing and Services PMI data scheduled for a release, as well as ZEW Economic Sentiment figures. Both French Manufacturing and Services PMI are expected to incline to 48.7 and 48.6, respectively. Similar is with German Manufacturing and Services PMI which are forecasted to raise to 50.4 and 52.6, respectively. Eurozone Manufacturing and Services PMI should grow to 50.5 and 51.6, respectively. Increase is anticipated in Economic Sentiment figures as well and that to 19.8 in German Economic Sentiment and 20.1 in figures for Eurozone. In the US session Building Permits and Housing Starts figures will be released. Figures slightly above 1 million are predicted for both data.

 

Figures to watch:

 

French Flash Manufacturing PMI /French Flash Services PMI (Tuesday 9:00)

German Flash Manufacturing PMI /German Flash Services PMI (Tuesday 9:30)

Flash Manufacturing PMI /Flash Services PMI (Tuesday 10:00)

German ZEW Economic Sentiment/ZEW Economic Sentiment (Tuesday 11:00)

Building Permits/Housing Starts (Tuesday 14:30)

More in this category: « GBP/USD Daily Forecast - 16 December AUD/USD Daily Forecast - 17 December »

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