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EUR/USD Daily Forecast – 21 December

Friday, Dec 18 2015

Friday's session brought Eurozone Current Account figures. The current account of the euro area recorded a surplus of €20.4 billion in October 2015. Analysts were predicting surplus of around €30 billion. This reflected surpluses for goods (€26.8 billion), services (€4.4 billion) and primary income (€3.1 billion), which were partly offset by a deficit in secondary income (€14.0 billion). The 12-month cumulated current account for the period ending in October 2015 recorded a surplus of €299.9 billion (2.9% of euro area GDP), compared with a surplus of €237.5 billion (2.4% of euro area GDP) for the 12 months to October 2014.

The euro has begun to slide against the US dollar, after the Federal Reserve announced their expected interest rate rise of 0.25%, the first rate increase since 2006.The announcement of the rate rise by 0.25% is enough to send ripples around the world. And could put pressure on other countries to re-evaluate their interest rate, and monetary polices. Across the euro area, the recent decision to extend the EUR 60 billion per month asset purchasing Quantitative Easing programme, is in contrast to the tightening of borrowing condition now being favoured across the Atlantic.

 

Monday's session should be a steadier one as there will be no major data releases both from Eurozone and USA. However, traders are likely to speculate on possible ECB steps in the future now when we have seen Fed's rate hike.

More in this category: « GBP/USD Daily Forecast – 21 December AUD/USD Daily Forecast – 22 December »

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