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EUR/USD Daily Forecast – 28 December

Friday, Dec 25 2015

It was a Christmas Day on Friday, there were no data releases and markets were closed. The EUR/USD was virtually unchanged since the European Central Bank rattled global foreign exchange markets on December 3 with an unexpected decision to approve only limited easing measures with its comprehensive asset-purchasing program. Following the shocking announcement by ECB president Mario Draghi, the euro surged more than 3% against the dollar on the session, one of its strongest one-day moves of the year.

On the other hand Fed's rate hike did not have major impact on the markets. Core PCE prices, the Fed's preferred gauge for inflation, have fallen below its targeted goal of 2% for every month over the last three years. Yellen expects long-term inflation to move toward the Fed's targeted objective, as temporary factors from a stronger dollar and dwindling oil prices fade. At last week's historic meeting, the FOMC projected that the upper-bound range for the Fed Funds Rate will increase a full percentage point to 1.5% by the end of 2016. The estimates imply that the FOMC could approve four modest rate hike throughout the course of next year.

 

With no major data releases on Monday we can expect extension of holiday season and tighter-range trading.

More in this category: « GBP/USD Daily Forecast – 28 December AUD/USD Daily Forecast – 29 December »

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