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EUR/USD Daily Forecast – 29 November

Tuesday, Nov 28 2017
EUR/USD Daily Forecast – 29 November

From Eurozone, yesterday, M3 Money Supply data was released. The annual growth rate of the broad monetary aggregate M3 decreased to 5.0% in October 2017, from 5.2% in September, averaging 5.1% in the three months up to October. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), decreased to 9.4% in October, from 9.8% in September. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was less negative at -2.7% in October, from -3.2% in September. The annual growth rate of marketable instruments (M3-M2) decreased to -0.7% in October, from 1.0% in September.

 

In the US session CB Consumer Confidence figures were published. The Conference Board Consumer Confidence Index, which had improved in October, increased further in November. The Index now stands at 129.5 (1985=100), up from 126.2 in October. The Present Situation Index increased from 152.0 to 153.9, while the Expectations Index rose from 109.0 last month to 113.3. "Consumer confidence increased for a fifth consecutive month and remains at a 17-year high (Nov. 2000, 132.6)," said Lynn Franco, Director of Economic Indicators at The Conference Board.

 

Tomorrow, from Eurozone, German CPI as well as Spanish CPI data will be released. German CPI is forecasted to rise by 0.3%, while Spanish CPI should increase by 1.7%. In the US session GDP figures will be published. Analysts expect growth by 3.3%. However, the focus of the session will be on Fed Chair Yellen testimony.

 

Figures to watch:

 

German Prelim CPI (Wednesday)

Spanish Flash CPI (Wednesday 9:00)

Prelim GDP (Wednesday 14:30)

Fed Chair Yellen Testifies (Wednesday 16:00)

More in this category: « GBP/USD Daily Forecast – 29 November AUD/USD Daily Forecast – 30 November »

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