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EUR/USD Daily Forecast – 20 December

Tuesday, Dec 19 2017
EUR/USD Daily Forecast – 20 December

From Eurozone, yesterday, German Business Climate figures were released. Chancellor Angela Merkel is struggling to form a stable government after her conservatives lost voters to the far right in September’s election and her attempt at a tricky three-way alliance with two smaller parties failed last month. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, edged down to 117.2 from an upwardly revised reading of 117.6 in November which was the highest on record.

In the US session Building Permits and Housing Starts data was published. Groundbreaking on single-family homes proceeded in November at the strongest pace in a decade, driving U.S. housing starts to a faster-than-estimated rate, government figures showed Tuesday. Residential starts rose 3.3% to 1.3m annualized rate (est. 1.25m) after 1.26m pace in prior month (revised from 1.29m). Single-family starts jumped 5.3% to 930,000, highest since Sept. 2007; South and West regions also were 10-year highs. Permits, a proxy for future construction of all types of homes, fell 1.4% to 1.3m rate (est. 1.27m) from 1.32m pace; single-family permits in U.S. and South both highest since Aug. 2007.

 

There will be no major data releases from Eurozone yesterday. In the US session Existing Home Sales figures. Increase to 5.53 million is anticipated.

 

Figures to watch:

 

Existing Home Sales (Wednesday 16:00)

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