Dec. 12: MARKET OVERVIEW The overall demand for the US Dollar has recovered by the end of the week, supported by the upbeat November retail sales. Global markets remain concerned by Chinese economic slowdown. Data released on Friday showed industrial production growth fell from 7.7% to 7.2% in November. According to the fresh Business News report, China lowered its 2015 GDP growth target in work conference. These are the negative news for the commodity currency block. Meanwhile, Brent crude oit has hit a fresh 5 1/2 year low of $63 a barrel, bringing this weeks losses to more than 8%. AUD/USD trade remains volatile, but the price holds around 0.8270 as we speak. NZD/USD dipped to 0.7700 before recovering some ground. There is a market speculation that the NZ dairy giant Fonterra sees reduced milk production in the year 2015. USD/JPY hovers around 118.90 in the Asian trade. Markets await Japanese parliamentary election on Sunday. The question is whether the ruling block has secured the absolute stable majority (above 266 seats) or not. There are not so many releases to watch in Europe today exept for the UK construction output and the euro zones industrial production. Both forecasts are downbeat, so EUR/USD and GBP/USD could extend losses later in the day.
Posted on: Fri, 12 Dec 2014 06:59:43 +0000
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