EUR/USD Forecast Dec. 23, 2011, Fundamental Analysis
We can see the market still assessing the impact of the ECB loans with the euro holding between $1.30-$1.31 areas and that is due to the lack of major events or volume to take the pair to a defined direction to resume the correction.
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The market turned weak after the GDP was less than expected from the US economy on Thursday and that again keeps the weak outlook still in focus and not very tempting for a strong upside short term recovery even if needed.
The week will end with the United States as well starting with the Durable Goods Orders at 13:30 GMT which is expected with 2.1% rebound in November after 0.7% drop and excluding transportation it’s expected to rise by 0.4% after 0.7% gain.
The November Income Report is also due at 13:30 GMT with the Personal Income expected with 0.3% rise after 0.4% and personal spending expected to rise 0.3% after 0.1% as for the core PCE it is expected to hold at the previous gains with 0.1% rise on the month and 1.7% on the year.
New Home Sales for November will be released at 13:00 GMT which is expected with 2.0% rise after 1.3% gain to 313 thousand.