The common currency outperformed on the first trading day of the year, closed with solid gains 0.40%. In 2017 EURUSD rose as much as 16+%, printed the biggest annual gain since 2003.
Spain manufacturing PMI posted 55.8 in December, down slightly from the near 11-year high of 56.1 in November
- Italy Manufacturing PMI recorded 57.4 for December vs 58.4 in November
- France manufacturing PMI posted 58.8 in December up from 57.7 in November
- Germany Manufacturing PMI climbed to an all-time high of 63.3 in December from 62.5 in November
- Final EZ Manufacturing PMI at 60.6 in December, its best level since the survey began in mid-1997 according to IHS Markit
Data preview:PMI surveys will dominate the economic data calendar week
2018 outlook: We believe in 2018/2019 the ECB policy likely to dominate the Fed. Support finds at 1.1550.
View: In 2018, we forecast bullish targets of 1.2300 and 1.2500.
Weekly range: 1.2120-1.1940
While holding the 1.1550 early Nov, 2017 low buying the dip favors the trend. The daily RSI is nearly overbought buy the oscillator remains bullish. Buying the dip favors the near-term trend.
FX traders are waiting for the first US NFP data (Fri). While you were away, we published 2018 FX and Agri commodities bullish trades available to download in our KTM blog.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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