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Valutrades Market Blast Fundamentals 2 December 2019

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Market Recap: 25 - 29 November

 

 
On Tuesday last week we covered UK Oil which continued to trade above the key $63 level before dropping sharply back towards $60 to finish the week. After meeting resistance at the key $63 level for several weeks, UK Oil had poked its head above this level in the last week or so attempting to maintain a break higher. During last week it had also started to receive some support at the $63 level however this quickly gave way as excessive selling pressure forced it lower.
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EURUSD - Rests on Support at 1.10 as President Lagarde Calls for New Policy

 

 
In the last week the EURUSD has fallen again back down to one of the current key levels of 1.10 after threatening to break through the 1.11 level, only to meet stiff resistance there. It made another strong rally off the 1.10 level back to 1.11, after falling sharply from near several month highs close to 1.12. The 1.10 level has now provided strong support in the last two weeks propping the currency pair up after the fall to start the month. It will be interesting to see if this support can continue to stand tall and maintain the current range.
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Switzerland Gross Domestic Product (GDP) q/q

Today at 6:45am UK Time. Switzerland GDP q/q reflects changes in the market value of domestically produced goods and services, in the reported quarter compared to the previous quarter, and growth can have a positive effect on CHF quotes. F: 0.3%, P: 0.3%. #USDCHF may test 1

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GBPUSD - Consolidates Below 1.30 as U.K. Economy Avoids Recession

 

 
For the last six weeks or so the GBPUSD has traded in a narrow range consolidating under resistance at 1.30, which has become a level of significance. Earlier in the range, the GBPUSD eased ever so slightly from a five month high just above 1.30 after smashing through the key 1.25 level which has resisted prices strongly for around a month. It had also received some support from 1.28 during this period of consolidation. It will be interesting to see how long the selling pressure remains at 1.30 or whether the sterling eases away and returns to previous levels closer to 1.25.
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Japan Retail Sales m/m

Today at 11:50pm UK Time. Retail Sales m/m show the total volume of retail sales of goods and services in the past month compared with the previous one, and allows evaluating consumer spending, an important indicator of national inflation. F:0%, P:7.1%. #USDJPY may test 109

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United States Pending Home Sales m/m

Today at 3:00pm UK time. Pending Home Sales m/m reflect the number of home sales contracts signed in the given month as compared to the previous one. F: -1.6%, P: 1.5%

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United States Gross Domestic Product (GDP) q/q

Today at 1:30pm UK time. US GDP q/q is a monetary valuation of all goods and services produced in the United States in the given quarter compared with the previous one minus the price of goods and services used in production. F:1.9%, P:1.9%.

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US30 - Moves to New Highs above 28000 as Former Chair Yellen Talks on Economy Risks

 

 
After trading around the key 27000 level for several weeks, the last few weeks have seen the US30 index surge higher to new all time highs above 28000, before easing in the last week and rallying again. It is currently trading around the previous peak so it may just be experiencing some selling pressure at this level. Throughout October it rallied well and moved back above the current key level of 27000 after the index was ably supported by the 26000 level which propped up the index earlier.
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United States New Home Sales

Today at 3pm UK time. The New Home Sales indicator reflects sales of newly constructed residences in the US, measuring new single-family home sales, and is used for measuring the US housing market conditions. F:0.656 M, P:0.701 M.

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