This week, the dominance of the US dollar will continue

December 8, 2014

Despite the fact that the ECB has postponed the issue of expanding the asset purchases program in the euro zone for Q1 2015, at the end of last week, the EUR/USD pair still declined against the background of a sharp strengthening of the US dollar. The publication of an exceptionally strong November statistics on employment outside the US agricultural sector has provided substantial support for the world's reserve currency. During this week, the euro may fall to the level of 1.2200.

On December 8, the upwards revision of Japan's GDP from - 0.4% (q/q) to -0.1% (q/q) in Q3 2014 may provide support for the Japanese currency. Regular purchases in the USDJPY pair are worth considering near the level of 120.00.

On December 11, it is worthwhile paying attention to the publication of the November employment statistics in Australia. The expected rise in unemployment rate in this country from 6.2% to 6.3% is likely to put pressure on the Aussie. By the end of the week, the AUDUSD pair may decline to around 0.8200.

By the end of the week, the New Zealand dollar is likely to test this year's lows around the 0.7650 level. Factors such as the slowdown in the growth rate for the Chinese economy, as well as the expected rise in interest rates in the US will continue to put pressure on it.

The Swiss currency is unlikely to experience much joy if on December 11, the Swiss Central Bank keeps its key interest rate in the country in the range of 0-0.25%. On this day, at the time of the publication of data on retail sales in the US, the USDCHF pair is, likely to test the 0.9850 level.

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