Morning brief for December 30

30 December, 2016

EUR/USD spiked to 1.0653 in the course of the Asian session (its biggest intraday gain since early November). The US dollar slackened on the year-end profit-taking. There wasn’t any news hitting the wires. Italy’s government is going to bailout the country’s banks. The senior officials are puzzled what made the ECB double its estimate of the capital shortfall for Monte dei Paschi di Siena. We don’t expect much zest from the prices today.

USD/JPY is trading near the 116.70. The upper border of Ichimoku cloud on the H4 timeframe is acting as a resistance. The US bond yields which have been rising since the US presidential election made a reversal and went in the opposite direction towards 2.467 from its last-week peak at 2.650.

GBP/USD edged up to 1.2280. The currency pair plunged to its three-decades low after the British people voted to leave the EU. The UK macroeconomic data showed a certain degree of resilience and offered a modest support to GBP. Many analysts believe that the sterling will be rather strong until the hard Brexit scenario comes into play.

AUD/USD ticked up on the weakening of the greenback. Keep in focus Chicago PMI coming from the US later today. The index should not bring big moves to the chart, however.

Kiwi retraced from 0.6980 to 0.6950 on the Asian session.  

USD/CAD slumped to 1.3455 due to the rising oil prices and falling US dollar. Brent futures soared to $57.10. Oil prices gained 51% in the course of this year due to the OPEC and other producing countries commitments to cut their output.

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