Fundamental analysis for December 22, 2015

December 22, 2015

The economic calendar is empty, there was not published any interesting macroeconomic statistics. In this regard, the EUR/USD course is determined by the debt and equity markets dynamics. The US and the German government bond yields showed a growth which increased the US assets investment’ attractiveness supporting the demand for the greenback. The equity markets long positions and high-yield cross rates pointed out to the lack of "risk appetite" among investors. However, after a decrease the pair euro/dollar strengthened.

The GBP/USD bears have taken a breath. The UK government bond yields have grown in relation to their US and Germany counterparts which increased the investments’ attractiveness into the British assets. The Cable could not realize even a deep correction - investors have opened short positions that have caused a new round of the prices decline. The pair pound/dollar was trading in a flat.

The USD/JPY quotations showed moderate decrease after the "risky assets" escape. Investors closed their longs which supported the demand for the yen as a funding currency. The "protective" utilities sector was the growth leader in the US stock market, still the financial sector and the basic materials’ sector showed a decline. Such positioning points out to the pessimism growth. The Bank of Japan indicated the inflation expectations decline because of the hydrocarbon low prices which is a negative factor for the yen. After a decrease the pair dollar/yen was trading in a side corridor.

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