Euro is firm at current levels

1 December, 2017

Today in the first half of the European session, USD dollar traded somewhat stronger. Yesterday's sharp increase in yields on US bonds led to a significant USD dollar gain against the Japanese yen. Recently USD / JPY currency pair reached the local minimum near JPY 111.00.  Today the pair continues its growth and is already trading in the level of 112.35. The pair tested a significant level of JPY112.40, but failed to fix above these levels and pulled back below.

At the beginning of the trading day, the European currency was under pressure. Eur / Usd pair was trading at 1.1800, in the local support area. In European trading, the pair rushed higher, however, failed to overcome yesterday's maximum near 1.1880. Today's news background in Europe has been rich. The expected decline in unemployment in Germany was -18 thousand. In general, unemployment in the eurozone fell to 8.8% from 8.9%. Nevertheless, the market was in expectation of figures on inflation and drew special attention to this data.

The preliminary estimate of the consumer price index in November rose to 1.5% from 1.4%. The data turned out to be less than expected, but the main disappointment was connected with the main CPI. The CPI data did not change and remained at 0.9%. We see that despite the accelerating economic growth in the euro area, inflation continues to lag behind. This is a factor that can weaken bulls pressure on the European currency in the near future. Nevertheless, the European currency is traded steadily, being in the narrow range 1.1820-1.1880. The nearest strong resistance is located at 1.1870-1.1880. We expect that the pair EUR / USD will continue consolidation in the zone 1.1800-1.1880.

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