Daily Forex Preview -15/12, Guest post by John Benjamen at Orbex
Guest post by John Benjamen at Orbex
The US Dollar Index closed the week on a bearish note after making a weekly high to 89.56. However, the gains in the spot fx markets were mixed with USDCAD continuing to post gains while EURUSD gaining close to 1.4% for the week. The USDCHF was weaker on a broad based demand for the Swiss Franc and the Yen. The dollar weakened despite a better than expected UoM consumer sentiment and inflation expectations. Producer Price Index however disappointed, falling below forecasts.
The Euro gained on Friday after a lackluster TLTRO loans on Thursday. Continued fundamentals from the Eurozone have been disappointing with the Eurozone industrial production failing to make any headway. The quarterly unemployment change was also in line with estimates. The Euro single currency has however managed to ignore all the data and continued to push higher for the week.