USD gains ground during European trades (07.12.2017)



Traders are busy buying US dollars so they pay little attention to macroeconomic data. For example, the Eurostat delivered upbeat macroeconomic statistics today. In annual terms the gross domestic product increased by 2.6 percent in the third quarter. It was the fastest pace of growth for the last 6 years. On a quarterly basis, the economy expanded by 0.6 percent, matching analysts’ expectations and the flash estimate. However, this news did not provide support to the single European currency.
Aleksandr Davydov comments:
The single European currency ignored the GDP data that exceeded the forecast. There is every indication that market participants are waiting for the US jobs report that is due to be published tomorrow. In this regard today’s jobless claims data is likely to make a great impact. Bearing in mind the forecast, the greenback has the chance to strengthen further. So, by the end of this trading day the euro is likely to decline to 1.1750.
End of comments The same situation is seen on the Swiss franc chart. The unemployment level in Switzerland decreased from 3.1% to 3% in November on a seasonally adjusted basis. However, traders are reluctant to buy the safe-haven currency. The dollar-franc pair has broken the level of 0.9900. Interestingly, traders also ignored the news about the United States recognizing Jerusalem as the capital of Israel. Meanwhile, the British pound is trading under pressure again in connection with the UK’s exit from the European Union. The pound-dollar pair is approaching the level of 1.3320.
Reportedly, the United Kingdom has only 2 days to accept the terms of the deal proposed by the European Union. Otherwise, the talks will stall.
What steps will the United Kingdom take? Time will show. Speaking about the currency market, experts anticipate that the pound sterling, the euro and the Swiss franc will end this trading week in negative territory. https://www.instaforex.com FX Analytics – https://www.instaforex.com/forex_analytics
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