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US Dollar strongest Rally in 2 Years

By:

Dukascopy

2007-17-12

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Previous session overview
US Dollar strongest Rally in 2 Years.

On Friday, the dollar jumped to one-month highs against both the euro and yen , despite market fears, the U.S. economy may escape recession. The next Fed rate cut might be less simple to predict. The euro faces some resistance at around $1.4470.

EUR/JPY falls as non-Japan short-term.

The dollar, consequently, shot up against the euro with a newfound yield appeal and against the yen with the help of a negative economic data in Japan.

U.K. house prices slumped for the second month in a row in December.

The Australian dollar ended at a three-month low Monday as stronger than expected inflation figures in the U.S.

The U.S. CPI jumped 0.8% in November, against October's 0.3% rise.

US industrial production posted a modest 0.3% gain in November.

Market participants are waiting for U.S. housing starts data for November, which will be on Tuesday.

Euro-zone CPI was revised up from the 3.0% flash estimate to 3.1%.

Market expectation
The US current account deficit is expected to decrease to 184.4 bln usd in quarter three from 190.8 in quarter four.

The November US Housing starts are expected to drop to annual rate of 1.178 mln from 1.229 mln in October.The dollar's decline will be short-lived, predicting it will rise above Y114.50 in the first half of this week.

Energy bills in the U.K. look likely to increase in the new year as rising gas, coal and oil prices.

Today in UK important data: Rightmove House Prices.

In Switzerland important event today - Industrial Production.

And in USA important data today are - Current Account, NY Empire State Manufacturing Index and Net long-term TIC Flows.

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