EU Session: Euro Zone and United Kingdom

The European currency edged higher during yesterday’s trading and broke above its short term downtrend to continue with its upside retracement. As for today, the pair will be waiting for a collection of fundamental data, with the most important figure for today the Services PMI, which is expected to remain unchanged at 48.3, while any further downward trading could weigh on the European currency during the day. Meanwhile the upside risk remains and the obstacle resistance stands at 1.3110 (Retracement Target).

French Consumer Spending: A lagging indicator that measures the total value spent by consumers during the reported month.

EU Services PMI: Another leading composite index that measures the health of the service industry, and the results are based on surveyed purchasing managers in the service industry, the index has a significant impact on the markets during the normal markets and risk markets.

United Kingdom

GBP/USD: The British currency is trading slightly negative ahead of the EU session today, hovering around 1.5630, while the pair will be waiting for UK Construction PMI which is expected to drop further in December to 51.8 vs. 52.3 in November, which will have a significant impact on the markets, but if the index shows a drop below 50, it would be a pessimistic indicator which will hurt the British currency again as well, in the meantime the general trend remains to the downside, while technical retracement could be seen toward 1.5740 before the downtrend resumes toward 1.5550 followed by 1.5500.

Construction PMI: Another leading composite index that measures the health of the construction industry, and the results are based on surveyed purchasing managers in the construction industry, the index has a significant impact on the markets during the normal and risk markets.