EUR/USD, “Euro vs US Dollar”
EUR/USD continues developing a consolidation range around 1.0955. A growth link to 1.0980 is expected today. If this level breaks upwards, the potential for a rise to 1.1010 might open. This is a local target.
GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD continues developing a consolidation range around 1.2727. A growth link to 1.2784 is expected today. If this level also breaks upwards, the potential for a wave to 1.2812 could open, so that the wave might extend to 1.2844. Next, a decline to 1.2690 could follow.
USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY continues developing a growth wave to 145.35. Next, a decline link to 144.00 is expected. With a breakout of this level downwards, the potential for a wave down to 142.80 could open. This is a local target.
USD/CHF, “US Dollar vs Swiss Franc”
USD/CHF continues developing a consolidation range around 0.8530. Today it is expected to extend upwards to 0.8577. This is the first target. Next, a correction to 0.8458 might start.
AUD/USD, “Australian Dollar vs US Dollar”
AUD/USD continues developing a consolidation range around 0.6682. A link of decline to 0.6640 might form today. This is a local target.
Brent
Brent has completed a correction link to 78.03. Today the growth wave might extend to 81.70, from where the trend might extend to 82.82. This is a local target. Next, a decline to 79.10 is expected (a test from above), followed by a rise to 84.00.
XAU/USD, “Gold vs US Dollar”
Gold continues developing a growth wave to 2071.45. Once this level is reached, a correction link to 2050.00 is not excluded. Next, a growth link to 2131.78 is expected.
S&P 500
The stock index continues developing a consolidation range around 4770.0. Today the price could drop to 4738.0, followed by a rise to 4770.0 (a test from below). After that, the quotes could drop to 4704.0. This is a local target.
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EUR/USD stays weak below 1.0500 due to risk-off mood
EUR/USD remains depressed below 1.0500 in Tuesday's European morning as US President-elect Trump’s tariff plans dampen the market sentiment and keep the US Dollar broadly bid. The Euro struggles due to growing Euro area economic concerns and increased dovish ECB bets.
GBP/USD consolidates losses near 1.2550 ahead of BoE's Pill, Fed Minutes
GBP/USD struggles near 1.2550 in European trading on Tuesday, following a slump to the 1.2500 area. The US Dollar holds on to modest gains amid Trump's tariffs threat-driven cautious mood, keeping the pair undermined ahead of BoE Pill's speech and Fed Minutes.
Gold price defends $2,600 ahead of FOMC minutes; not out of the woods yet
Gold price retains its negative bias for the second straight day and trades just above a one-week low during the first half of the European session on Tuesday. The growing conviction that Donald Trump's expansionary policies will reignite inflation and limit the scope for the Fed to cut interest rates further triggers a fresh leg up in the US Treasury bond yields.
Trump shakes up markets again with “day one” tariff threats against CA, MX, CN
Pres-elect Trump reprised the ability from his first term to change the course of markets with a single post – this time from his Truth Social network; Threatening 25% tariffs "on Day One" against Mexico and Canada, and an additional 10% against China.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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