Ed Ponsi, CTA
FXStreet Contributor
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EUR/USD holds around 1.1750 after weak German and EU PMI data
EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.
GBP/USD remains below 1.3400 after mixed UK labor data
GBP/USD is trading around a flat line below 1.3400 in the European session on Tuesday. The UK ILO Unemployment Rate rose to 5.1% in the quarter to October, meeting expectations, while the pay growth cooled down sligthly in the same period, doing little to affect the Pound Sterling.
Gold retreats from seven week highs on profit-taking; all eyes on US NFP release
Gold price loses momentum below $4,300 during the early European trading hours on Tuesday, pressured by some profit-taking and weak long liquidation from the shorter-term futures traders. Furthermore, optimism around Ukraine peace talks could weigh on the safe-haven asset like Gold.
Sui Price Forecast: Sui slips below $1.50 as network demand and risk appetite wane
Sui remains under intense bearish pressure, extending losses by 1% at press time on Tuesday for the third straight day.
NFP preview: Complex data release will determine if Fed was right to cut rates
The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers.
What to look out for on Tuesday, December 16th:
The US Dollar Index (DXY) declined sharply following the Fed's policy announcements last Wednesday and closed a third consecutive week in negative territory. Late Monday, the USD Index trimmed part of its losses and trades near 98.40.