03 Jan, 2013 @ 02:40 am BST | By NikolasX
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The euro (EUR) is weakening against most of its major counterparts, after a boost in risk appetite following the deal to stave off the US "fiscal cliff" is fading out. The bill passed on Tuesday night following the house vote, where 172 Democrats and 85 Republicans voted in favour of it. The Federal Open Market Committee (FOMC) minutes release at 19:00 GMT is the highlight of the day, while the US employment data print at 13:15 GMT will prepare investors for the Non-farm Payrolls (NFP) release due tomorrow. |
§ The Japanese yen (JPY) is still trading above the 87.00 mark against the US dollar (USD). The pair needs a break to challenge the 87.35 resistance level for higher highs to be recorded.
§ The Australian dollar (AUD) benefited the most following the “fiscal cliff” deal, rising across the board however it has since been trading sideways.
§ GER 30 (DAX) has commenced the first trading session of the year with a huge gap up, opening at 7743.3 from 7624.3. The German equities index recorded a fresh multi-year high at 7770 and looks set to continue its impressive uptrend.
§ Gold (XAU) advanced by 18 US dollars (USD) an ounce yesterday.
Stay in tune throughout the day with foreign exchange bullets!
| Outlook | . | Pivot | Preference1 | Sentiment2 |
| . | EURUSD | 1.3190 | SHORT @ 1.3180 | 41% of deals buy EUR |
| . | USDJPY | 86.75 | LONG @ 86.85 | 36% of deals buy USD |
| . | GBPUSD | 1.6280 | SHORT @ 1.6270 | 33% of deals buy GBP |
| . | AUDUSD | 1.0455 | LONG @ 1.0455 | 54% of deals buy AUD |
| . | GOLD | 1680 | LONG @ 1680 | 69% of deals buy GOLD |
| . | OIL | 91.30 | LONG @ 91.30 | 34% of deals buy OIL |
| Calendar | Currency | Time (GMT) | Event | Forecast |
| . | EUR | 09:00 | Money – M3 annual growth in November | 3.8% |
| . | GBP | 09:30 | Construction PMI in December | 49.5 |
| . | USD | 13:15 | ADP National Employment in December | 133K |
| Movers Shakers | |
| XAGUSD |
As we pointed out yesterday, Silver (XAG) was trading above 30 US dollars (USD) an ounce, after falling below this level for first time since August in the previous month. The precious metal then went on to record a higher high at 31.49, however resistance at this level pushed it lower at 31.06. It will be interesting to see whether Silver (XAG) will find support at 31 and launch itself towards fresh highs.
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