We could observe a decreasing trend at the end of the 2016. After the US Presidential election on November 8, the Euro / US Dollar parity started to decrease strongly. The starting point was at 1.0932 at the beginning of the year, and the closing point was at 1.0444 at the end of 2016. The first 2017 signals could be a bit horizontal for Euro / US Dollar parity on the global forex market. With the higher inflation concepts and requiring energy investments could be the main factor of this process on the European Region. In the short term, the parity can test over the 1.06 level as a resistance level on the Euro / US Dollar parity.
In the regional economy, inflation seems to be taking place on expectations in December, along with rising energy prices. Consumer prices in Germany increased 0.7 % in December, while annual inflation was 1.7 %. On the US side, the ISM manufacturing PMI data is released today. The manufacturing sector has been rising above the threshold of 50 for 3 consecutive months, indicating an expansion in the manufacturing sector. The market rallies from the holiday atmosphere and the dollar rally continues from where it was left. The markets are at least continuing to receive anticipation until Trump officially takes over the management on January 20th. At the moment of the sale, the movement is near 1.0380 support. Under this level, record bottom level 1.0350 can be followed as strong support. If this level is exceeded, the sales pressure will increase. Resistance at 1.0400-1.0430-1.0450 may come into play when recovering at the wire.
- Date: 12 January 2017 Thu 14:55
- Last Added
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