Instant account opening
Site map
Български Čeština English Français Deutsch Italiano Polski Português Русский Slovenský Español Nederlands

InstaForex Client Area

  • Personal settings
  • Access to all InstaForex services
  • Detailed statistics and reports on trades
  • Full range of financial transactions
  • System of managing several accounts
  • Maximum data protection

InstaForex Partner Area

  • Full information on clients and commissions
  • Graphic statistics on accounts and clicks
  • Webmaster instruments
  • Ready-made web solutions and wide range of banners
  • High data protection level
  • Company's news, RSS feeds, and forex informers
Register account
cabinet icon

InstaForex – always at the forefront!Open a trading account and become a part of the InstaForex Loprais Team!

Success history of the team headed by Ales Loprais can become your success history! Trade confidently and head towards leadership like regular participant of Dakar Rally and winner of Silk Way Rally InstaForex Loprais Team does it!

Join in and win with InstaForex!

Instant account opening

Registration is not available for non-EU residents. Please, proceed to the website of the other member of the InstaForex group.
toolbar icon

Trading Platform

For mobile devices

For trading via browser

Company does not offer investment advice and the analysis performed does not guarantee results

Although the data on the eurozone economy yesterday failed to please traders, as retail sales fell more than expected, which is sure to slow the pace of US GDP growth in the 3rd quarter of this year, traders do not lose confidence before the meeting of the European Central Bank, which is scheduled for December 12 this year. It will be the first time the new ECB President Christine Lagarde will announce her interest rate policy. Also, buyers of risky assets feed some optimism about the general election in the UK, which will provide support for the euro and the pound in the event of a victory for the Conservative Party.

As noted above, retail sales in the eurozone failed to please traders, since in October of this year they fell by 0.6% and grew by only by 1.4% compared to the same period in 2018. For September, sales were revised up to -0.2% and 2.7% respectively.

Exchange Rates 06.12.2019 analysis

Given that the eurozone economy is already troubled and close to a technical recession, yesterday's GDP growth report for the 3rd quarter also disappointed. According to the data, GDP was not revised and showed growth of only 0.2% compared to the 2nd quarter, which fully coincided with the preliminary estimate and expectations of economists. On an annual basis, GDP grew by only 1.2%.

The data on the US economy was also not seen as a call to action. The US foreign trade deficit narrowed in October, but not enough to curb the ambitions of the US President. The decline was because imports of consumer goods continued to fall. According to the US Department of Commerce, the US foreign trade deficit in October 2019 amounted to 47.20 billion dollars, while economists had predicted it at 48.5 billion dollars. Imports fell by 1.7% in October. Unsurprisingly, exports also fell by 0.2% to $207.1 billion from $207.6 billion in September, a negative sign for the US economy.

Exchange Rates 06.12.2019 analysis

Weekly data on unemployment in the United States did not have an impact on the market, as all attention was transferred to today's report. According to the US Department of Labor, the number of initial applications for unemployment benefits for the week of November 24-30 fell by 10,000 to 203,000. Economists had forecast the number of applications to be 215,000.

Manufacturing orders in the US showed growth and fully coincided with economists' forecasts, which keeps the chance of a recovery in activity in the sector by the end of the year. According to the data, US manufacturing orders rose by 0.3% in October 2019, while orders excluding transportation rose only by 0.2% in October. US durable goods orders for October were revised up to + 0.5% from +0.6%.

As for the technical picture of the EURUSD pair, further growth can be provided only after a weak report on the number of people employed in the non-agricultural sector of the United States. Weak indicators will lead to the breakout of this week's highs and the continuation of the upward correction to the resistance of 1.1140 and 1.1180. The scenario of the unsuccessful breakdown of the level of 1.1115 and the downward correction to the lower border of the side channel 1.1065 seems to be more likely.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Eder Anderson,
Analytical expert
InstaForex Companies Group © 2007-2020
Top up trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 55.29% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
You are now leaving, a website operated by INSTANT TRADING EU LTD