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The preliminary data on the confidence of eurozone consumers was published yesterday in the afternoon, as well as the Fed's protocols. This put pressure on the US dollar, which fell against a number of world currencies.
According to the report, the confidence of the eurozone consumers increased to new highs in November this year. This indicates a fairly high rate of growth in the economy. Therefore, the index of consumer confidence in November 2017 rose to 0.1 against -1.1 in October. Economists expected the index to rise by -0.9.
Pressure on the US dollar also produced weak data on consumer confidence in the US, which declined in November.
According to the report, the final index of consumer sentiment at the University of Michigan in November 2017 rose to 98.5 points against the preliminary value of 97.8 points. It declined compared to October's figure of 100.7, despite the fact that Americans have positively assessed the economic situation in the country. Economists predicted that the index will be 98.0 points.
The Fed's protocols exerted pressure on the US dollar, as it did not contain specific terms for raising the interest rate in the US. It can be seen from the minutes that many managers expect an increase in the rate for the short term, but no specifics have been given.
Several executives believe that the link between the labor market and inflation has weakened, but some members of the Fed disagreed about the real causes of weak inflation. Despite this, most managers expect inflation to rise as the economy improves.
The protocols also stressed the expected changes in the tax legislation which is supposed to help increase companies' investments in fixed assets based on the leadership of the Federal Reserve.
A reduction was planned to have balance in the central bank. It is possible that the future statements by the Federal Reserve as references to the balance of the Central Bank may be omitted.
As mentioned above, inflation was the main topic of discussion. The Fed's minutes indicate that its prospects for growth in core inflation for 2018 have slightly decreased. Fed experts expect that inflation will reach the target level of 2% in 2019.
As for the technical picture, it can be observed that buyers of risk assets are ready to enter new monthly highs. A breakout in the large resistance level of 1.1840 could lead to an increase in long positions and the renewal of such levels at 1.1880 and 1.1910.
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