Forex Forecast 11th December 2017

The S. Dollar was trading slightly lower against other major currencies on Monday, as a new batch of economic data showed numbers lower than expected. The dollar registered some gains on Friday, after the U.S. jobs report showed that more than 200,000 new jobs were created in November, a figure way higher of what was previously forecasted. However, wage growth was still slower than expected, and this might have played an important part in Monday morning’s losses. The greenback will probably capture investors’ attention this week, as the December FED two-days meeting is set to start tomorrow. The Central Bank is widely expected to hike interest rates, but it will also be interesting to see what the comments will be about the slow wage growth, which could weigh on the policy decisions for next year. During the week, two other Central Banks meetings are set to take place: Bank of England and European Central Bank. EUR/USD was up 0.16% for the day, and was trading at 1.1796 during the European morning.

Meanwhile, Bitcoin surged more than 10% since the last session, after widely anticipated Bitcoin futures started to trade and edged up more than 20%. The new instruments began to trade during the American evening on Sunday, offered by CBOE Global Markets, a Chicago-based financial firm. There were high expectations for the new products, which should make the world of cryptocurrency trading more accessible to the public, and up until now, their performance did not disappoint investors. BTC/USD was up 16.5%, trading at new record highs of over 16,700$.

In the meantime, Oil prices were brought under pressure again Monday morning, as fears for another rise in U.S. output could frustrate the cuts decided by OPEC and non-OPEC members at the last meeting. WTI Crude Oil was down 0.23% on a 24-hour basis, trading at 53.27.


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