Guest post by John Benjamen at Orbex

In a relatively quiet Monday trading session, the Greenback eased against its peers with the EURUSD, GBPUSD managing to make some modest gains. Gold futures, which were quite choppy for the day managed to settle higher, closing above the 1200 handle. It is definitely something of importance, considering the precious metal has managed to stay its ground despite last week’s robust jobs data. The same theme is likely to continue through to today’s trading session on lack of any major US fundamentals.

The Euro single currency was resilient and managed to shrug off a lackluster German industrial production data reading and rallied from the lows of 1.223 levels, since last week’s ECB meeting. A possible rally back to 1.24 is something worth expecting. The British pound was however weaker against the Greenback in comparison to the Euro.

Today’s economic calendar is quiet with the exception of manufacturing and production data from the UK. There are speeches from ECB officials, namely Nowotny, Makuch and Praet, which could likely see some remarks that could affect the single currency.

Fundamentals Recap – December 8, 2014

  • Japan final GDP q/q  -0.5% vs. -0.1%
  • Japan final GDP price index q/q 2% vs. 2.1%
  • German industrial production m/m 0.2%
  • Switzerland CPI m/m flat, Retail sales y/y 0.3% vs. 0.9%
  • Eurozone Sentix investor confidence improves to -2.5 vs.-9.9 forecasts
  • Canadian building permits m/m at 0.7% vs. 2.1% forecasts

Fundamentals – December 9, 2014

  • UK BRC Retail sales monitor y/y 0.9%
  • NAB Business confidence 1 vs. 5 previously
  • Japan prelim machinery tools orders m/m 36.6%
  • German and French trade balances
  • UK manufacturing production m/m to be soft at 0.2%
  • UK industrial production m/m to be soft at 0.3%
  • US NFIB small business index to be softly higher at 96.6
  • NIESR GDP estimates, UK
  • ECB officials speeches