{"id":161951,"date":"2019-12-17T07:35:04","date_gmt":"2019-12-17T12:35:04","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=161951"},"modified":"2019-12-17T07:05:22","modified_gmt":"2019-12-17T12:05:22","slug":"trade-news-china-data-keep-risk-sentiment-buoyed","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/12\/trade-news-china-data-keep-risk-sentiment-buoyed\/","title":{"rendered":"Trade News & China Data Keep Risk Sentiment Buoyed"},"content":{"rendered":"
December 17, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Markets were trading somewhat quietly on Monday as the holiday season nears.<\/p>\n

A lack of fresh details on the US-China trade deal kept markets in check. Equities posted modest gains on the day.<\/p>\n

The USD was also on the back foot as\u00a0trade tensions eased.<\/a>\u00a0Data over the weekend saw China\u2019s figures showing modest improvement.<\/p>\n

Euro Unchanged After Weak Flash PMI Data<\/strong><\/h2>\n

The euro was little changed after fresh PMI numbers for December. IHS Markit\u2019s flash PMI figures showed that the data for the services and manufacturing sector were mixed.<\/p>\n

The December flash manufacturing PMI fell to 45.9 from 46.9 in November. Services PMI was up from 51.9 in November to 52.4 in December. Based on the above figures, forecasts show that the eurozone economy will close at the worst level since 2013.<\/p>

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EURUSD Consolidating Near Support<\/strong><\/h3>\n

The common currency attempted to break past the price level of 1.1131. However, the gains were quickly reversed. The euro is seen retesting this price level.<\/p>\n

We can see that price is consolidating near this support. If support is firmly established, we expect the breakout to the upside. The upper resistance at 1.1193 \u2013 1.1180 will be the next key level of interest.<\/p>\n

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Sterling Gives Back Election Gains<\/strong><\/h2>\n

The pound sterling continued to retreat off the election highs. Focus shifts to this week\u2019s BoE meeting. Although\u00a0the election has cleared some uncertainty,<\/a>\u00a0investors are still doubtful.<\/p>\n

PM Johnson promised to table the Brexit bill before Christmas. But concerns remain on whether the UK will be able to pull out of the EU by the January 31st deadline.<\/p>\n

GBPUSD Forms a Lower High<\/strong><\/h3>\n

The cable\u2019s attempt to rebound was met with a lower high formation. Price action managed to rally to 1.3391 before reversing the gains. At the time of writing, GBPUSD is testing the minor support at 1.3320. If this level breaks, we expect to see a decline to the lower support at 1.32260.<\/p>\n

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Gold Holds Steady as USD Pulls Back<\/strong><\/h2>\n

The precious metal is trading steady on Monday. There were no major news reports that could impact the markets much.<\/p>\n

Data from the US remains conflicting. The Empire State manufacturing index came out a tad lower. But, on the other hand, IHS Markit\u2019s flash PMI\u2019s were a bit better than expected.<\/p>\n

XAUUSD Maintains Sideways Range<\/strong><\/h3>\n

The precious metal is busy trading within the range of 1483 and 1462. In the process, price has attempted to break past the 1483 level twice. Failure to breakout higher above this resistance could signal further gains in the near term. This comes with the ascending triangle pattern currently forming.<\/p>\n

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By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Markets were trading somewhat quietly on Monday as the holiday season nears. A lack of fresh details on the US-China trade deal kept markets in check. Equities posted modest gains on the day. The USD was also on the back foot as\u00a0trade tensions eased.\u00a0Data over the weekend saw China\u2019s figures showing modest improvement. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-161951","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/161951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=161951"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/161951\/revisions"}],"predecessor-version":[{"id":161966,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/161951\/revisions\/161966"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=161951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=161951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=161951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}