Weekends and holidays are always accompanied by a low volume of trades against the background of lack of important fundamental statistics.
Most likely, serious and purposeful movements will not be formed in the pairs EUR/USD and GBP/USD before the end of this year.
Some leading experts expect that the growth of the US economy next year will significantly accelerate due to the approved program of tax cuts, and also due to an increase in government spending. Do not forget that at the end of last week, US President Donald Trump signed a new tax bill with a total cost of $ 1.5 trillion, which the budget will not be counted on.
According to economists of Goldman Sachs, the measures taken by the White House administration will lead to a larger GDP growth in 2018. According to the data, the US GDP in 2018 will grow by 2.6%, and 1.7% in 2019. These data were revised upwards by 0.3% and 0.2%.
Economists of J.P. Morgan also expects more significant growth in consumer spending, which will stimulate the economy of the country, adding to the previous forecast of 0.2%. In J.P. Morgan forecasts, the US GDP growth of 2.1% next year.
As for the technical picture of the EUR/USD pair, it did not change significantly compared to the forecast at the end of last week. Only a confident exit to the resistance level 1.1880 will lead to the formation of a new upward wave, with an update of the monthly highs of 1.1900 and 1.1935.
The data on consumer price growth in Japan did not lead to significant changes in the USD/JPY pair, even despite the increase in the index which is a positive sign for the Bank of Japan.
According to the report of the Ministry of Internal Affairs and Communications of Japan, the base consumer price index in November rose by 0.9% compared to the same period of the previous year after an increase of 0.8% in October. While economists expected the index to grow by 0.8%.
The general consumer price index rose by 0.6% in November after rising to 0.2% in October this year. Economists predicted an increase of 0.5%.
Despite the lack of strong impetus, prices continue to grow for 11 consecutive months, which makes the Bank of Japan feel more relaxed.
The index, excluding the prices of fresh food and energy, rose by 0.3% compared with the same period in 2016 after an increase of 0.2% in October.
Today, the unemployment rate in Japan in November 2017 fell to 2.7% from 2.8% in October, as the number of jobs increased. As indicated in the report, there were 100 applicants in November who had 156 jobs compared to 155 in October.
* The presented market analysis is informative and does not constitute a guide to the transaction.