Trading news

France Consumer Confidence meets forecasts (90) in December

Here is what you need to know on Wednesday, January 7:

The Automatic Data Processing (ADP) Research Institute will release its monthly Employment Change Report for December on Wednesday.

The EUR/GBP cross loses ground near 0.8655 during the early European session on Wednesday. The Euro (EUR) weakens against the Pound Sterling (GBP) after the German economic data.

Retail Sales in Germany climbed 1.1% year-over-year (YoY) in November, following an increase of 0.9% in October, according to official data released by Destatis on Wednesday.

Germany Retail Sales (MoM) registered at -0.6%, below expectations (0.2%) in November

Germany Retail Sales (YoY) rose from previous 0.9% to 1.1% in November

EUR/CAD extends its winning streak for the third consecutive day, trading around 1.6150 during the Asian hours on Wednesday. The currency cross gains ground ahead of Germany’s Retail Sales and Unemployment data for November due later in the day.

The USD/CAD pair trades with mild gains near 1.3810 during the early European session on Wednesday. A fall in crude oil prices exerts some selling pressure on the commodity-linked Canadian Dollar (CAD) against the Greenback.

The GBP/JPY cross turns lower for the second straight day on Wednesday and moves away from its highest level since August 2008, around the 212.15 region, touched the previous day.

West Texas Intermediate (WTI), futures on NYMEX, trade 1.15% lower to near $56.00 during the late Asian trading session on Wednesday.

Gold (XAU/USD) struggles to capitalize on its strong weekly gains registered over the past two days and faces rejection near the $4,500 psychological mark, or over a one-week high touched during the Asian session on Wednesday.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is edging lower after registering modest gains in the previous session and hovering around 98.50 during the Asian hours on Wednesday.

The USD/CHF pair trades in negative territory near 0.7950 during the early European session on Wednesday. The US Dollar (USD) weakens against the Swiss Franc (CHF) amid persistent geopolitical tensions and dovish comments from the US Federal Reserve (Fed) officials.

The NZD/USD pair trades in a tight range around 0.5785 during the late Asian trading session on Wednesday. The Kiwi pair meanders as the US Dollar (USD) trades calmly ahead of a slew of United States (US) economic data, releasing in the North American session.

The Indian Rupee (INR) gains sharply against the US Dollar (USD) at the open on Wednesday, with the USD/INR pair slumping almost 0.5% to near 89.80.

GBP/USD gains some ground after registering modest gains in the previous session, trading around 1.3510 during the Asian hours on Wednesday.

Gold prices fell in India on Wednesday, according to data compiled by FXStreet.

The EUR/JPY cross attracts some buyers during the Asian session on Wednesday, and for now, seems to have snapped a three-day losing streak amid a broadly weaker Japanese Yen (JPY).

EUR/USD gains ground after three days of losses, trading around 1.1700 during the Asian hours on Wednesday. On the daily chart, technical analysis indicates a potential for a bearish bias; the 14-day Relative Strength Index (RSI) at 47 (neutral) confirms waning momentum.