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After another day of few upsetting items on the block, the weekly range for EUR/USD looks to be even narrower than what was predicted in the Insider. This morning – 7 hours into trading - we have seen a 9 pips range.
The French budget balance is pretty dreadful readings but the November release later this morning is likely not noticed despite having seen a 700 bln deficit being accumulated over the last 12 months. President Hollande earlier in the week warned about more cuts in public spending being needed as is substantial labour reforms. The starting point of this process is likely strikes and strong opposition from unions who have shown little understanding for what France needs to go through.
The German Federal Constitutional Court is due to announce a ruling regarding the constitutional legality of the ECB's Outright Monetary Transactions policy (OMT) sometime today. Markets look to see this as a low risk event but it would be a big upset should their ruling be a surprising one.
The US session sees building permits, housing starts, industrial production and Michigan consumer sentiment – all important releases in terms of monitoring strength of the US economy – but difficult to see as bringing any surprises
The French budget balance is pretty dreadful readings but the November release later this morning is likely not noticed despite having seen a 700 bln deficit being accumulated over the last 12 months. President Hollande earlier in the week warned about more cuts in public spending being needed as is substantial labour reforms. The starting point of this process is likely strikes and strong opposition from unions who have shown little understanding for what France needs to go through.
The German Federal Constitutional Court is due to announce a ruling regarding the constitutional legality of the ECB's Outright Monetary Transactions policy (OMT) sometime today. Markets look to see this as a low risk event but it would be a big upset should their ruling be a surprising one.
The US session sees building permits, housing starts, industrial production and Michigan consumer sentiment – all important releases in terms of monitoring strength of the US economy – but difficult to see as bringing any surprises
