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Fundamental Analysis
Daily Market Analysis by Vinson Financials
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[QUOTE="VinsonFinancialsFX, post: 94036, member: 34988"] [url="http://www.vinsonfinancials.com"][CENTER][IMG]http://i58.tinypic.com/1ph2xc.jpg[/IMG][/CENTER][/url] [B][SIZE=4][COLOR=#ff0000]Financial News December 18, 2015 [/COLOR][/SIZE][/B] [B]Daily Economic Outlook: 18th December 2015[/B] The market experts are still busy in assessing impact of the Fed's first rate hike in almost 10 years. Therefore, other indicators may not get much importance from market. In the United States, US Markit services PMI survey for December and Kansas City Fed manufacturing survey for December are due today. Richmond Fed President Lacker expected to speak on the 2016 economic outlook at the Charlotte Chamber of Commerce will be watched closely. In euro area, no major indicators are scheduled to release today except November inflation and current account figure for October. [SIZE=4][COLOR=#ff0000][B]Market Review December 18, 2015 [/B][/COLOR][/SIZE] The Bank of Japan surprised the markets today by voting 6-3 to increase purchases of exchange-traded funds (ETFs) and lengthening the maturity of bonds it purchases to encourage investment in the economy. The BOJ announced that under the new program, it will purchase ETFs at an annual pace of 300 billion yen composed of stocks issued by firms "proactively" investing in physical and human capital. The plan will start with purchases of ETFs tracking the JPX-Nikkei Index 400, which screens for factors including corporate governance and investor-focused management. The new ETF purchase program will begin in April 2016 and is in addition to the current ETF purchase program of around 3 trillion yen annually. Moreover, the BOJ held rates steady and said it will stick to its plan to increase the monetary base by 80 trillion yen a year, as expected. USD/JPY spiked up to the 123.57 level before dropping to the 121.80 area, where is currently trading. Elsewhere, Business confidence in New Zealand has improved to its highest level in eight months, according to ANZ Bank's latest business sentiment survey. More specifically, a net 23 percent of respondents in December expected the economy to improve over the coming year, compared with 14.6 percent the month before. Companies were also more upbeat about their own business outlook, with a net 34.4 percent expecting an improvement in their activity over the coming year, from 32 percent in November. The economic calendar for the day would be rather empty with the key events to be the Canadian Consumer Price Index, Core CPI and the United States Flash Services PMI. [B]Data releases to monitor:[/B] CAD: Core CPI, CPI, Wholesale Sales. EUR: Current Account. USD: Flash Services PMI, FOMC Member Lacker speech. [COLOR="#FF0000"][B]Trade Idea of the Day [/B] [B]GBP/AUD[/B][/COLOR] Currently the pair is trading at 2.0859. Traders must monitor the 2.1213 resistance level and the support level 2.0673 for possible breakouts. A possible scenario would be a movement towards the 2.0943 resistance level, where a break may lead to the 2.1037 area. An alternative scenario could be a movement towards the 2.0802 support level, where a break may lead to the 2.0725 area. [IMG]https://www.vinsonfinancials.com/images/daily-chart/2015/December/18Dec15GBPAUDH1.png[/IMG] [/QUOTE]
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