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U.S. Senate Passes Tax Reforms By A Narrow Vote

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  • U.S. Senate approved the tax bill on Friday.
  • Monday starts off with the UK's construction PMI.
  • Orbex's Technical Analysis looking at EURUSD, USDJPY & XAUUSD.

Daily Forex Market Preview, 04/12/2017

The markets closed on Friday on a rather sombre note. However later in the night, the U.S. Senate approved the tax bill which was passed by a narrow vote. The latest hurdle being crossed places the much talked about tax reforms one step closer. Both the Senate and the House are now expected to craft a joint bill.

On the economic front, the ISM's manufacturing PMI released on Friday showed that the U.S. manufacturing activity slipped slightly to 58.2. This was lower than forecasts and down from 58.7 in October. Friday was also data heavy from Canada. The monthly employment report showed Canadian unemployment rate falling to 5.9% from 6.3% the month before. GDP data for the month also showed a modest increase of 0.2% which was higher than the forecasts.

Looking ahead, Monday starts off with the UK's construction PMI. Forecasts point to a modest increase to 51.2 in November, up from October's 50.8. This comes after Friday's manufacturing PMI showed strong gains. The Eurozone Sentix investor confidence data is also expected to come out later followed by the factory orders report from the U.S. later in the day.

EURUSD intra-day analysis

EURUSD (1.1868): The EURUSD was seen as rather volatile on Friday, as price action closed nearly flat and gapped lower at today’s open. The consolidation seen just below the 1.1954 level of resistance signals a potential change of sentiment in the short term. Unless EURUSD manages to close convincingly above 1.1954 we expect the bias to shift to the downside with the major support at 1.1704 in focus. In the short term, EURUSD will need to breach the initial hurdle. Strong intraday support is seen near 1.1843 - 1.1822. A break down below this level will however signal the declines to 1.1704. To the upside, the resistance level near 1.1920 will be critical

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Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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