The last week main events were the Germany labor data and the OPEC oil cartel meeting. The number of unemployed fell by 14 thousand, the November overall unemployment rate was 6.6% compared to 6.7% in October that was revised up to 6.6%, the unemployment decrease by 0.1% has happened. At the OPEC meeting it was decided not to reduce the oil production volume, keeping it on the current 30 million barrels per day. The price oil has lost 6.06%.
The unemployment has reached the lowest level in more than two decades. The private sector loans volume decreased by 1.1% compared to the same last year period. The ECB also announced that the broad monetary aggregate M3 annual growth remained stable at 2.5% in October after a similar expansion in September.
It is now recommended to long with the first target of 1.2535. If the target is overcome, the longs will be relevant with the target of 1.2679.
The GfK consumer confidence index showed the predicted 2 % in November and the Nationwide housing price index noted the growth rate decline in November by 0.3% m/m, 8.5% y/y vs. 0.5% m / m, 9.0% y/y. Apparently, the sentiment change within the pair GBP/USD will not happen, probably, the pound will continue the consolidation decrease.
It is now recommended to buy with the target of 1.5807. If the target is overcome, the new target will be the level of 1.5879.
The US dollar noted increase against the yen last Friday, despite the generally positive Japanese economic reports publication while the demand for the US dollar is still preserved. The pair rose up to 118.34 in the late Asian trades that is its highest level since 25 November and subsequently it consolidated at the level of 118.13, maintaining the 0.33% growth.
The yen is reduced by 0.20% amid the Japanese economy weakness, the country's ongoing quantitative easing political uncertainty and the in oil prices decrease. Japan's economy is in a recession after the the national sales taxincrease.
The ruling party may lose some votes at the coming eleactions, but still continues to lead, and the rating of the prime minister declined to 39% for the first 2 years of his reign;
It is now recommended to sell with the first target of 115.84. If the first target is overcome, then the new target will be the level of 113.89.