Global macro overview for 30/11/2015:
An important set of news scheduled for release in the coming week might cause more volatility in the forex market as the beginning of December will bring plenty of economic data and monetary policy statements. Australia, Canada, and Europe will issue rate statements, and the US is expected to release the NFP report on Friday together with the Organization of the Petroleum Exporting Countries (OPEC) press conference. The most important data from the eurozone will come on Thursday, December 3, when the ECB announces the rate statement at 1:45 pm GMT. The NFP report will be released on Friday, December 4, at 2:30 pm GMT.
The EUR/USD pair had been under pressure all last week as the market still expects that ECB will deliver rate cut/QE extension on its meeting in Thursday. Any failure to convince the market on the commitment of the central bank could result in a reversal and appreciation of the single currency. The support is seen at the level of 1.0565 and next resistance is seen at the level of 1.0604.
