There will be no major data releases both from Eurozone and USA tomorrow, so we can expect a bit steadier session.
EUR/USD Daily Forecast - 06 December
- Tuesday, Dec 06 2016
Main market mover yesterday were the results of Italian Constitutional Reform referendum. Italians have rejected Prime Minister Matteo Renzi's make-or-break constitutional reform, and the 41-year-old leader is on his way out.The prospect of political instability in the eurozone's third-largest economy whacked the euro and threatens to deal a serious blow to shares of struggling Italian banks such as Banca Monte dei Paschi di Siena SpA, which is scrambling to draw a line under a pile of bad loans and raise capital from private investors at the same time.
In the US session ISM Non-Manufacturing PMI figures were released. America’s service industries expanded in November at the fastest clip since October of last year, putting the economy’s biggest sector on a robust growth path. The Institute for Supply Management’s non-manufacturing index jumped to 57.2, exceeding all forecasts in a Bloomberg survey, from 54.8 in October, the Tempe, Arizona-based group’s data showed Monday. Readings above 50 signal growth. The median forecast called for 55.5.