It seems that Republican stances are softening as the clock ticks down to the New Year, and the US approaches the activation of the Fiscal Cliff. In the newest round of discussions, Republican leaders led by House Speaker John Boehner have conceded to allowing a tax rate increase of earners making a minimum of $1 million. The tax rate for income in that range would increase from 36% to 39.5% under the concession.
In addition, Republicans have offered to table the $16.4 trillion debt ceiling discussion for one year. The debt ceiling debate would likely emerge early next year without any deal, sparking concern and speculation of a government shutdown. The concessions have done little to support the greenback as the Obama administration continues to press forward with its objective of raising tax rates for the top 2% of income earners – rejecting recent Republican concessions.
N/A
United Kingdom. BOE Inflation Letter
2012-12-18 09:30 GMT
United Kingdom. Consumer Price Index (YoY) (Nov)
2012-12-18 11:00 GMT
United Kingdom. BoE Quarterly Bulletin (Q4)
2012-12-18 23:50 GMT
Japan. Merchandise Trade Balance Total (Nov)
2012-12-18 05:15 GMT
GBP/JPY range bound circa 136.00; overextended?
2012-12-18 03:51 GMT
AUD/USD retreats from RBA-induced highs
2012-12-18 02:25 GMT
EUR/AUD capped below 1.25 inside a 30 pip range
2012-12-18 01:57 GMT
USD/JPY outlook bullish on more BoJ easing anticipation - RBS
Upwards scenario: Instrument show up 0.07 % rise today and any further appreciation needs to clear barrier at 1.3179 (R1). Intraday targets could be found at 1.3198 (R2) and then at 1.3218 (R3). Downwards scenario: Market stabilized after the previous day’s gains. Market decline below the next support level at 1.3151 (S1) would suggest next targets at 1.3131 (S2) and 1.3111 (S3).
Resistance Levels: 1.3179, 1.3198, 1.3218
Support Levels: 1.3151, 1.3131, 1.3111
GBPUSD
HIGH1.62177
LOW1.6194
BID1.62118
ASK1.62127
CHANGE0.05%
TIME07:59:45
OUTLOOK SUMMARY
Up
TREND CONDITION
Up
trend
TRADERS SENTIMENT
Bullish
IMPLIED VOLATILITY
Medium
Upwards scenario: Market sentiment is clearly bullish. We placed our next resistance level above the fresh high formed today at 1.6222 (R1). Above here open way towards to next targets at 1.6235 (R2) and then at 1.6249 (R3). Downwards scenario: Downside fluctuations remains for now limited to next support level at 1.6195 (S1), only clear break here would be a signal of market easing with next targets at 1.6181 (S2) and 1.6167 (S3) in potential.
Resistance Levels: 1.6222, 1.6235, 1.6249
Support Levels: 1.6195, 1.6181, 1.6167
USDJPY
HIGH84.077
LOW83.828
BID84.020
ASK84.025
CHANGE0.16%
TIME07:59:46
OUTLOOK SUMMARY
Up
TREND CONDITION
Upward
penetration
TRADERS SENTIMENT
Bullish
IMPLIED VOLATILITY
Medium
Upwards scenario: Medium term bias is positive for the pair. Risk of market appreciation is seen above the next resistance level at 84.09 (R1). Loss here would suggest next target at 84.24 (R2) and any further rise would then be targeting 84.39 (R3). Downwards scenario: On the short –term perspective we expect market decline. A Bearish signal would be created if the currency dropped below the next support level at 83.85 (S1). We suggest next targets in such scenario at 83.71 (S2) and 83.56 (S3).
Resistance Levels: 84.09, 84.24, 84.39
Support Levels: 83.85, 83.71, 83.56
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
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