Euro Low Dollar Consolidation, Multinational Manufacturing Data Coming

On Monday (December 1st), in the early morning of Euromarket, the euro was lower than the US dollar, and is now trading near 1.2451. The euro rose 0.43% against the dollar last week, but the dollar reopened after a brief adjustment. Eurozone and US manufacturing data will be released in a day. Exchange rate will be Be tested further.

The euro has declined for the two consecutive trading day against the US dollar. Investors are waiting for the manufacturing data released during the day. At present, the PMI value of the manufacturing sector in November is expected to remain unchanged at 50.4 in the euro area, while manufacturing data in France and Germany will be released before euro zone data are released. On Thursday (December 4th), the European Central Bank will announce interest rate decisions, the last EU silver conference of the year.

The European inflation rate released last week has returned to its five year low, and the outlook for oil prices is not optimistic. The ECB is under more pressure to act. This week Europe The central bank's monthly interest rate conference will focus on the implementation of quantitative easing (QE) in the euro area.

US manufacturing data in November will be announced at the beginning of the New York market. In November, the final value of Markit manufacturing PMI and the November ISM manufacturing PMI will be released. The market expects November ISM manufacturing PMI to decline from 59 to 58.0..

Technically speaking, eurusd Hourly chart shows that the market's expected head and shoulders bottom form has been further damaged, the exchange rate rebounded slightly after pulling the two bottom, and then showed a narrow finishing trend, and did not go up and break the neckline. The risk of short-term downside is increasing. The short-term support level looks at the 1.24 pass, and then goes to 1.2363..

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Switzerland gold referendum weekend boots, gold and silver encounter "black Monday". On Monday, the price of gold and silver fell sharply: gold prices opened at a low level of more than 10 US dollars to two weeks, a new low of 1142 dollars per ounce, and silver prices plunged to a new low of 5 years, at 14.45 US dollars per ounce.

The "gold referendum" in November 30th was not approved, and was considered to be an important fuse for the current sharp decline in gold prices. The so-called "gold referendum" refers to the campaign launched by the Swiss people's party to save our Swiss gold, which mainly includes: banning the SNB from selling gold and repatriating the gold stored abroad, and 20% of its balance sheet must be gold. At present, the Swiss central bank's gold reserves account for only about 7% of the total assets. If this goal is to be achieved, the SNB needs to increase its holdings of 1500 tons of gold in the next 5 years, with a market capitalization of about $60 billion. The referendum was rejected only by 23% of the vote, which added to the already downhill gold price.

Whenever gold prices plummet, "Chinese mothers" are always told. When the price of gold began to fall last April, there was a round of "aunt rush for gold rush", when the gold price range was still between $1320 and $1590 an ounce. According to this calculation, the "aunt" has lost 15% to 30% of their books.

After buying all the way down, will "aunt" buy money next year? Some analysts believe that from the prospect of precious metals such as gold and silver, it is likely to remain weak next year because of the strong US dollar momentum brought by the US economic recovery. From the point of view of the global economy, if there is no obvious deterioration and political risk, there is a lack of upward momentum in gold prices. However, there is a possibility of a rebound in the price of gold. Therefore, we must give full consideration to the proportion of family asset allocation when we sell the gold.