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technical analysis

Trading in the U.S. markets were subdued as equities, and some other exchanges were closed due to the National day of mourning for the former President George H. W. Bush.

In the Eurozone, the services PMI showed a modest increase in activity as the index rose to 53.4 beating estimates of 53.1 and advancing from the month before. Retail sales data also came out better, rising 0.3% on the month although previous month’s report was revised lower to show a 0.5% decline.


The Bank of Canada held its interest rates unchanged at 1.75%. The Central Bank flagged concerns about the trade which sent the Canadian Dollar to post losses on the day.

Earlier in the day, Australia’s retail sales showed a 0.3% increase for November. The data matched estimates but previous month’s retail sales numbers were revised lower to show a 0.1% increase.

The European trading session will start with the German factory orders which are forecast to shrink 0.4% in November. This follows a 0.3% increa...

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