EUR/USD extends consolidation below 1.1100 in pre-Xmas thin conditions

EUR/USD is lacking directional bias, as it extends the Asian consolidative mode below 1.1100 into early European trading, with little of relevance on the cards amid X-mas Eve thin market conditions.

China announced on Monday that it would lower import tariffs from January 1 on around 850 US products – ranging from frozen pork to some type of semiconductors. However, China has stepped up criticism that the US is interfering in Hong Kong, Taiwan and other matters that it considers internal.

The pair held steady and was seen oscillating in a narrow trading band through the Asian session on Tuesday. In absence of any major market-moving economic releases, either from the Eurozone or the US, the pair seems more likely to continue with its subdued trading action. German banks will be closed on Tuesday, while the US markets will close earlier on the back of Christmas Eve and hence, liquidity is expected to remain low, which might further contribute towards limiting any meaningful move for the major.

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24 Dec 2019 1:19 pm Posted by admin