# Forex Major Currencies Outlook (Dec 07, 2016) Source: https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-dec-07-2016/ Language: en Updated: 2016-12-07 Description: Explore Forex Major Currencies Outlook (Dec 07, 2016). USDThe US. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. **USD** The US dollar was able to regain some ground against its counterparts in the New York trading session, even though economic data came in mixed. The trade deficit widened from 36.2B USD to 42.6B USD on weaker export activity and a pickup in imports while factory orders posted a stronger than expected 2.7% increase. JOLTS job openings and consumer credit data are due today but risk sentiment could have a stronger impact on dollar movement. **EUR** The euro gave back some of its recent gains on reports that the Italian constitutional court would review election law next year as rumors swirled that voting for a new PM could take place in February. Data was stronger than expected, as Germany reported a 4.9% gain in factory orders versus the projected 0.6% uptick. German industrial production and French trade balance numbers are lined up today. **GBP** The pound retreated slightly as there were no UK reports to give it an extra boost yesterday. Today has the manufacturing and industrial production reports on tap and 0.2% gains are eyed. As always, Brexit-related headlines could also influence pound price action in the upcoming sessions. **CHF** The franc gave in to dollar strength but managed to take advantage of the pullbacks in the euro and the pound. Swiss CPI was weaker than expected with a 0.2% decline versus the projected 0.1% dip. Swiss foreign currency reserves data is due today and this should provide some clues on whether or not the SNB is intervening in the currency market. **JPY** The yen managed to recover a bit against its rivals, although longer-term uptrends on the yen pairs remain intact. Japanese average cash earnings posted a meager 0.1% uptick and today has the leading indicators report on tap. A rise from 100.3% to 101.6% is eyed. **Commodity Currencies (AUD, NZD, CAD)** The Loonie and the Kiwi extended their gains on stronger commodity prices, especially after New Zealand’s GDT auction yielded a 3.5% gain in dairy prices. Canada’s trade deficit narrowed but its Ivey PMI retreated from 59.7 to 56.8. In Australia, the Q3 GDP report showed a surprise 0.5% contraction versus the estimated 0.2% growth figure, also lower than the earlier 0.6% expansion. US crude oil inventories and the BOC statement could drive Loonie price action from here. *By Kate Curtis from**Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-dec-07-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-dec-07-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-dec-07-2016/", "headline": "Forex Major Currencies Outlook (Dec 07, 2016)", "inLanguage": "en", "datePublished": "2016-12-07T09:48:21+00:00", "dateModified": "2016-12-07T09:48:21+00:00", "articleSection": "Market Info", "description": "Explore Forex Major Currencies Outlook (Dec 07, 2016). USDThe US. 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