Japan’s housing starts fell 8.5% in November, far missing the -0.4% forecast, marking a fifth straight month of contraction. High material costs, labor shortages, demographic shifts, and economic uncertainty are weighing heavily on the sector, underscoring ongoing challenges for Japan’s real estate market and broader economic recovery.
The Euro gained strength in late 2023, supported by improved Eurozone sentiment and a hawkish ECB tone, pushing EUR/USD above 1.1070 with bullish technical momentum. Meanwhile, the Japanese Yen weakened as the Bank of Japan maintained dovish policies and yields stayed low, keeping USD/JPY elevated near 141.50. Market watchers weigh central bank cues and economic data as key drivers heading into 2024. Original analysis by Alex Kuptsikevich at FxPro.news.
GBP/USD is gaining momentum as risk sentiment improves and the US Dollar weakens. The first key resistance emerges near 1.3550, where the 200-day moving average and prior highs converge. A break above this level could pave the way for further gains toward 1.3700. Traders should watch support at 1.3420 and 1.3280 for near-term risk management. #Forex #GBPUSD #FXForecast
USD/CAD remains under strong selling pressure as bearish momentum intensifies below the key resistance at 1.3640. Technical indicators confirm a downtrend with lower highs and lows, breach of the 50-day moving average, and supporting RSI and MACD signals. Weakness in the US dollar amid a dovish Fed outlook combined with stable Canadian fundamentals suggests risk of deeper declines toward 1.34 and beyond. Traders should watch 1.3640 as immediate resistance and 1.3400 as key support in the near term.
The Australian dollar remained steady at the start of the week amid slow holiday trading and thin market liquidity. With major markets closed and no key economic data or central bank meetings scheduled, the AUD traded in a narrow range reflecting subdued global risk appetite and muted commodity demand during this seasonal lull.
Japan’s housing starts plunged 8.5% in November, far below the expected 0.4% drop. This sharp decline highlights ongoing challenges from demographic shifts, economic uncertainty, and sector bottlenecks, signaling continued pressure on the construction and housing markets.
European markets begin the final trading week of 2023 largely flat as investors weigh mixed signals on inflation, central bank policies, and global economic outlooks amid light holiday volumes. Market caution prevails ahead of a quiet week for economic data and ongoing central bank guidance.
GBP/USD steadies near key support at 1.3500 despite year-end quiet, reflecting resilience amid mixed UK inflation signals and a firm US dollar. Technicals suggest range-bound action as traders await fresh macro cues heading into 2024.
EUR/USD retreated slightly from a three-month high amid thin year-end trading as investors booked profits and awaited new economic data. Weak US dollar fundamentals and expectations of differing Fed and ECB policies continue to support the euro, suggesting range-bound action into early 2024.
The Australian Dollar remained rangebound against the US Dollar amid light holiday trading and subdued market activity. Thin liquidity and a lack of major economic data kept AUD/USD near 0.6810 as traders awaited fresh cues heading into the New Year.
