FX.co ★ Global macro overview for December 18, 2015

Global macro overview for 18/12/2015:

The US December Flash Service Purchasing Manager Index is scheduled for release today at 02:45 GMT. Market participants does not expect any major changes in the index as it is supposed to come in at 56 vs. 56.1 a month ago. In November, the index significantly increased posting the highest readings since April, but in overall the outlook still remains below the post-crisis average. Please notice that the services sector represents a large part of the US economy and the relationship between the PMI and GDP is strong.

The EUR/USD pair is trading above the major support at the level of 1.0795 and 1.0831. The next resistance is seen at the level of 1.0923.