Global macro overview for 12/10/2016:
The highly anticipated event of the week, the FOMC Meeting Minutes, is scheduled for release at 06:00pm GMT today. The question that global investors around the world are asking now is: will the FOMC Minutes boost chances for a December rate hike? The recent data from US jobs market indicated a healthy, robust job creation process with the unemployment rate around 5.0%. Nevertheless,the weakening outlook for private-sector consumption may push the FOMC to further delay its normalization cycle, and ongoing concerns surrounding the inflation outlook may keep the FED in a wait-and-see mode for some more time.
Let's now take a look at the EUR/USD technical picture in the 4H time frame. The key intraday support at the level of 1.1043 has been violated and now bears are heading towards the next key support at the level of 1.0958. So far no sign of any positive divergence, so bears are in full control over the market.
