 Welcome traders to a weekly market outlook for week commencing the 13th of December with a big electric runway. Starting in the US, the focus is really only on Wednesday where we get US retail sales. The market media sees a rise of 0.8% after the 1.7% increase in October. Sales surged as consumers started holiday shopping early. High inflation is not yet dampening spending even as we are starting to see signs of consumer sentiment weakening. Most importantly on Wednesday we get the FOMC meeting and let's expect the tapering price to be doubled which would end bond buying in March instead of mid 2022. This has already been signalled by Fed members so the focus is really going to be on the revisions to the dot plots and the internal rate. From a technical perspective, dollar rate looks appears to be carving out a bullish strike pattern so I'm looking for another leg to the downside to test the 9490 area support which is a bullish reversal pattern from that level to engage on the long side looking for a test up towards the 98 handle. At this stage a close back through 9670 would suggest that the correction is already complete and then puts the immediate focus on the 98 handle. From a technical perspective we really need to see a close back through 9330 to suggest the current upside advance is complete. So in the Eurozone the focus is really going to be on Thursday where we get Eurozone PMIs surging COVID rates will weigh on the composite which is forecast to fall from 54 from 55.4 last time. Performance may vary widely across the region due to disparate COVID restrictions and then also on Thursday most importantly we get ECB meeting policy makers are expected to sound cautious noting the risk of higher inflation with gradual recalibration of emergency policies most likely extending the pet could be the easiest way out or during this fourth wave but this could hurt Nagar's credibility. Then we ran out the week in the Eurozone with Friday's e-phone business survey where economists expect a 95.5 print versus the prior 96.5 sentiment fail for the fifth straight month in November rising COVID cases and new restrictions will weigh on morale and supply but all that still remain in place. From a technical perspective in terms of the Eurozone looking for this corrected move to advance now up into the 143, 114, 50 area what's a bearish reversal patterns there to engage on a short side looking for a move down to test that long-term weekly trend that I'm discussing in my live weekly market analysis session just above the 110 handle. In Japan focus is really going to be on Friday it's the BOGA meeting analysts expect the BOGA to maintain ultra easy policy the bank is to debate whether extending its emergency pandemic relief programs beyond March 2022 Reuters reports that policymakers are leaning towards tapering corporate credit purchases. From a technical perspective as resistance remains in place at the 143, 132, 143, 50 and also you're looking for a break now of the 112, 50 to take us back down into test 111, 50 as support. Obviously that would be the third test of this major trend life and there we can anticipate at least a three-way corrected bounce. In the UK Tuesday we get UK jobs consensus expects the employment rate to have dipped one-tenth to 4.2% in October analysts highlight the abundance of vacancies with three straight months of over one million prints and the expiry of the furlough scheme is likely to have lifted wages on Wednesday we get the UK's CPI analyst forecast to jump in headline inflation to 4.8% from 4.2% and the core rate to 3.9% from 3.4% rising off James price cap for electricity and gas prices will be the biggest boost but there will be a broadening of price pressures as higher petrol food and clothing prices came together last month most importantly that on Thursday we have the BOE meeting it's a close call for a 10 basis points hike with the market seeing around a 40% chance the latest covid concerns and the move to plan B bring uncertainty and may outweigh inflation worries for now dosing forecasts are not due until February next year we round out the week of the UK on Friday with UK retail sales analyst forecast a reading of plus 0.3% following a surge in sales in October after five months of declining volumes black friday activity was reportedly robust whilst base effects may fold flatter the annual comparison from a technical perspective the cable has been in this descending wedge pattern potentially getting a break developing now if we can follow through on friday's move to the top side through 132 80s look for a test of 134 10 to 134 20 watching bearish reversal patterns there to get to the short side looking for the equality objective down at 130 12 and rounding out the week down in Australia the data that loads is going to be thursday's jobless data expect the pace of workers returning to the labour force to continue to outpace gains in the employment in november forecast for a 242k lift in the labour force we'll see participation participation rate rise to 65.8% and an employment rise to 5.3% versus a previous 5.2% from a technical perspective as the Australian dollar continues to find support in the 70 80 area look for a move up to test the prior sending trend line resistance sorry support as resistance watching bearish reversal patterns there to engage on the short side looking for a move down to test the descending trend channel support coming in at 69 12 and that includes the weak market outlook for weak commencing the 13th of december as always try to plan the trade trade the plan and most importantly manage all this until next time thanks very much