ONLINE FOREX BROKER
2019-11-11 • Updated
The US dollar ran out of steam in the Tokyo morning. It has weakened significantly against a basket currencies. The main fundamental factor that fueled USD sell-off was President Donald Trump’s failure to replace the 2010 Affordable Care Act (commonly known as Obamacare). The defeat on the US healthcare legislation raised investors’ concerns over Mr. Trump’s ability to push through other policies suggested by his administration. US political focus now shifts to long-awaited tax reform, arguably a more important piece of legislation (especially for equity markets).
EUR/USD jumped to 1.0845 in the opening hours of Asian session ripping through 1.0825/30 hurdles in its path. A bullish momentum is still intact. The euro may rise towards the next resistance lines at 1.0870/1.0875. One of the fundamental factors that boosted EUR buying was a big win of Chancellor Angela Merkel’s conservative in a regional election held at the weekend. Exit polling showed that CDU (Merkel’s party) won 40.1%. it’s a great result in the countdown to the parliamentary elections scheduled for September 24, 2017. In the economic front, there will be German Ifo Business climate. The consensus forecast shows an increase. The upbeat data will send the euro higher.
Aussie fell to 0.7630 against the greenback in today’s session. The upper border of the Ichimoku cloud on the daily timeframe serves as a sturdy support for the prices. AUD may weaken further towards 0.7605, 0.7545 unless it manages to reclaim 0.7700.
Kiwi surged to 0.7055 in the morning. It has all chance to rise further towards the nearest hurdles at 0.7088, 0.7115 (the lower border of Ichimoku cloud on the daily timeframe). The economic calendar is empty for NZD/USD today.
The British pound spiked to 1.2530 on the USD weakness resulted from the rejection of the Trumpcare bill. A focus shifted to tax reforms now. They will likely fill a lot of headlines ahead of March 29 (the Brexit deadline). On Wednesday, the UK PM Theresa May will trigger Article 50. A European response is expected within 48 hours thereafter.
USD/CAD was trading lower at the end of the Asian session. The prices are hovering around the 1.3330 at the present moment. On the downside, there is a strong support lying at 1.3280. The immediate resistance can be found at 1.3410. Oil prices lowered to $50.45 on the session as investors saw that OPEC-led output cuts don’t reduce the US crude oil inventories. At the weekend meeting ministers from OPEC and non-OPEC oil producers agreed to review the question of whether the output cut deal should be extended by six months or not.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
The EU plans to intervene in markets directly to curb rising energy costs, threatening to push the Euro area's economy into a deep recession.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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