ONLINE FOREX BROKER
2019-11-11 • Updated
The euro suffered substantial losses overnight after we received softer than expected German and Spanish inflation releases. Decreasing inflation rate prove that the ECB still needs a very substantial degree of monetary policy accommodation and relieves markets superfluous idle talks about the QE tapering. The US economic data was a mixed bag with solid GDP figures and rising number of unemployment claims. EUR/USD dropped to 1.0675 overnight. The technical outlook for the pair is neutral. The prices will likely continue consolidating within the range of 1.0655 – 1.0690. Today traders will be watching for the euro area monthly inflation readings. Consensus forecasts indicate slight declines. The figures are usually scrutinized by the ECB officials trying to assess the sustainability of prices pressures. So, in case of disappointing headlines, the euro might head into the negative territory.
The yen was the main mover in the past trading sessions. USD/JPY spiked to 112.20 after we received a rather disappointing data on Japan’s household spending and core CPI. Then, USD lost its ground against the yen and slid to 111.80. US dollar watchers will be waiting for core PCE reading and personal spending data which are due at 12:30 MT time. The Chicago PMI and final University Michigan consumer sentiments are also expected tonight. Another focus will be on the speeches of Fed’s officials.
In the early hours of Tokyo morning, we got some comments from the Australian prudential regulator (APRA) on the growth in housing credit. Surging house prices have been a concern for the Australian government. APRA will try to tighten up lending for housing. What does this news mean for traders? It means that the Reserve Bank of Australia might cut rates further clipping Aussie’s wings. This news didn’t cause and outcry from AUD, but they should be taken into consideration as we approach the next RBA meeting. AUD/USD dropped to 0.7635, then, partially regained its losses having advanced to 0.7640. There is still a room for further expansion towards 0.7660/0.7680 levels.
GBP/USD rose to 1.2475 in the Asian session. Many analysts believe that the pound can still move higher in the near-term due to a squeeze on existing short GBP and investors’ disbelief in Trump’s ability to push through his pro-growth policies. The immediate resistance can be found at 1.2475. on the downside, there are plenty of supports at 1.2410, 1.2360. They might serve the good turn if today US data beats market’s expectations.
US dollar/loonie was trading choppily in the past sessions trying to imitate the movements of oil prices. USD/CAD dropped to 1.3320, then, regained its ground and rose to 1.3340. Brent oil futures slipped a few points in the Asian session having fallen to $52.80 from yesterday’s high at $53.10. A tailwind for oil was the Kuwait’s support of the prolongation of the OPEC-led production cut deal.
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.
US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
|
