Let’s find out what has been moving the market today…
Morning Forex Report: Feb. 13
The US dollar is depreciating against most of the currencies.
The global equity markets showed some stability on Monday after the crucial selloff, and the US dollar is losing its positions. Experts suppose that the market will stay shaky until February 28 when the Federal Reserve Chairman Mr. Powell will deliver his first monetary policy report.
Another reason for the US dollar weakness is the tomorrow US inflation and retail sales data. The forecast is mixed compared to previous figures, that is why we can see the volatility of the market.
The EUR/USD pair is rising from the Friday, February 9. However, there is a possibility of the fall of the single currency in the future because of some events such as uncertainty in Germany related to the new coalition deal and the Italian March election. But the EUR/USD pair has a wide channel, so the next support is at 1.2205, resistance is at 1.2410.
The cable is growing as well. On Friday, February 9, GBP fell a lot. The reason is the comment of the one of Brexit negotiator about the likely difficulties of the UK/EU deal. But since Monday it is trying to recover. The same as the euro it has the wide channel. The support is at 1.3755, the resistance is at 1.4000.
The USD is strongly depreciating against the yen. Now it is nearly the lowest price at 107.29 since September 2017. If the pair breaks the level of 109.31, it has chances to rise.
Positions of the Canadian dollar and Australian dollar are unstable. A bearish trend is changed with a bullish trend.