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Morning Forex report: February 20
The greenback is recovering. Let’s look which events led to it.
The lack of comments on the monetary policy in the yesterday speech of Mr. Carney caused the continuation of the pound’s fall. On Wednesday and Thursday, we anticipate a big amount of data, however, according to forecast, it will not change the direction of the sterling. Average Earnings Index, Unemployment Rate, and GDP growth are supposed to remain at the same levels. So the support lies at 1.3840.
The meeting of Reserve Bank of Australia could not support the Aussie with mostly positive data. According to the announcement, the central bank will not raise the interest rate this year, because low rates help to lift inflation. The inflation is supposed to gradually rise to 2.25% by the middle of 2020. The strength of the labour market is recognized. However, despite two years of very easy policy and a strong labour market, the central bank cannot achieve the level of 2.5%. So it will cause the volatility of the Aussie.
The euro is falling ahead of a vote in Germany. Angela Merkel is waiting for the results of the potential coalition partner Social Democrats. The euro rate depends only on these results. Let’s wait.
The recovery of the USD/JPY pair is continuing. Being near 107, the pair has a wide channel to move to the resistance of 109.30.
Today is the day of the Global Dairy Trade. Despite positive data of producer price index input and output, the New Zealand dollar is falling, so traders be careful!
Bitcoin has broken the level of $11,500. But do not forget that the Chinese market is still on holidays. The biggest share of cryptocurrency holders is in China, so the return of traders after holidays can cause volatility.
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