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Morning Forex report: February 27
The dollar index is continuing to fall since yesterday, although it is still higher a three-year low. Investors are looking for the first speech of Mr. Powell as a Head of the Fed. More likely, it will sound optimistic. A new chairman is anticipated to give clues on the Fed’s future tightening monetary policy and rate hikes. However, there are doubts that this speech will be a major lift for the greenback.
The New Zealand dollar is falling after the release of the negative January trade balance data. Despite the fact that the negative figure is less than expected, traders started selling the kiwi. Maybe it is because of the December data that showed a surplus of the trade balance.
Despite a negative effect that upcoming elections in Italy and Germany have on the euro, the single currency is slightly rising. Yesterday speech of the European central bank President Mr. Draghi about the European economy was optimistic. However, he mentioned that it is early to talk about the uptrend of inflation. Such comments can lead to the weakness of the euro in the soon future. Moreover, on the daily chart, we see that the pair is moving to the resistance at 1.2360, so it is more likely that if the euro is not supported by positive news from Italy and Germany soon, it will fall.
Yesterday rise of the yen that created worries among traders changed with the decline today. The pair is moving to the resistance at 107.70. As we know the pair is affected by news from the USA. It means that a break of the resistance will depend on the positive news for the US dollar. Otherwise, USD/JPY will turn around and move to the dangerous level of 106.
Some words about cryptocurrencies. Today Bitcoin could overcome the level of $10,500 and has moved further. The cryptocurrency is climbing to the resistance at $11,000. If Bitcoin is able to break this level, it will continue to rise. Otherwise, we may see the fall to $8,000 again.
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