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  • #401
  • Jun 26, 2017 5:23am Jun 26, 2017 5:23am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Monday, June 26th

The EUR/USD pair regained positive tone on the European opening, as the US dollar remains unable to recover its positions across the market. On Friday, the buck caught fresh offers on the back of dovish talks of FOMC members James Bullard and Loretta Mester, who spoke in favor of less aggressive rate hike in terms of weaker inflations growth pace. It is expected that the dovish comments of committee members will continue to remain as a main driver for the market, providing negative impact on the dollar during this trading session. Now immediate focus shifts towards the bloc of macroeconomic releases from the German economy, while later ahead we will have the US Core Durable Goods Orders report and ECB President M.Draghis speech at the ECB Forum on Central Banking in Portugal, which will be able to bring some fresh trading opportunities during NA session.

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  • #402
  • Jun 27, 2017 5:34am Jun 27, 2017 5:34am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, June 27th

The EUR/USD pair surrendered part of its overnight gains, having faced resistance at 1.1200 level on the European opening, as the market turned cautious ahead of key central bankers’ speeches. Yesterday the pair received strong bullish impetus following solid German business data, however, the spike faded quickly, as the US dollar corrected higher against its main competitors, despite downbeat US Core Durable Goods Orders report. Adding to this, yesterday’s uninformative speech of the ECB President M.Draghi also failed to provide any support to the common currency. Today speeches by the ECB President M.Draghi and Fed Chief J.Yellen will take center stage, as further divergence of monetary policies’ will shape up pair’s next course. Besides key economic events, today the US will release the CB Consumer Confidence report, which will also be able to bring some trading opportunities during NA session.

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  • #403
  • Jun 28, 2017 5:24am Jun 28, 2017 5:24am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, June 28th

The EUR/USD pair remains highly positive in the middle of this week, having refreshed its multimonth highs at 1.1380 level in early Europe. Yesterday the pair received a huge boost from upbeat comments of the ECB President M.Draghi, delivered at the ECB Symposium. During his speech, Mr.Draghi stressed that softer inflation is temporary and growth of the EU economy is seen above trend. The market took these comments as a hint on a possible QE program tapering, thereby increasing demand for the common currency. Moreover, the US dollar mostly ignored yesterday Fed Chair J.Yellen’s neutral talks and continued to retreat against its main competitors amid reports of a delay in the Senate vote on the US Healthcare plan. Looking ahead, today developments surrounding the last day of the ECB Forum in Portugal, featuring speech of the ECB President M.Draghi, will hog the limelight during this trading session.

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  • #404
  • Jun 29, 2017 5:16am Jun 29, 2017 5:16am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, June 29th

Seems that the Euro bulls took a breather in mid-Asia after enormous rally, which pushed the EUR/USD pair to refresh its 2017 tops at 1.1419 level. Yesterday the major turned sharply lower and became cheaper nearly for a cent after Bloomberg revealed anonymous ECB source’s comments, which said that the market misinterpreted M.Draghi's remarks on narrowing economic stimulus, delivered at the ECB Symposium on Tuesday. However, the pair managed to regain its positive tone and continued to extend its bullish rally on the back of narrowing monetary policy divergence, as ECB President’s comments were eventually hawkish enough to keep supporting the euro. Adding to that, ongoing broad weakness of the US dollar is also collaborating with pair’s upbeat tone this Thursday. Today after several volatile days we have relatively quiet session with only the US GDP data report, so the market will continue to digest recent economic talks.

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  • #405
  • Jun 30, 2017 5:35am Jun 30, 2017 5:35am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Friday, June 30th

The EUR/USD pair broke out of its consolidation phase to the downside in early Europe, stepping away from the region of its 14-month highs, marked yesterday at 1.1445 level. Seems that investors prefer to take some profits off the table especially after pair's recent increase for more than 250-pips over the past three trading sessions, which was triggered by hawkish remarks of the ECB President M.Draghi. Moreover, the greenback has stalled its decline against its main competitors at the end of this week that is also collaborating with pair’s recent brief decline. Now all traders’ attention remains glued to German unemployment data, which will be able to bring some trading opportunities for market participants during European trading hours, while the US docket will keep silence at the end of this week, so the market will continue to digest recent talks of the Chief ECB Banker.

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  • #406
  • Jul 3, 2017 5:23am Jul 3, 2017 5:23am

Daily economic digest from Forex.ee

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Monday, July 3rd

The EUR/USD pair extends its downside correction from its 3-month highs, having broken through resistance, located at 1.14 level, as bulls have taken a breather ahead of eventful week. Moreover, the greenback is trying hard to regain its position after broad retreat across the market, as traders are waiting for FOMC Meeting Minutes, which expectedly will hint on better inflation growth pace later this week. Adding to this, slightly better risk-on sentiments, triggered by green numbers of Chinese Caixin Manufacturing PMI, are also negatively affecting the pair this Monday. Now immediate focus shifts towards the bloc of Manufacturing PMIs from Eurozone, featuring German and global EU reports, while the US ISM Manufacturing PMI data will also be able to bring some impetus to the pair in the NA session.

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  • #407
  • Jul 4, 2017 5:31am Jul 4, 2017 5:31am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, July 4th

The AUD/USD pair showed volatile moves this morning, refreshing its weekly lows at 0.7604, after RBA announced its decision to hold monetary policy steady. Today the RBA left its interest rate unchanged, however, failing to provide any hawkish hints regarding its further monetary policy. Investors reacted aggressively on the neutral stance of the RBA, as markets expected more hawkish comments from Bank’s members, especially after talks of the RBA board member J.Edwards on the ECB Symposium last week, where he hinted on a possible tightening of the monetary policy in upcoming years. On the other hand, positive Australian Retail Sales data, released in mid-Asia, will be able provide some support to AUD bulls in the day ahead. Today we will have absolutely empty data calendar, as the US market will remain closed due to the Independence Day holiday, so broad market trend will remain as an exclusive driver for the pair during this trading session.

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  • #408
  • Jul 5, 2017 5:27am Jul 5, 2017 5:27am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, July 5th

The EUR/USD pair regained its positive tone in Asia, as traders remain cautious ahead the key risky event of this Wednesday. Today markets remain in anticipation of the release of FOMC June meeting minutes, which will be able to shed some light on further Fed monetary policy moves. Markets are broadly expecting that FOMC protocols will hint on another rate increase by the end of this year. Adding to this, the euro also benefits from geopolitical tensions, triggered by North Korea’s missile launch, which are driving flows away from risky assets this Wednesday. Besides FOMC minutes, today traders will also see bloc of PMIs from the euro area, which will be able to bring some impetus to the pair during the European trading session.

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  • #409
  • Jul 6, 2017 5:35am Jul 6, 2017 5:35am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, July 6th

The EUR/USD pair regained its positive tone in early Europe, leaping above the level of 1.1350, as the US dollar has stalled its recovery in the second half of this week. Seems that US bulls are losing its upside momentum amid a lack of surprises offered by FOMC minutes, which only indicated softer tone of the US inflation. Moreover, prevailing risk-off market sentiments, backed by recent North Korea ballistic missiles launch, are also somewhat supporting the pair lately. Now all focus shifts toward ECB minutes, as market participants await for any details of potential tapering of the QE program in the next months, which can boost the euro against its main competitors. Besides the upcoming ECB minutes release, investors will also pay attention to US fundamentals, which will also be able to bring some impetus to the pair, while the key risky event of this week remains NFP, which is scheduled on this Friday.

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  • #410
  • Jul 7, 2017 5:46am Jul 7, 2017 5:46am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Friday, July 7th

The EUR/USD pair continues to consolidate its positions above the level of 1.14, after brief upside rally, triggered by by downbeat ADP jobs data. Moreover, slightly hawkish tone of ECB minutes also added some bullish momentum to the euro against its competitors, showing narrowing monetary policy divergence between the Fed and ECB. Adding to this, increased cautiousness ahead of the key risky event of this Friday is lending extra support to the pair at end of this week. On the other hand, broad US dollar recovery after yesterday’s decline is weighing the pair this morning, forcing it to drift away from weekly tops, marked in Asia at 1.1425 spot. Now all eyes are glued to the much-awaited US payrolls report, which will be able to shape up pair’s further direction, while the EU docket will remain silent at the end of this week, which means that the USD dynamics and risk trend will remain the main drivers for the pair during the European trading session.

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  • #411
  • Jul 10, 2017 5:29am Jul 10, 2017 5:29am

Daily economic digest from Forex.ee

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Monday, July 10th

The EUR/USD pair was showing minor volatility during Asian session, keeping position within 10 pips narrow range near the level of 1.14. However, demand for the euro continues to cheer up bulls, as the ECB is showing surprisingly hawkish tone over the last few weeks, narrowing divergence of monetary policies between the ECB and Fed. However, lack of momentum could be explained by Friday’s positive results from the US labor market, which underpins investors’ hopes of another Federal Reserve’s rate hike in December, thus keeping US bulls in shape at the start of this week. In absence of any important market moving data on Monday, the US dollar’s price dynamics will stay as a key driver for the pair during this trading session.

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  • #412
  • Jul 11, 2017 5:26am Jul 11, 2017 5:26am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, July 11th

The EUR/USD pair recovered part of its overnight retreat by the European opening, as the US dollar corrects slightly lower against its main competitors on Tuesday. During Asia, the pair came under renewed selling pressure after FOMC member J.Williams accelerated bullish run of the US dollar against its main competitors, noting that he expects another Fed rate hike this year. Adding to this, increased demand for higher-yielding assets, which was navigating the market during the Asian session, was also negatively influencing the pair. However, as the market passed over Friday's upbeat NFP print, which increased expectations of another Fed rate hike by the end of this year, the pair managed to regain some pips in early Europe, as investors are still digesting hawkish tone of the ECB President M.Draghi during his recent talks. Today all traders attention will remain focused on the JOLTs Job Openings report, while several Fedspeaks, scheduled on NA session, will also be closely watched for any hints on further Fed steps.

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  • #413
  • Jul 12, 2017 5:23am Jul 12, 2017 5:23am

Daily economic digest from Forex.ee

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Wednesday, July 12th

The EUR/USD pair corrected slightly lower from its 14-month highs, posted at 1.1489 this morning, on the back of minor profit-taking actions ahead of Fed Chair J.Yellen’s testimony. Yesterday the pair received strong bullish boost, as the US dollar came under pressure amid another US political scandal and slightly dovish Fedspeaks. Now all eyes are directed on Fed Chairwoman J.Yellen’s semiannual Monetary Policy Report before the House Financial Services Committee. It is expected that policymaker will justify another rate hike this year, while any details regarding further actions of the Federal Reserve will be able to shape up pair’s short-term trend. Besides Mrs Yellen’s speech, nothing important is scheduled in data calendar for this Wednesday, so broad market trend will continue to lead the pair throughout European trading hours.

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  • #414
  • Jul 13, 2017 5:30am Jul 13, 2017 5:30am

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Thursday, July 13th

Seems that the sharp sell-off of the USD/CAD pair, triggered by hawkish BoC decision, ran out of steam, after the pair faced support at the level of 1.2681, which was last seen on June 24, 2016. Yesterday the Canadian CB made a decision to increase its interest rate by 0.25% for the first time in seven years that was considered by the market as extremely hawkish event, forcing the pair to lose more than 200 pips during the previous session. Adding to this, decision-accompanying statement also showed Bank’s confidence in further inflation potential growth, stating that recent softness of the inflation is temporary. However, the pair managed to correct slightly higher after its enormous downside rally, subsequently entering consolidation phase in the region of 1.2740-50. Expectedly that the pair will continue to stay under pressure during this session, as markets will continue to digest recent BoC meeting outcome, while bloc of data from both neighbor economies coupled with the second round of Fed Chair J.Yellen’s testimony will be able to bring fresh trading opportunities in the day ahead.

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  • #415
  • Jul 14, 2017 5:28am Jul 14, 2017 5:28am

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Friday, July 14th

The EUR/USD pair remains largely flat-lined near the level of 1.14 on the final day of this week, barely benefiting from shrinking expectations of Fed aggressive tightening policy. Seems that EUR bulls also lack of any momentum today, as recent dovish comments of ECB member I.Rimsevics, talking about weaker inflation and necessity to run the QE program, are weighing the pair somewhat this Friday. On the other hand, shrinking risk appetite ahead of US fundamentals is lending some support to the euro, forcing the pair to step away from its overnights lows. Now all eyes remain glued to the US economic inflation data, which will bring some hints regarding further divergence between Fed and ECB political courses, thereby shaping up pair’s short-term trajectory. Besides inflation prints, the US will also release retail sales data, while Eurozone trade balance will keep investors busy during European trading hours.

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  • #416
  • Jul 17, 2017 5:29am Jul 17, 2017 5:29am

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Monday, July 17th

After having faced resistance in the region of 1.1475, the EUR/USD pair came under renewed selling pressure, following broad market trend. The main currency pair also remains under pressure today on the back of thin trades, as Japanese market is closed today due to Ocean Day celebrations, while the US dollar attempts to correct higher after the disappointing CPI report, which lowered probability that the Fed will increase its interest rate in upcoming months. Now immediate focus shifts towards the Eurozone CPI report, which will bring fresh impetus in European trading hours, while the US docket will remain broadly silent at the start of this week, leaving the pair at the mercy of global market trend, which will navigate the pair throughout NA trading session.

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  • #417
  • Jul 18, 2017 5:35am Jul 18, 2017 5:35am

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Tuesday, July 18th

The EUR/USD pair extends its bullish run for the third session in a row, refreshing its 14-month highs at 1.1538 spot, as the US president is losing the trust of his voters. The US dollar came under strong selling pressure against its major competitors in Asia, as D.Trump’s Healthcare bill failed to pass through Senate vote yet again. This streak of fails has increased concerns over D.Trump’s ability to deliver on the pre-election campaign promises, especially regarding his much-awaited tax reforms. However, seems that bulls took a breather in European morning, allowing the pair to correct slightly lower, as traders are repositioning their bets ahead of the bloc of economic reports by ZEW. Besides ZEW surveys, today the US economy will release the bloc of secondary economic reports, however, it is expected that the reaction of the market will be limited, so the US dollar price actions will continue to navigate the pair during the NA session.

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  • #418
  • Jul 19, 2017 5:35am Jul 19, 2017 5:35am

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Wednesday, July 19th

The EUR/USD pair is correcting lower today from its 14-month highs, marked at 1.1583 level in the previous trading session. Seems that the dust around yesterday’s rejection of Trump’s Healthcare bill by the Senate has settled down, allowing the US dollar to correct higher against its major peers that in turn is weighing on the pair this Wednesday. However, further decline of the pair seems fragile, as the market turns cautious ahead of tomorrow’s ECB meeting. It is expected that the regulator will leave its interest rate at the same level, while any announcements regarding QE program will have significant influence on the pair. In the day ahead, the US will release fundamental reports from the housing market in the NA session, which will be able to bring some impetus to the pair, while the EU docket will remain silent today, allowing the US dollar to navigate the pair during European trading hours.

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  • #419
  • Jul 20, 2017 5:30am Jul 20, 2017 5:30am

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Thursday, July 20th

The EUR/USD pair was trading back and forth so far this session in a range of 1.1500-30 as investors turn nervous ahead of key risky event of this Thursday – ECB monetary policy decision. However, the pair continues to keep negative bias for the second day in a row, as traders are taking profits of the table, focusing on ECB meeting. It is expected that the regulator will keep its policy stance unchanged, while any details regarding QE program, especially in light of recent hawkish talks of ECB members, will have significant influence on the pair. On the data front, today the EU calendar won’t bring any relevant reports during the European session, while bloc of macroeconomic releases from the US economy will be able to attract traders attention in the NA session.

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  • #420
  • Jul 21, 2017 5:16am Jul 21, 2017 5:16am

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Friday, July 21st

The EUR/USD pair broke out of its brief consolidation phase, having refreshed its nearly 2-year highs at 1.1677 in Asia, as investors continue to digest recent talks of ECB President M.Draghi. Yesterday the pair performed aggressive bullish rally, despite neutral tone of Mr.Draghi during ECB press conference, talking about weaker inflation and possible extension of the QE program. However, Chief of the ECB confirmed readiness of the regulator to tackle the issue of the QE program in September. In addition, traders took positively Mr.Draghi’s comments on confident recovery of Eurozone’s economy, noting that recent weakness in inflation considered by the ECB as temporary. Meanwhile, the dollar has its own problems amid a new wave of scandals around possible US president D.Trump business deals with Russia. Later today, in absence of fresh fundamentals from both sides the pair will continue tracing US dollar’s price actions and global market trend to determine its further development course.

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