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  • #441
  • Sep 1, 2017 5:34am Sep 1, 2017 5:34am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Friday, September 1st

The EUR/USD pair continues to stay under selling pressure lately, however, having bounced off its weekly lows, marked yesterday at 1.1823 level. According to recent headlines, ECB members begin to show concerns about stronger positions of the euro that negatively affects the pair, forcing it to expand retreat from its multiyear highs, posted earlier this week. These recent news have forced the market to reconsider its expectations regarding tapering ECB's QE program, and since the regulator's meeting will take place next week, the single currency reacted sharply to these speculations. However, expected that the pair won’t show any sharp moves during European trading session, as investors refrain from placing any important directional bets ahead of key events. Today the US will release the NFP data report, which will become the main catalyst for the pair during this trading session.

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  • #442
  • Sep 4, 2017 5:27am Sep 4, 2017 5:27am

Daily economic digest from Forex.ee

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Monday, September 4th

The EUR/USD pair opened today with a bullish gap, consolidating its positions near the level of 1.1880 during the Asian session on the back of recent news that North Korea successfully tested a hydrogen bomb, which has triggered new wave of risk aversions across the market. The reaction of the market on the latest events is not a surprise, as persisting nervousness, backed by ongoing tensions around the Korean Peninsula, grips the market for the last couple of weeks. However, the pair managed to break out of its consolidation phase and rose above the level of 1.1900 in the European morning, as risk-off sentiments are supporting euro’s funding currency status. Moreover, Friday’s disappointing US jobs data, which dampened hopes of a Dec Fed rate hike, also collaborates with pair’s upside at the start of this week. Expected that the pair will continue to show low volatility level today amid thin trading conditions, backed by lack of any important data releases from the European economic calendar and the Labor Day holiday in the US markets.

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  • #443
  • Sep 5, 2017 5:26am Sep 5, 2017 5:26am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, September 5th

The EUR/USD pair lost its upside momentum by the European opening and eased its yesterday’s gains on the back of attempts of the US dollar to recover its positions after disappointing data from the US labor market. Seems that US bulls recovered some ground on Tuesday, sending the major currency pair to the region of 1.1870. On the other hand, euro’s funding currency status continues to support the pair, as escalating tension around N.Korea is still navigating the market that in turn is limiting pair’s retreat. However, expected that the pair won’t perform any sharp moves in the day ahead, as investors remain in anticipation of the key risky event of this week – ECB meeting minutes, which will be released this Thursday. Today only European secondary tier reports and several Fedspeaks are scheduled in economic data calendars, so USD price dynamics and broad risk aversion will remain as key determinants for the pair throughout this trading session.

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  • #444
  • Sep 6, 2017 5:20am Sep 6, 2017 5:20am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, September 6th

The EUR/USD pair shows subdued trading activity at the middle of this week, consolidation its positions in the 1.1920-30 tight range. Seems that the euro ignores broad retreat of the US dollar, as investors remain cautious ahead of the ECB meeting. Expected that the regulator will keep its policy stance mostly unchanged, while any dovish comments of ECB President Mario Draghi regarding QE program tapering and higher exchange rate of the common currency could bring strong bearish pressure on the pair this Thursday. Today the European economic calendar will remain broadly silent, while the US will release only the ISM Non-Manufacturing PMI report, so the US dollar dynamics, weakened by yesterday’s dovish Fedspeaks, and broad risk-off trend will continue to exert some influence on the pair.

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  • #445
  • Sep 7, 2017 5:14am Sep 7, 2017 5:14am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, September 7th

The EUR/USD pair came out of its overnight phase of consolidation to the upside, having refreshed its daily tops at 1.1944 on the back of continuing retreat of the buck against its main competitors. However, further sharp moves of the pair are unlikely amid increased nervousness of investors ahead of the key ECB policy event. Expected that the ECB will keep its policy stance unchanged, while investors are awaiting for ECB President M.Draghi’s Q&A session, which will be able to shed some light on further ECB monetary policy steps. The key topic that investors would like to hear about during ECB Press Conference remains QE program tapering. More hawkish comments of ECB President M.Draghi might spark fresh speculations regarding divergence between the ECB and Fed, which will cause increased volatility level across the market. Besides the ECB meeting, nothing important is scheduled in economic calendar for the pair, so investors will keep their attention focused on the key event of this day.

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  • #446
  • Sep 8, 2017 5:30am Sep 8, 2017 5:30am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Friday, September 8th

The EUR/USD pair trades on the positive territory at the end of this week, having refreshed its tops at 1.2092, last seen on December 2014. However, the pair corrected slightly lower this morning, as investors lock in some profits after yesterday’s enormous rally, triggered by press conference of ECB President Mario Draghi. On Thursday, Mr.Draghi didn’t focus on the issue of higher positions of the euro, but stressed that the European economy continues to demonstrate positive dynamics. Moreover, the head of the regulator left doors opened for another big announcement, saying that the bank will take its decision on the QE program probably in October. Another factor, which negatively influences the dollar today, remains uninformative speech of Fed member W.Dudley, who said that gradual increase of the interest rate is coming, however, giving no clues on when to expect next monetary policy tightening measures. On the data front, today the economic calendar lacks of any market moving releases, so the US dollar price dynamics will continue to determine pair’s further trajectory.

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  • #447
  • Sep 11, 2017 5:54am Sep 11, 2017 5:54am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Monday, September 11th

The EUR/USD pair came under moderate selling pressure this morning, after ECB member Benoit Coeure delivered his speech, which was perceived by markets as dovish. Mr. Coeure stated that the monetary policy of the ECB would remain accommodative for longer period due to lower-than-expected inflation growth pace. Moreover, continuing correction of the major currency pair from its multiyear highs, after its enormous rally, backed by ECB President M.Draghi promises to make a decision on the QE program in October, and recovery of the US dollar across the market will remain key driving factors for EUR/USD in the day ahead. On the data front, today both data calendars will keep silence, bringing nothing to spark volatility on the pair, so broad market trend will continue to determine EUR/USD’s further trajectory.

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  • #448
  • Sep 12, 2017 5:46am Sep 12, 2017 5:46am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Tuesday, September 12th

The EUR/USD pair trades with a positive bias, having regained its positions above the level of 1.1950, on the back of broad retreat of the US dollar. Seems that US bulls ran out of steam today after confident start of this trading week, allowing the major currency pair to recover some part of its yesterday’s drawdown. However, slightly improved demand for higher-yielding assets, underpinned by easing tensions over the conflict around North Korea, exerts pressure on the common currency on Tuesday. On the data front, today European data calendar won’t provide the market with any data releases, leaving the pair at the mercy of broad market trend, but during the NA session the speech by Vice-President of the European Central Bank Vitor Constancio and the JOLTs job openings report will be able to spark some volatility on the pair.

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  • #449
  • Sep 13, 2017 5:54am Sep 13, 2017 5:54am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Wednesday, September 13th

Today the EUR/USD pair extends its yesterday’s positive trend, remaining just a few pips below its psychological level of 1.2000. The latest pair’s upside rally is mainly attributed to a renewed weakness of the US dollar, backed by N.Korea’s threat to accelerate its plans to acquire a nuclear weapon, following the new sanctions imposed by the UN. Moreover, it seems that even yesterday's positive data from the US labor market could not provide enough support to the dollar to somehow influence the situation. Today the European data calendar will continue to keep silence, leaving the pair at the mercy of global market trend, while the US will release the PPI report, which will be able to set up some short-term trend for the pair during New York trades.

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  • #450
  • Sep 14, 2017 6:12am Sep 14, 2017 6:12am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, September 14th

Today the GBP/USD pair consolidates its positions near the level of 1.3200 amid broad cautiousness, triggered by upcoming BoE meeting. On Wednesday, the pair came under strong selling pressure, losing more than a cent from its yearly tops, posted at 1.3329 during previous trading session. Pair’s retreat could explained by renewed demand for the US dollar, backed by recent headlines that US President D.Trump’s administration is planning to announce new framework for tax legislation in about two weeks. However, it is expected that the pair will continue to demonstrate subdued trading activity, as we are heading towards the key event of this week – BoE interest rate decision. According to market’s expectations, the regulator will keep its rate unchanged, while any comments from MPC regarding Bank’s further monetary policy projection, especially in light of the latest UK inflation figures, will be able to set up pair’s further trajectory. Besides BoE meeting, investors will also pay attention to the US CPI print, which will affect investors’ estimations regarding a Dec Fed rate hike.

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  • #451
  • Sep 15, 2017 6:01am Sep 15, 2017 6:01am

Daily economic digest from Forex.ee

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Friday, September 15th

Today the EUR/USD pair consolidated its positions in the region of 1.1900-20 after moderate recovery from its 2-week lows, marked at 1.1838 on Thursday. Yesterday the pair came under selling pressure after the US economy released CPI figures, which came above markets expectations. This data from the US economy has lifted Fed rate hike expectations by the end this year, which undoubtedly is a positive factor for the US dollar. However, the pair managed to recover a smile and bounced off its recent lows on the back of prevailing risk-off sentiments, underpinned the news of another North Korean missile launch. Today Eurozone’s docket will bring only several secondary tier reports, while the US will release key retail sales numbers, which will be able to set up pair’s next short term trend during the NA trading session.

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  • #452
  • Sep 18, 2017 5:45am Sep 18, 2017 5:45am

Daily economic digest from Forex.ee

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Monday, September 18th

The EUR/USD pair came out of its consolidation range to the downside at the European opening on the back of attempts of the US dollar to correct higher across the market. However, further downside of the pair looks limited, as cautious sentiments amid investors are gathering pace on the back of upcoming FOMC meeting due later in the week. It is expected that the regulator won’t change its interest rate level, while any comments from Fed members will be highly influential, especially taking into account recent positive US CPI data. Moreover, broad weakness of the US dollar today will continue lend support to the pair in the day ahead. On the data front, the EU CPI data will remain the key data release of the pair, as the US data calendar will keep silence on Monday, leaving the pair at the mercy of broad market trend during this trading session.

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  • #453
  • Sep 19, 2017 5:46am Sep 19, 2017 5:46am

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Tuesday, September 19th

The EUR/USD pair continues to keep its bid tone so far this week, trying to break through its psychological resistance of 1.2000. Recent upside rally of the pair is mainly driven by broad weakness of the US dollar, backed by uncertainty around upcoming potential tax reform by the Trump administration. However, any further gains of the pair may appear limited, as we are heading towards the main event of this week – FOMC interest rate decision, which will take place tomorrow during the NA session. Markets are widely expecting that the Fed will provide some hints on further steps regarding its monetary policy. On the data front, investors are now eagerly awaiting for German ZEW economic sentiment for fresh directional impetus, while the US data from the labor market will also be able to spark some volatility across the market during the NA session.

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  • #454
  • Sep 20, 2017 5:29am Sep 20, 2017 5:29am

Daily economic digest from Forex.ee

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Wednesday, September 20th

The EUR/USD pair extends its winning streak, trading for the fifth consecutive session with gains. In Asia the pair received strong bullish impetus, having leaped above its psychological resistance of 1.2000, as the US dollar continues to lose points against its main rivals. However, the pair corrected slightly lower on the back of increased nervousness across the market, provoked by upcoming meeting of the Federal Reserve, which is the key risky event of this week. It is expected that the Fed will leave its interest rate untouched, however, the revision of economic forecast and any comments of the Central Bank members on further monetary policy tightening measures will remain key themes of Fed’s meeting. On the data front, the EU data calendar will remain silent, leaving the pair at the mercy of broad market trend, while the US will publish data from the housing market, which will be able to bring some short-term impetus to the pair ahead of the key risky event of this Wednesday.

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  • #455
  • Sep 21, 2017 5:27am Sep 21, 2017 5:27am

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Thursday, September 21st

The EUR/USD pair remains under bearish pressure on Thursday on the back of renewed buying interest around the greenback, underpinned by the hawkish outcome of the FOMC meeting. Yesterday the pair dipped for more than 160 points, following hawkish surprise delivered by the Fed. As it was widely expected, the Fed left its interest rate unchanged, while making markets confident that there will be another rate hike this year and three more in 2018. Moreover, the regulator officially announced that it would start shrinking balance sheet in October, following schedule, laid out in July. Adding to this, the Fed stressed that recent weakness of the inflation remains temporary, expecting that it will reach regulator’s target level of 2% in the mid-term projection. Today the markets will continue to digest the outcome of the recent event, which will continue to support the greenback across the market, while Philly Fed manufacturing index and ECB President M.Draghi’s speech, scheduled for the NA session, will provide the pair with additional directional impetus.

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  • #456
  • Sep 22, 2017 5:28am Sep 22, 2017 5:28am

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Friday, September 22nd

The EUR/USD pair continues to extend recovery from its sharp drop, backed by the outcome of recent FOMC meeting, and now is eyeing to retake the level of 1.2000. Strong risk aversion sentiments, triggered by escalation of the US-N.Korea conflict, support the main currency pair at the end of this week. According to the latest news, Pyongyang warned the US that it might conduct another Hydrogen bomb test in the Pacific Ocean in response to the new sanctions that US President D.Trump is going to apply to N.Korea. Adding to this, broad correction of the US dollar after hawkish outcome of the Fed meeting and positive morning German Manufacturing data are also supporting the pair on Friday. Today only the speech by ECB President M.Draghi is scheduled in the economic event calendar, so the US dollar dynamics will continue to determine pair’s trajectory throughout this trading session.

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  • #457
  • Sep 25, 2017 5:33am Sep 25, 2017 5:33am

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Monday, September 25th

The EUR/USD pair failed its attempt to fill in its today’s bearish gap and returned back in the area of 1.1900 level. Recent weakness of the common currency is mainly attributed to the disappointing victory of A.Merkel’s Conservative Party, which failed to gain the majority of seats in the Bundestag. So now, Mrs. Merkel’s CDU/CSU bloc will have to form a coalition that is viewed by the markets as a probable source of political uncertainty, thereby weighing the euro. Moreover, the greenback continues to keep its positive tone across the market on the back of easing US-N.Korea conflict that is also adding some pressure on the major currency pair at the start of this working week. Today the main event for the pair will remain ECB President M.Draghi’s testimony before the ECON Committee in Brussels, which will be able to shed some light on further ECB monetary policy developments, while the US calendar will remain broadly silent today, leaving the pair at the mercy of global market sentiments.

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  • #458
  • Sep 26, 2017 5:32am Sep 26, 2017 5:32am

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Tuesday, September 26th

The EUR/USD pair failed to keep its overnight recovery mode, as demand for the US dollar has returned to the market. Currently the pair continues to extend its march into red territory, having refreshed its monthly lows at 1.1822. The main driver for the pair’s retreat remains the divergence between monetary policies of the Fed and ECB, fueled by hawkish outcome of Fed meeting and dovish speech of ECB president M.Draghi, delivered a day before. During his speech, Mr.Draghi stressed that the ECB will continue to adhere to accommodative policy as long as it will be needed. Moreover, recent A.Merkel’s disappointing win on the German election also continues to weight the common currency. Later today, Fed Chair J.Yellen will deliver her speech, which will be especially interesting in view of recent economic developments from both sides. On the data front, nothing noteworthy is expected from the EU economic calendar, while the US will publish bloc of important data releases, which will keep investors busy during the NA session.

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  • #459
  • Sep 27, 2017 5:29am Sep 27, 2017 5:29am

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Wednesday, September 27th

The EUR/USD pair extends its bearish trip for the third consecutive session, having already lost about 2 cents since this week highs, marked in the region of 1.1940. Broad demand for the US dollar remains the key driving factor across the market on Wednesday, as investors are still digesting yesterday’s more hawkish speech by Fed Chair J.Yellen, during which the head of the regulator reaffirmed market’s expectations regarding implementation of the more aggressive monetary policy. Mrs. Yellen stressed that there are some risks associated with a too gradual increase of the interest rate. Adding to this, the greenback reacted positively to recent news that US President D.Trump to present much-awaited tax reform plans later this session. On the data front, today the EU docket won’t bring anything noteworthy, leaving the pair at the mercy of global market trend and the US dollar price dynamics, while investors will focus their attention on a slew of the US macro releases for fresh near-term trading opportunities.

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  • #460
  • Sep 28, 2017 5:50am Sep 28, 2017 5:50am

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Thursday, September 28th

The EUR/USD pair remains depressed so far this week, entering consolidation phase in the region of its monthly lows, marked yesterday in the vicinity of 1.1720 level. Recent weakness of the pair is mainly attributed to the uptick in the demand for the US dollar, triggered by Fed Chair J.Yellen’s comments, saying that there are some risks associated with a too gradual increase of the interest rate. Moreover, the greenback received additional support yesterday after the US president administration announced the much awaited tax reform. On the data front, today the EU data calendar won’t bring anything important, leaving the pair at the mercy of the US price dynamics, while to US will release the GDP figures, which will be able to determine pair’s next direction.

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