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Forex.ee: Daily economic news digest

  • #561
  • Mar 20, 2018 6:06am Mar 20, 2018 6:06am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Tuesday, March 20th

The EUR/USD pair consolidates its positions today in 1.2335-55 trading range, following significant northward rally, witnessed yesterday. On Monday, the pair received notable bullish impetus that could be explained by correlation with the GBP/USD pair, which, in turn, refreshed its monthly highs in wake of progress in Brexit negotiations. Nevertheless, it is expected that the pair won’t show any volatile moves in the session ahead, as we are moving towards the Fed meeting, where, according to market’s expectations, the regulator will increase its interest rate by 25 bps. However, investors have already managed to price in rate hike, therefore, market’s reaction is likely to be limited, while any details on further Fed policy tightening strategy will have significant effect on the market. Today, the EZ economic calendar will offer us German ZEW surveys, which will be able to bring investors fresh trading opportunities, but the US calendar will remain silent today, so broad market trend will be the main driver for the pair during the NA session.

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  • #562
  • Mar 21, 2018 6:30am Mar 21, 2018 6:30am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Wednesday, March 21st

The EUR/USD pair corrects higher this Wednesday after yesterday’s drawdown, triggered by bullish tone of the US dollar and disappointing German Zew surveys. Today it is all about the Fed meeting. It is widely expected that the Fed will increase its interest rate by 0.25%, so investors are more interested in comments of the head of the regulator. The market could witness notable volatility if Mr.Powell revises rate dot plot to four for 2018. Also, markets will await for any changes in long-term forecast of the Bank and clarity regarding impact of trade war on the US economy. Besides the Fed interest decision, the US will also publish today the data from the housing market, however, it is expected that markets won’t pay any attention to it.

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  • #563
  • Mar 22, 2018 6:12am Mar 22, 2018 6:12am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Thursday, March 22nd

The EUR/USD pair follows broad market trend today, backed by retreat of the US dollar against its major rivals, while refreshing its weekly highs at 1.2388 spot. Broad sell off of the US dollar is mainly attributed to not enough hawkish outcome of the Fed meeting. As it was widely expected the regulator increased its interest rate by 25 bps up to the level of 1.75%, however, investors by that moment had already managed to fully price in this decision of the Fed, therefore the reaction on it was limited. Markets were expecting the revision of “dot plot”, which would imply an additional rate hike this year, however, it didn’t happen. Nevertheless, the regulator did the revision of its plans regarding the rate, indicating 3 rate hikes next year, instead of 2 previously planned, but the market payed little of the attention to these comments. In general, the outcome of the FOMC meeting appeared hawkish, where the regulator indicated confident growth of the inflation, however, noting that there is no evidence of the acceleration of its growth. On the data front, today the economic calendar won’t bring us anything noteworthy, so the pair will continue to follow widespread market sentiments during this session.

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  • #564
  • Mar 23, 2018 6:06am Mar 23, 2018 6:06am

Daily economic digest from Forex.ee

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Friday, March 23rd

The EUR/USD pair has reverted yesterday’s correction from its weekly highs and is now trading back above the level of 1.2300. One of the key driving factors for the pair remains ongoing weakness of the greenback, as markets are still digesting not enough hawkish outcome of the Fed meeting, where the regulator left its rate hike projection for this year unchanged that weighed the US currency across the market. Moreover, significant drawdown of the US dollar in the pair with the yen in wake of strong risk-off sentiment, triggered by escalation of a trade war between the US and China, also contributes to EUR/USD’s positive tone at the end of this week. Looking ahead, today the EZ data calendar won’t bring us anything noteworthy, so investors will focus their attention on the releases, prepared by the US economy. However, further developments around US-China trade war will also be able to influence pair’s direction.

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  • #565
  • Mar 26, 2018 5:03am Mar 26, 2018 5:03am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Monday, March 26th

The EUR/USD pair extends its Friday’s positive trend on the back of broad retreat of the US dollar. The main reason of greenback’s weakness could be called escalation of the trade conflict between the US and China after the US President introduced new customs duties against China. However, now we are witnessing some decline in market speculations about the trade war, as investors are awaiting for any progress in US-China negotiations regarding trade conditions. In absence of any important data releases, scheduled for this Monday, the pair will continue to trace market sentiment, caused by recent world events and the US dollar dynamics.

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  • #566
  • Mar 27, 2018 5:13am Mar 27, 2018 5:13am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Tuesday, March 27th

The EUR/USD pair shows positive results for the third consecutive session, having tested its 5-week highs, located on the level of 1.2476. The main reason of pair’s positive trend could be called subdued dynamics of the US dollar, caused by ongoing concerns over a potential US-China trade war. However, it seems that tensions between the US and China eased somewhat, as both sides have begun talks on how to avoid trade conflict. On the other hand, it is expected that the pair will keep its positive tone today, as the euro benefits from persisting risk-off environment, which was additionally boosted by scandal, involving Japanese Prime Minister Shinzo Abe. Today we will have another quiet trading session, as the economic calendar will remain silent, so the US dollar dynamics and risk sentiment will continue remain the key determinants for the pair this Tuesday.

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  • #567
  • Mar 28, 2018 5:32am Mar 28, 2018 5:32am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Wednesday, March 28th

The EUR/USD pair continues to move in the south direction, mainly driven by the US dollar dynamics. Yesterday the greenback caught a fresh bid-wave on the back of speculations regarding possible avoidance of a trade war between the US and China, as sides agreed to discuss further trading terms. However, the pair was able to recover some of its losses during yesterday's trades, but failed to hold its positions, as US bulls regained control of the pair after short breather. In the day ahead, the US will release the GDP report, however, it is expected that the market won’t show any sharp reaction on a positive results of the US macroeconomic data, as investors have already managed to price in some economic growth of the US after hawkish talks of the Fed members on the last FOMC meeting. In addition to US data, today the pair will also be determined by widespread market trend, backed by recent US-China conflict and the US dollar price dynamics.

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  • #568
  • Mar 29, 2018 4:56am Mar 29, 2018 4:56am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Thursday, March 29th

The EUR/USD pair tried to recover its positions during the Asian trading session after two days at a loss. The latest decline of the pair is mainly attributed to the growth of the US dollar against its major rivals on the back of easing fears of a trade war between the US and China, as sides agreed to discuss further trade terms to avoid further conflict. However, the pair met support on the level of 1.2300 in early Asia and recovered some part of its losses, as investors took some profits off the table, thus pausing greenback upside rally. In the meantime, markets remain in anticipation of the data release from the German labor market, which will be the last market-moving event for the pair ahead of Easter holiday-break.

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  • #569
  • Apr 3, 2018 4:56am Apr 3, 2018 4:56am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Tuesday, April 3rd

The EUR/USD pair follows broad market trend this Tuesday and corrected above the level of 1.2300 after yesterday’s drawdown to the level of 1.2282. The renewed retreat of the US dollar, which is explained by escalation of the conflict between the US and China, remains the main theme across the market, allowing the pair to recover its positions. Moreover, broad risk aversion is another positive factor, which supports the pair somewhat this Tuesday. Looking ahead, today the EU calendar will bring us slew of local PMI reports, while the US will offer investors several Fedspeaks, which expectedly won’t have significant effect on the pair, so widespread market trend will remain as the key driver for pair after Easter holiday.

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  • #570
  • Apr 4, 2018 5:03am Apr 4, 2018 5:03am

Daily economic digest from Forex.ee

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Wednesday, April 4th

The EUR/USD pair failed to extend its overnight recovery and dip to the region of 2-week lows, located near the level of 1.2250. The latest downside trend of the pair is mainly attributed to attempts of the US dollar to recover its positions after recent drawdown, caused by trade tensions between the US and China. However, today we will have a rather busy session ahead, so most likely the US dollar price dynamics will take a back seat. In the day ahead, the European economic calendar will offer markets preliminary inflation figures, while the US have prepared the ADP report and the ISM Non-manufacturing data, which will be able to form pair’s further trajectory this Wednesday.

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  • #571
  • Apr 5, 2018 4:58am Apr 5, 2018 4:58am

Daily economic digest from Forex.ee

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Thursday, April 5th

The EUR/USD pair remains offered this Thursday, having refreshed its 2-week lows at 1.2249 spot. The main reason of pair’s recent retreat could be called ongoing buying interest around the US dollar on the back of easing turmoil regarding trade conflict between the US and China. Moreover, the downside move of the pair was additionally underpinned by a swing in risk sentiment that weighed on the common currency this Thursday. On the data front, today both economies won’t bring us anything interesting, so markets will remain in anticipation of Friday's NFP risk event, but until then widespread trend, backed by the US dollar price dynamics and risk sentiment, will be the key navigator for the pair.

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  • #572
  • Apr 6, 2018 4:56am Apr 6, 2018 4:56am

Daily economic digest from Forex.ee

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Friday, April 6th

The EUR/USD pair trades with a bearish tone this Friday, staying in the region of its monthly lows, marked at 1.2218 spot a day before. The main reason of pair’s recent retreat could be called improved demand for the US dollar. However, further downside trend of the pair looks limited on the back of escalation of the US-China trade conflict after US President D.Trump’s threats to impose additional tariffs on Chinese imports. However, Mr.Trump also noted that he is still willing to meet with China at the negotiating table. Most of market participants believe that the aggressive behavior from the US side is nothing but a pre-negotiation tactics, which could potentially lead to a better trade terms. Today all traders’ eyes will remain glued to the key risky event of this Friday – release of the NFP report, but until then it is expected that the market will continue to keep cautious tone.

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  • #573
  • Apr 9, 2018 4:55am Apr 9, 2018 4:55am

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Monday, April 9th

The EUR/USD pair struggles to find a direction this Monday, trading within the range of 1.2265-85, while failing to benefit from the decline of the US dollar. The broad sell-off of the US dollar is mostly explained by Friday’s NFP numbers, which came below market expectations. Moreover, subsequent speech of J.Powell also failed to provide the dollar with any support, as the head of the Bank reiterated all the same that we heard before. On the other hand, easing concerns over a US-China trade war give some respite to markets today, thus boosting risk appetite among investors, which negatively affects the common currency. The next risky event for the pair will be the release of the FOMC minutes, which is scheduled for Wednesday, but today the economic calendar won’t bring us anything important, leaving the pair at the mercy of broad market sentiment and the US dollar price dynamics.

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  • #574
  • Apr 10, 2018 5:26am Apr 10, 2018 5:26am

Daily economic digest from Forex.ee

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Tuesday, April 10th

The EUR/USD pair remains directionless today, consolidating yesterday’s gains in the region of its 4-day highs, marked at 1.2330 spot. Yesterday the pair managed to break through the level of 1.2300 on the back of broad weakness of the US dollar, as Friday’s NFP was still weighing the greenback. However, the pair stalled its upside rally, as broad risk appetite came to the fore today following recent comments of the Chinese President, where the head of government urged the US for a dialog, pledging to strengthen intellectual property rights that was one of Mr.Trump’s main complaints. Also Mr.Xi was talking about widening access to market and expanding imports, which significantly weakened market concerns of a US-China trade war, while lending some pressure on the common currency. In the data space, today the economic calendar will bring us only the US PPI report, so broad market trend will remain as the key determinant for the pair this Tuesday.

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  • #575
  • Apr 11, 2018 5:00am Apr 11, 2018 5:00am

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Wednesday, April 11th

The EUR/USD pair follows broad market trend, advancing for the fourth consecutive session so far on Wednesday, while having refreshed its 2-week highs at 1.2385 spot. The main reason of pair’s recent upside rally could be called ongoing sell-off of the greenback, as US bulls are still unable to recover after disappointing data from the US labor market, seen on Friday. Moreover, yesterday the common currency received additional supportive impetus following hawkish comments of ECB’s board member E.Nowotny, who suggested ECB to end up asset buys by the end of this year. In the day ahead, investors will remain in anticipation of ECB President’s speech, the US core CPI data and FOMC meeting minutes, which will be able to set up pair’s further direction this Wednesday.

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  • #576
  • Apr 12, 2018 5:20am Apr 12, 2018 5:20am

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Thursday, April 12th

The EUR/USD pair stalled its upside rally, keeping positions today within tight range of 1.2355-80. Seems that US bulls finally found some support due to yesterday’s FOMC minutes, which showed a more hawkish bias. The Committee agreed that economic outlook had strengthened in recent months and gradual rate hikes is appropriate. However, despite better outlook of the economy, Fed members agreed that current rate hike plan doesn’t need any adjustments. In general, we can say that the FOMC minutes showed positive stance of the Committee regarding the monetary policy, which allowed the US dollar to stall its decline, thus limiting any further gains of the pair. On the other hand, today renewed demand for safety remains the key driving theme across the market on the back of rising fears of US-Russia war over Syria, which offers some support to the shared currency this Thursday. Looking ahead, now its ECB’s turn to publish minutes from the last meeting, which are expected during the European session, while the US will publish today only secondary data reports, which won’t be able to attract any attention.

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  • #577
  • Apr 13, 2018 5:26am Apr 13, 2018 5:26am

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Friday, April 13th

The EUR/USD pair consolidates its yesterday’s recovery within the range of 1.2315-35, on the back of weaker positions of the US dollar. On Thursday, the greenback stalled its upside, allowing the pair to bounce off its support level of 1.2300 after retreat of 100 pips, triggered by attempts of the US dollar to regain control over the market. Moreover, decline of the pair was additionally accelerated by yesterday’s ECB minutes, which showed dovish stance of the Bank regarding further economic growth of the EZ. The ECB members agreed that there is still no strong evidence of further inflation growth, so the Bank will keep its interest rate on the current level. On the other hand, decreasing market interest to safety due to easing talks regarding geopolitical conflict between the US and Russia, involving Syria, weights somewhat on the common currency. In the day ahead, the US will release data from the labor market, while the EU data calendar will offer investors slew of secondary data reports, which won’t bring any impact on the pair.

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  • #578
  • Apr 16, 2018 5:18am Apr 16, 2018 5:18am

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Monday, April 16th

The EUR/USD pair trades within tight range of 1.2324-42, however, showing minor gains this Monday. Today renewed risk-off sentiment remains the key driver across the market on the back of fresh developments on the Middle East and lack of information on the US-China trade conflict. According to latest news headlines, this weekend the US conducted coordinated air strike on the Syrian chemical weapons facilities. Nevertheless, the market showed limited reaction on the latest US actions, as it was widely expected, especially after latest US President D.Trump’s tweets, where he clearly hinted on a possible air strike on Syria. In the day ahead, the EZ data calendar won’t be able to surprise the market with any macroeconomic releases, while the US will publish retail sales numbers, which will from pair’s further trajectory during the NA session.

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  • #579
  • Apr 17, 2018 5:17am Apr 17, 2018 5:17am

Daily economic digest from Forex.ee

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Tuesday, April 17th

The EUR/USD pair follows broad market trend this Tuesday, having broken through its resistance level of 1.2400. Recent gains of the pair could be mostly explained by weaker positions of the US dollar, as the US-China trade conflict and geopolitical concerns in the Middle East are still weighing the US currency. Adding to this, widespread demand for safety, backed by conflicts, where the US is involved, also supports the common currency lately, which, in turn, accelerates pair’s upside trend. On the data front, today we are expecting eventful session, as both economies have prepared important data reports, which will help the pair to form its further near-term trajectory this Tuesday.

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  • #580
  • Apr 18, 2018 5:16am Apr 18, 2018 5:16am

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Wednesday, April 18th

The EUR/USD pair has been trading back and forth so far this week, having faced another resistance at 1.2382 spot in early Europe. It seems that the greenback has finally found support on the back of easing talks over the US-China trade war, as the market lacks any headlines regarding further escalation of the conflict. Adding to this, increased investors’ interest to risky assets puts some extra pressure on the common currency, thus limiting pair’s further upside correction. In the day ahead, the EZ will offer investors important inflation data, which will be able to help the pair to determine its further direction. On the other hand, the US has prepared for today only secondary data releases and several Fedspeaks, which expectedly won’t attract any attention, thus leaving the pair at the mercy of broad market trend.

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