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Forex.ee: Daily economic news digest

  • #281
  • Dec 29, 2016 5:00am Dec 29, 2016 5:00am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, December 29th

The EUR/USD pair has failed markets’ expectations of staying quiet in the holiday season. Yesterday the main currency pair fell for more than a cent refreshing its weekly lows at 1.0372 handle as fresh wave of buying interest around the greenback approached the market. However, the major has recovered most part of its losses and now is trading around the mid-point of 1.04 level, consolidating its previous gains. Pair’s recovery is mostly explained by retreat of the US dollar vs. basket of its major competitors on the back of poor data from US housing market seen yesterday. Moreover, intensifying risk-off moods are also supporting the euro providing extra legs to pair’s recovery. Only second-tier data are scheduled in event calendar for this Thursday, so the pair will continue to trace US dollar’s price dynamics during this day.

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  • #282
  • Dec 30, 2016 5:09am Dec 30, 2016 5:09am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Friday, December 30

Another surprisingly strong move was performed by the EUR/USD pair at the last working day of this year. The main currency pair witnessed a momentary spike of almost two cents refreshing its two-week highs at 1.0650 level, straight away after posting its daily lows at 1.0485 spot. However, the spike faded quickly and now the pair is consolidating part of gains in the region of 1.0530. Sharp move across the market could be explained by thin liquidity amid ongoing festive season, what makes swings like this not so unusual. Today at the last working day of this year the pair will continue to float influenced by global trading trends due to low trading activity and empty economic calendar.

Dear traders,
Forex.ee Analytics department also sends you our best wishes for the New Year.
Thank you for being with Forex.ee

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  • #283
  • Jan 3, 2017 5:00am Jan 3, 2017 5:00am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, January 3rd

The euro has erased all today’s gains vs. its American counterpart retreating to the region of 1.0405. Fresh wave of buying interest around the greenback, seen in early Europe, forced the EUR/USD pair to fall back for 80 pips. Moreover, seems that euro bulls have ignored German Unemployment Change report, failing to provide any north directed impetus to the pair. Today the US economy will also be able to provide the pair with some directional move as US ISM Manufacturing PMI data are scheduled for release in the NA session.

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  • #284
  • Jan 4, 2017 5:13am Jan 4, 2017 5:13am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, January 4th

The EUR/USD remains flat in early Europe. Yesterday the main currency pair fell for nearly 150 pips refreshing its 14-year lows at 1.0340 level on the back of increased demand for the greenback and positive US data. However, euro bulls have managed to recover part of pair’s losses, lifting the major back above the level of 1.04. Currently the EUR/USD pair is trading in a narrow range, having posted its daily highs and lows at 1.0424 and 1.0390 spots, closely tracking consolidating phase of the US dollar index. However, in mid-term perspective the pair will continue to stay suppressed as expectations of increase in growth rate of the US economy are significantly supporting the greenback, while ongoing Italian banking crisis continues to weaken the euro.

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  • #285
  • Jan 5, 2017 5:37am Jan 5, 2017 5:37am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, January 5th

The Euro remains bullish this Thursday against its American counterpart leaving behind multi-year lows, witnessed at the start of this week. Currently the EUR/USD major is trading around the mid-point of 1.05 level extending its yesterday’s northern progress on the back of mixed sentiments around FOMC Meeting Minutes. Fed minutes showed concerns of FOMC members about further inflation growth pace, as D.Trump’s taxation program could bring some uncertainty in further developments around the US economy. Today’s docket remains full of events, as ECB will publish its Account of Monetary Policy Meeting, while the US economy will release ADP Nonfarm Employment Change and ISM Non-Manufacturing PMI providing investors with fresh short-term trading opportunities.

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  • #286
  • Jan 6, 2017 5:24am Jan 6, 2017 5:24am

Daily economic digest from Forex.ee

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Friday, January 6th

After a short period of consolidation, the GBP/USD pair is giving away a part of its gains on the back of US dollar’s correction against its main competitors. Yesterday pound bulls managed to take control over the pair amid broad greenback’s weakness. Moreover, prevalent risk friendly environment triggered by strong drawdown in oil stockpiles also has fueled pair’s northern traction. However, expectedly the pair will continue to keep its bearish trend as traders are locking in some profits ahead of crucial jobs report scheduled on the NA session.

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  • #287
  • Jan 9, 2017 5:23am Jan 9, 2017 5:23am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Monday, January 9th

The GBP/USD pair shows one of the weakest performances at the start of this week, sliding down below the level of 1.2200. Today the pair stepped down to the region of its two-month lows, as continued concerns around hard Brexit, that will be triggered this March, are gathering pace. Moreover, ongoing interest around the US dollar after Fridays reports, that gave no clues on this year Fed rate-hikes number reduction, continues to support broadly the greenback. Today, data calendar from both sides will remain empty leaving the pair on the mercy of US dollars price dynamics.

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  • #288
  • Jan 10, 2017 5:23am Jan 10, 2017 5:23am

Daily economic digest from Forex.ee

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Tuesday, January 10th

Today the GBP/USD pair continues to stay pressured despite broadly weakened sentiments around the greenback. Currently the pair continues to wobble in the region of its multi-month lows near the mid-point of 1.21 consolidating its yesterday’s sharp slump backed by UK PM T.May’s comments that re-emerged “hard-Brexit” fears. Even more, growing market’s expectations of potential consequences of “hard Brexit” scenario have overshadowed latest UK’s positive economic results forcing the pair to lose more than three cents since Friday’s tops. Today the major will continue to follow broad market sentiments and US dollar’s dynamics, as only JOLT’s Job Openings will be able to bring impetus to the pair.

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  • #289
  • Jan 11, 2017 5:24am Jan 11, 2017 5:24am

Daily economic digest from Forex.ee

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Wednesday, January 11th

The pound fails its attempt to recover seen in Asia as shadow of hard Brexit, revived by recent comments, continues of UK PM T.May still weighing on the GBP/USD pair. Currently the major is trading around 1.2160 spot, easing its position from daily highs, located at 1.2198, despite better tone around higher-yielding assets witnessed during Tokyo session. Moreover, renewed demand for the US currency also keeps the pair in a red zone. Now immediate focus remains on significant data bloc from the UK economy, while speeches of Governor of the Bank of England M.Carney and US President-elect D.Trump will set up further direction for the pair.

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  • #290
  • Jan 12, 2017 5:12am Jan 12, 2017 5:12am

Daily economic digest from Forex.ee

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Thursday, January 12th

Yesterday the GBP/USD pair managed to retake its key resistance level of 1.22 on the back of Trump’s disappointing speech and now the major is trading within striking distance of its recent maximums, posted at 1.2316. Moreover, yesterday market participants mostly ignored BoE Governor M.Carney’s neutral speech, where he noted that UK economy remains exposed to global risks and Brexit could only intensify its negative influence. Seems that post-Trump’s conference rally is not over yet so the pair will continue to track USD price changes to determine its further direction.

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  • #291
  • Jan 13, 2017 5:31am Jan 13, 2017 5:31am

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Friday, January 13th

Yesterday the GBP/USD pair fell for about 150 points, stepping back to its red zone, located near mid-point of 1.21. Seems that pound bulls have regained control over the pair, allowing it to refresh its daily tops at 1.2220, as US dollar’s corrective momentum has run out of steam. However, any pair’s positive moves remain fragile, as shadow of “hard Brexit” continues weighing on the GBP without taking into account recent positive UK economic results. Currently the pair is running in a bullish mode near the level of 1.2215, while today’s data calendar contains releases only from US economy due later during NA session.

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  • #292
  • Jan 16, 2017 5:25am Jan 16, 2017 5:25am

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Monday, January 16th

Today the GBP/USD pair opened with a strong bearish gap of almost 200 pips, refreshing 2-month lows at 1.1998 level on the back of weekend news. Traders reacted negatively on the latest UK headlines, citing that the UK PM T.May is ready to “hard Brexit” and is not going to deviate from triggering article 50 by the end of this March. Now all eyes are set on tomorrow’s speech of the UK PM where she expectedly will bring more clarity on further Brexit developments. Currently the GBP/USD major is consolidating its strong drop near the level of 1.2050, failing in minor attempts to recover and posting its daily tops near 1.2084 spot. Today expectedly the pair will remain under strong pressure of “hard Brexit” fears limiting any immediate recovery.

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  • #293
  • Jan 17, 2017 5:22am Jan 17, 2017 5:22am

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Tuesday, January 17th

Wave of selling pressure on the USD against its main competitors approached the market this Tuesday, helping the EUR/USD pair to refresh its daily highs on 1.0672 spot. Moreover, seems that pair’s rally is still full of steam, despite upcoming UK Prime Minister’s speech. Meanwhile, heavy data session is scheduled for this Tuesday, with ZEW Economic Sentiments for Germany and euroland. However, any sharp movements on the pair will be limited, as market’s participants most likely will prefer to stay out of making any important trading decisions ahead of key event of this day –UK Prime Minister Theresa May’s speech.

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  • #294
  • Jan 18, 2017 4:56am Jan 18, 2017 4:56am

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Wednesday, January 18th

The GBP/USD pair has eased part of its yesterday’s huge gains and now is oscillating in 25 pips narrow range, posting its daily lows at 1.2327 spot. Yesterday the major performed massive upsurge for almost 4 figures on the back of strong and constructive talks of UK PM T.May. During her speech the policymaker insisted on keeping strong ties with EU, however, noting that “no deal is better than a bad deal”. Therefore, that T.May’s announcement has left some uncertainty on the EU’s possible response. Another eventful session is expected on this Wednesday, with UK wage growth data and US inflation reports.

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  • #295
  • Jan 19, 2017 5:59am Jan 19, 2017 5:59am

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Thursday, January 19th

The EUR/USD pair corrects slightly higher from overnight lows, while keeping steady mode ahead of key events of this Thursday. Yesterday the common currency came under strong selling pressure after hawkish comments of Fed Chairwoman J.Yellen. During her speech the policymaker noted, that the Fed is ready for further rate-hikes, while she expects interest rate to be near 3% by the end of 2019. Moreover, she admitted that US economic growth rate continues to accelerate and inflation is close to its target level, so it is reasonably to gradually cut monetary policy stimulus. However, cautious sentiments among market’s participants are gathering pace, as we are getting closer to the main event of this day – ECB Interest rate decision, followed by press conference, which will be closely eyed for fresh hints on the future ECB policy course.

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  • #296
  • Jan 20, 2017 5:31am Jan 20, 2017 5:31am

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Friday, January 20th

The EUR/USD pair has lost its bullish momentum and is erasing its daily gains, backed by broad dollar’s weakness. Yesterday the pair performed an abrupt drop after dovish ECB press conference, during which Chief of euroland’s CB M.Draghi admitted that upward trend of the EU inflation remains unconvincing, but noting that the outlook for further quarters looks better. However, shortly after the pair turned around and bounced off its yesterday’s lows, located at 1.0589, as Fed Chairwoman J.Yellen delivered her dovish speech, in which she admitted that the fiscal policy may affect the Fed’s outlook, however, the situation remains unclear. Currently the pair continues to dip as traders are locking in some profits ahead of another risky event of this week – D.Trump’s inauguration speech, that is scheduled on NA session.

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  • #297
  • Jan 23, 2017 5:20am Jan 23, 2017 5:20am

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Monday, January 23rd

The EUR/USD retained its Friday’s bullish momentum in Asia, as inaugural speech of the 45th president of the US failed to inspire dollar’s bulls. Last Friday D.Trump delivered his speech, which had more protectionist tone and lacked on details of further fiscal stimulus measure, while market’s participants had already priced in more positive news by that time. During his speech the US president stressed, that his policy will follow two main rules: “buy American and hire American”. Currently the main currency pair is oscillating around the mid-point of the 1.07, that is one cent higher Friday’s lows. Today all trader’s attention will be focused on ECB President M.Draghi’s speech, as US data calendar is absolutely empty at the start of this week.

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  • #298
  • Jan 24, 2017 5:25am Jan 24, 2017 5:25am

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Tuesday, January 24th

The GBP/USD eases its positions after three consecutive session of gains, as we head into European session. Seems that pound bulls have taken a breather, allowing investors to lock in some profits after significant rally, triggered by uncertainty around D.Trump’s presidency. Moreover, cautious sentiments around the Sterling are gaining a pace, as investors are awaiting for UK Supreme Court’s decision on Brexit. According to experts, lawmakers will refuse hard Brexit and will ask UK PM T.May to adopt a soft Brexit. Nothing that could overshadow latest developments around the Brexit is scheduled in data calendar, so traders will continue awaiting for Supreme Court’s decision on the Brexit process for fresh direction on the major.

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  • #299
  • Jan 25, 2017 4:55am Jan 25, 2017 4:55am

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Wednesday, January 25th

The GBP/USD pair regained most part of its losses after recent drop, however, now is easing from its overnight highs. Yesterday the pair came under bearish pressure after UK Supreme Court’s verdict on Brexit that came with 8 to 3 votes in favor of Parliament's approval before triggering Article 50. So now investors will await for Parliament’s vote, however, the Parliament has already stated that will support Brexit process. Yesterday the pair managed to recover its losses, as investors are doubting “hard Brexit” scenario, adding some buying interest around the Sterling. Nothing much is scheduled in data calendar for the pair, as only BoE Governor M.Carney will deliver his speech later in the day.

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  • #300
  • Jan 26, 2017 5:04am Jan 26, 2017 5:04am

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Thursday, January 26th

Brexit developments continue to direct the market lately, sending the GBP/USD to refresh its 6-week highs at 1.2662. Yesterday the pair regained its positive mood and was remaining bullish during Asia, as UK PM T.May announced that she would publish the bill to trigger article 50 already this Thursday. Moreover, May’s confidence and determination especially after her comments that “Brexit means Brexit” are also positively influencing the pound. Today all traders’ attention will be focused on fresh information regarding Brexit process, while UK flash GDP report and data from the US housing market will also have significant impact on the pair.

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