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  • #361
  • Apr 25, 2017 5:19am Apr 25, 2017 5:19am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, April 25th

The EUR/USD pair was showing deadly quiet trades within 15-pips narrow range during the Asian session, consolidating Mondays heavy gains near 1.0870 region. However, the pair broke out of its consolidation corridor in early Europe and now is navigating in north direction, as traders have started to price in E.Macrons win on upcoming French presidential elections. Meanwhile, currently all investors attention shifts toward US presidents tax reform details, that will be announced on Wednesday, however, markets participants believe that tomorrows announcement will once again provide lack of details on US economic taxation program, thereby lending no support to the greenback. Today only data reports from the US economy are scheduled in event calendar of this Tuesday, while nearest crucial events, such as tomorrows US presidents speech, Thursdays ECB policy decision and French elections will continue to keep market cautious in the near future.

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  • #362
  • Apr 26, 2017 5:37am Apr 26, 2017 5:37am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, April 26th

The EUR/USD pair lost its upside momentum in early Europe and reversed most part of its overnight gains, amid minor attempts of the US dollar to recover its positions. However, seems that the euro is still keeping its optimism, as traders are pricing in E.Macron’s win at the second round of French election on 7th of May. Moreover, ongoing weakness of the US currency, fueled by doubts that the US government will be able to provide any details on tax reform plans today, is also lending additional leg of support to the major currency pair. Besides taxation plan’s announcement, nothing noteworthy is scheduled in data calendar for this Wednesday, so broad market’s sentiments will remain as a key driver for the pair, however, any abrupt moves will be restricted today, as traders are staying cautious ahead of tomorrow’s ECB Interest Rate Decision.

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  • #363
  • Apr 27, 2017 5:09am Apr 27, 2017 5:09am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, April 27th

Today the EUR/USD pair managed to recover part of its yesterday’s losses on the back of strong sell-off in the US dollar. Yesterday the dollar came under strong selling pressure against its main competitors, as the US tax reforms plan’s details, provided by D.Trump’s administration, once again left the market unimpressed, causing even more doubts on D.Trump’s ability to fulfill his promises. However, now the pair is trying to consolidate its recent recovery, as traders are gearing up for the ECB policy decision, that is scheduled on this Europe. Expectedly the Bank will keep its policy’s course in the same direction, while any comments regarding QE program and economic outlook adjustments will be able to shape up further EUR/USD pair’s trajectory. Also today the US economy will release fresh fundamentals, but reaction on it will be limited due to more important events, scheduled on this Thursday.

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  • #364
  • Apr 28, 2017 5:32am Apr 28, 2017 5:32am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Friday, April 28th

Seems that the euro bulls have finally taken control over the EUR/USD pair in early Europe, following positive German data, however, staying unable to break through resistance, located at 1.0900 spot. Yesterday selling pressure around the euro started to gather pace, following the ECB meeting and further press conference with its representatives. As it was widely expected the Bank left its monetary policy unchanged, however, during the press conference the ECB president M.Draghi was hawkish on economic outlook. Further the head of the Bank noted that the Governing Council didn’t discuss a QE exit strategy and once again reiterated that the Bank could extend the QE program beyond 2018 if necessary, which in its turn led to euro’s broad decline. Now immediate focus shifts toward EU flash inflation report, while US preliminary GDP, that will be released in NA session, will also bring investors fresh trading opportunities at the end of this week.

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  • #365
  • May 2, 2017 5:35am May 2, 2017 5:35am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, May 2nd

The EUR/USD pair prolongs its positive trend since the beginning of this week, mainly being supported by ongoing talks about upcoming French election, that are scheduled on this weekend. According to the latest opinion E. Macron remains in the lead in the election race, gaining 60% of votes and outperforming his far-right opponent M.Le Pen, which managed to gain 40% of votes, respectively. Moreover, ongoing softness around the USD is also lending extra leg of support to the major currency pair lately. Nothing much is scheduled in data calendar for this Tuesday, so the pair will continue to trace global market sentiments ahead of this week's key risky events, such as FOMC meeting, NFP and second round of the French election.

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  • #366
  • May 3, 2017 5:21am May 3, 2017 5:21am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, May 3rd

The EUR/USD pair came out of its consolidation range in early Europe, and now is losing positions, eyeing to retake its resistance at 1.0900. Pair’s sell-off could be mainly attributed to stalled US dollar’s retreat and its slight correction across the board. On the other hand, further pair’s downside remains unlikely, as investors are gearing up for one of the risky events of this week - FOMC decision, that is scheduled on NA afternoon. It is widely expected that the Regulator will keep status quo on its interest rate, while any remarks from FOMC members on further Fed’s monetary policy tightening will be able to shape up further greenback’s mid-term trajectory. Also traders are cheering up the euro ahead of the final vote of the French presidential election, where centrist Emmanuel Macron continues to stay as a clear favorite. Besides FOMC Statement, today the US economy will also release bloc of fundamental reports, including ADP jobs report and ISM non-manufacturing PMI, that will provide short-term directional impetus during NA session.

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  • #367
  • May 8, 2017 5:28am May 8, 2017 5:28am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Monday, May 8th

Today France continues to celebrate Emmanuel Macrons win in the presidential election with 63.85% of votes against his far-right opponent Marine Le Pen, who gained 36.15% of votes, thereby supporting the Euro across the market. During his speech, Macron stated, that he will work to rebuild links between Europe and its citizens, that clearly shows his intentions regarding further cooperation with the EU. Today the EUR/USD pair opened with strong bullish gap above its psychological mark 1.1000, that is the highest level since November 2016. However, the pair failed to sustain its gains and dropped to the region of 1.0960, as Macrons win in the election was highly expected and traders had already priced in such outcome. Today only secondary data releases are scheduled for this trading session, so the pair will continue to follow global markets trend to set up its further direction.

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  • #368
  • May 9, 2017 5:37am May 9, 2017 5:37am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Tuesday, May 9th

The EUR/USD pair was consolidating its yesterday’s drop during the Asian trading session, having stepped away from its half-year highs, posted at 1.1022 spot. As E.Macron’s win on the French election was a done deal and had already been fully priced in, the pair met fresh offers at the start of this week, losing more than a cent since yesterday’s tops. Pair’s drop can be mainly attributed to improvement in prospects of Fed rate-hike in June, which is remaining as a key driver across the market, thereby supporting the US dollar against its main competitors for the last 2 days. Today Eurozone will release only secondary data reports during European hours, while the US will provide the market with JOLT’s Job Openings data, that will bring some impetus to the pair during NA session.

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  • #369
  • May 10, 2017 5:17am May 10, 2017 5:17am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Wednesday, May 10th

Today the EUR/USD pair performed attempt to recover from its nearly 2-week lows, witnessed during last trading session, but faced strong resistance just a few pips before 1.09 level, consolidating its positions in 20-pips narrow range. However, the pair is remaining positive as of late, as slight weakness of the USD is capping it from further decline. On the other hand, prospects of June Fed rate hike, supported by upbeat US fundamentals and slew of hawkish Fedspeaks, delivered recently, continue to cheer up sentiments around the US dollar. Looking ahead, now immediate focus shifts on the ECB President M.Draghi’s speech, that is scheduled on European hours, while the rest of the session will remain relatively quiet, so global market’s sentiments will continue to build pair’s further direction during NY trade.

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  • #370
  • May 11, 2017 5:25am May 11, 2017 5:25am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, May 11th

The NZD/USD pair slumped to its 11-month lows, marked at 0.6818 in early Asian hours, following RBNZ decision to leave its official cash rate at its record low level of 1.75%. Furthermore, cautious speech of RNZB governor G.Wheeler also added some pressure on the Kiwi, where head of the Bank noted that interest rate could be increased only if inflation shows better growing pace, but adding that right now the Bank does not see any prospects of a further rapid move in inflation. However, the NZD/USD pair managed to recover some pips during the Asian trading session, as better risk-on sentiments and ongoing recovery of oil prices, fueled by bullish EIA inventory report, provided the pair with much needed relief. Now focus shifts on the US PPI report, that will be released in NA session, while the market will continue to digest recent crucial event, thereby adjusting further course for the pair.

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  • #371
  • May 12, 2017 5:38am May 12, 2017 5:38am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Friday, May 12th

The GBP/USD pair was showing deadly quiet trades in Asia after crucial events of last trading session. Today the pound is consolidating yesterday’s drop to its 5-day lows, marked at 1.2850, in wake of dovish outcome of the BoE meeting. As it was expected the Bank left its interest rate unchanged, however, it also signaled on the absence of an urgent need to raise rates. Additionally, in the accompanying quarterly inflation report the regulator lowered its GDP growth forecast and also revised down its inflation projections. However, the pair managed to bounce off its yesterday’s lows and consolidated its positions in 20-pips range around 1.2980 level, as US bulls took a breather ahead of another portion of fundamental releases from the US economy. Today absence of any macroeconomic data in UK docket will force traders to keep eyes on the block of US fundamentals to determine pair’s next directional move.

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  • #372
  • May 15, 2017 5:33am May 15, 2017 5:33am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Monday, May 15th

Today the EUR/USD pair continues to keep its bid tone, refreshing its weekly tops at 1.0947 mark, on the back of ongoing softness of the US dollar. Seems that market’s participants are still digesting Friday’s disappointing data bloc from the US economy, that has lowered prospects of Fed rate hike in June to 73.8%, thereby strongly weighing the greenback across the board. On the data front, nothing much is scheduled in the data calendar for this Monday, so the major currency pair will continue to follow global market’s sentiments and US dollar’s price actions to determine its further course.

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  • #373
  • May 16, 2017 5:48am May 16, 2017 5:48am

Daily economic digest from Forex.ee

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Tuesday, May 16th

The EUR/USD pair accelerated its upside traction in early Europe, keeping its bullish trend for the third consecutive session. Significant growth of the pair can be mainly attributed to ongoing broadly based US dollar’s softness, that was caused by fading chances of a June Fed rate hike, following a series of downbeat US economic data. However, the probability that the Fed will increase its rate on June meeting is still high, that is limiting further dollar’s decline. Currently chances that the Fed will take monetary policy tightening measures in June are approximately 74%, that is well above 60% which the Fed would like to see before increasing the rate. Now immediate focus shifts to the German ZEW Economic Sentiment report and block of macroeconomic indicators from Eurozone, while data scheduled in the US data calendar will also be able to bring some short-term opportunities to investors during NA session.

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  • #374
  • May 17, 2017 5:39am May 17, 2017 5:39am

Daily economic digest from Forex.ee

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Wednesday, May 17th

Having faced resistance in the area of 1.1120 level, the EUR/USD pair pulled back slightly, as bulls seems to be exhausted after 4-day northern rally. Today the pair refreshed its half-year tops at 1.1122 spot, which is the highest level since the US Presidential election, as ongoing sell-off of the greenback continues to navigate the market as of late. Moreover, recently the US currency came under renewed selling pressure after it became known, that US President D.Trump disclosed secret information to Russian diplomats, thereby providing additional support to the pair. On the data front, today the Eurozone will publish final CPI figures for the last month, while the US docket will release only secondary data reports, so the pair will keep following global market’s sentiments during the NA trading session to determine its further direction.

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  • #375
  • May 18, 2017 5:45am May 18, 2017 5:45am

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Thursday, May 18th

Today the EUR/USD pair once again refreshed its half-year highs at 1.1172 spot in Asia. However, the pair was unable to hold its positions and returned to the region of 1.1130-40, thereby bringing to end its 4-day winning streak. Seems that US bears decided to take a breather, forcing the pair to correct lower after its strong northern rally, led by Trump’s controversy. Additionally, pair’s minor retreat can be also attributed to wave of profit-taking actions after massive rally of the euro, seen earlier this week. Today several speeches by ECB members will take center stage, while data, scheduled in the US docket, will also have some impact on the pair during NA session.

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  • #376
  • May 19, 2017 5:42am May 19, 2017 5:42am

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Friday, May 19th

The EUR/USD pair broke out of its consolidation corridor in early Europe to the upside, as the greenback seems to have resumed its weekly downside after its recent moderate rebound. Yesterday the pair slightly corrected after its 4-day bullish rally and consolidated its brief retreat on the back of greenback’s attempt to recover its position across the market. Adding to the USD weakness, today investors are digesting latest headlines on D.Trump’s budget release, which is scheduled on next Tuesday and does not look very realistic in the opinion of the market. Nothing much is scheduled in data calendar for this Friday, so broad market’s sentiments, based on US dollar’s price dynamics, will continue to determine pair’s further direction.

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  • #377
  • May 22, 2017 5:12am May 22, 2017 5:12am

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Monday, May 22nd

The EUR/USD pair extended its consolidation pattern of 15-pips into early Europe, however, remaining near lower bound of its trading corridor just below 1.1200 on the back of mild recovery of the dollar against its main competitors, witnessed this morning. Last week the greenback came under strong selling pressure amid political uncertainty in the US and decreasing prospects of June Fed rate hike. However, the probability that the Fed will take monetary policy tightening measures at its next meeting is back near 80%, thereby providing some relief to the US currency. Looking ahead, today the economic data calendar will remain silent, so US dollars price actions will continue to determine pairs further steps.

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  • #378
  • May 23, 2017 5:23am May 23, 2017 5:23am

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Tuesday, May 23rd

Today the GBP/USD pair once again came under influence of negative events that have triggered another wave of risk-aversion sentiments across the board. Today it became known that several explosions occurred in Manchester arena, UK, which have already been recognized as a terrorist attack. Soon after the tragedy the UK PM Theresa May made a statement that UK government will do everything to get full details of the Manchester explosions and also expressed her condolences to the families of the victims. Over the last hours, the pair was trading in south direction, as investors continue to digest recent events, keeping the pair under pressure below the level of 1.3000. However, ongoing weakness of the US dollar is limiting pairs further downside. Moving on, now immediate focus shifts toward UK inflation report hearings, which will take place in the session ahead, while data from the US housing market will also bring some impact on the pair in the NA session.

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  • #379
  • May 24, 2017 5:26am May 24, 2017 5:26am

Daily economic digest from Forex.ee

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Wednesday, May 24th

Today the EUR/USD is consolidating its positions in 20-pips range in the area of 1.1180, after sharp reversal, seen in the last trading session. Yesterday the pair came under strong selling pressure, as the US dollar performed sharp correction against its main competitors on the back of rise in odds of a June Fed rate hike, which recently increased to 83.1% from 78%. However, further downside remains capped, as yesterday’s positive data from German economy and growing cautiousness ahead of big events are limiting pair’s chances on any sharp moves. Now immediate focus shifts on ECB President M.Draghi’s speech, which will be closely watched for any details on tapering of the QE program, while FOMC Meeting Minutes, due to be released later ahead, will be able to bring some hints regarding Fed’s monetary policy tightening measures on its upcoming meeting in June.

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  • #380
  • May 25, 2017 5:24am May 25, 2017 5:24am

Daily economic digest from Forex.ee

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Thursday, May 25th

The EUR/USD pair keeps its positive trend this Thursday, trading within striking distance of its daily highs, marked at 1.1242 spot, on the back of broad USD softness. Heaving taken a short breather in the second half of the Asian session, the pair continued its upside traction towards the level of 1.1250, as the greenback is suffering from cautious tone of FOMC Meeting Minutes, which were released yesterday. The Committee was again unable to provide any details regarding its further actions, stressing that it needs little bit more fundamentals to make sure that recent pullback in the US economy was temporary. Thus, the Fed has put doubts on further aggressive monetary policy tightening measures, lowering probability of two more rate hikes in 2017 from 50% to 46%. Further today only secondary data reports will be released, which will have limited impact, so the pair will continue to follow global market’s trend to determine its further directional move.

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