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  • #381
  • May 29, 2017 5:39am May 29, 2017 5:39am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Monday, May 29th

The EUR/USD pair extends its consolidation phase, remaining within striking distance of its 5-day lows, marked last Friday. Today the pair continues to trade under negative pressure, as the US dollar remains well bid against its main rivals, following US President D.Trump’s tweets that “huge tax reforms” are coming along with the schedule. Adding to that, traders keep cautious tone ahead of ECB President M.Draghi speech, which is the only risky event for the pair. However, expectedly M.Draghi won’t offer any surprise to the market during his speech, once again reiterating that Eurozone’s economy remains on a steady recovery path, while expressing his concern over inflation’s growing pace. Besides Draghi’s speech, nothing important is scheduled in data calendar, while trading volumes will most likely remain thin, as most of major markets are closed today due to holidays today.

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  • #382
  • May 30, 2017 5:20am May 30, 2017 5:20am

Daily economic digest from Forex.ee

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Tuesday, May 30th

The EUR/USD pair extends its downside trend for the fourth session in a row, having dropped to its 7-day lows on the back of recent news of Greek debt troubles. Earlier, the German newspaper Bild reported on the possible intention of the Greek government not to pay the next payment if creditors do not ease its debt load. Thus, Greece actually put a new ultimatum to the creditors, which shows that if there is no any debt relief, there will be no payment for debt recovery either. Moreover, yesterday the market reacted quite negatively on uneventful ECB president M.Draghi’s speech, in which he once again stressed that Eurozone’s economy shows solid recovery, while inflation remains subdued. However, the pair managed to bounce off its recent lows in early Europe, as risk-off rally remains at its full swing lending some support to the common currency. Today EU calendar will provide the market with secondary data reports only, while the US will release CB Consumer Confidence, so further developments surrounding Greek situation will continue to navigate the pair this Tuesday.

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  • #383
  • May 31, 2017 5:37am May 31, 2017 5:37am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Wednesday, May 31st

The EUR/USD pair recovered a smile in early Europe on the back of broad dollar’s retreat, trying to retake the level of 1.1200. The pair broke out of its brief consolidation pattern, seen throughout Asia, and now is navigating in North direction, as US bulls seem have run out of steam in European morning. However, the pair will continue to stay under pressure this Wednesday, since ongoing Greece default concerns are still weighing the Euro. Looking ahead, today we have busy data session with German unemployment data, flash EU inflation report and US Pending Home Sales, which will set up pair’s further direction during this trading session.

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  • #384
  • Jun 1, 2017 5:11am Jun 1, 2017 5:11am

Daily economic digest from Forex.ee

Stay informed of the key economic events

Thursday, June 1st

Today the EUR/USD pair is showing minor activity, consolidating its gains of the previous session in the region of 1.1240-1250. Seems that euro bulls are out of steam this Thursday, having stalled its yesterday’s rally, as risk-on sentiments, which were dominating throughout Asia, have weighed somewhat on the funding currency Euro. Moreover, the US dollar is looking to regain its bullish tone this Thursday that is also adding some negative pressure to the major currency pair. Expectedly the pair will keep its calm tone this Thursday on the back of growing cautiousness ahead of Friday’s crucial jobs report from the US economy and the UK general election that will take place on the next week. However, now focus shifts toward a flurry of final manufacturing PMI reports from the Euro area, while data from the US economy, scheduled on the NA session, will also have some impact on the pair.

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  • #385
  • Jun 2, 2017 5:28am Jun 2, 2017 5:28am

Daily economic digest from Forex.ee

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Friday, June 2nd

The EUR/USD pair extends its yesterday’s mildly bullish trend into the European session, as the greenback remains broadly subdued this Friday. Seems that US bulls took a breather after upbeat ADP employment data, while awaiting all-important US labor market report. In fact, positive ADP report, released yesterday, left doors opened for another positive surprise from today’s data, which in its turn could fuel broad market’s expectations of Fed monetary policy tightening at its next meeting in June. Looking ahead, nothing noteworthy is scheduled in the European docket, so traders will remain in anticipation for crucial data from the US labor market, which will be able to set up pair’s further directional move.

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  • #386
  • Jun 5, 2017 5:21am Jun 5, 2017 5:21am

Daily economic digest from Forex.ee

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Monday, June 5th

The GBP/USD pair extends its consolidation pattern in the region of 1.2870 level into the European session after opening with a bearish gap. The pound remains one of the most discussed currencies of this Monday, as various events are influencing the British currency at the start of this week. UK bulls were unable to hold its Friday gains and allowed the pair to step away from the region of 1.2890-2900, as another terrorist attack hit the UK over the weekend, weakening sentiments around the pound. By the moment of writing, Islamic State has claimed responsibility for the London Bridge terrorist attack. Moreover, investors continue to stay cautious, as only four days left until the UK general election. According to the latest polls, Conservatives slightly improved its positions lately, however, remaining on a short distance from its main opponents – Labour party. On the other hand, the market continues to digest positive UK construction data and disappointing NFP, providing support to the pound this Monday. Now immediate focus shifts toward the UK Services PMI report, while ISM Non-Manufacturing PMI will hog the limelight in NY trading hours.

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  • #387
  • Jun 6, 2017 5:30am Jun 6, 2017 5:30am

Daily economic digest from Forex.ee

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Tuesday, June 6th

The EUR/USD pair dipped into the region of 1.1240-50 in the European opening, as the US dollar is attempting to correct higher after significant downside rally against its main competitors. However, further losses of the pair remain capped amid growing cautiousness, backed by upcoming ECB interest rate decision and ongoing uncertainty on the political field of the UK ahead of general election, which are both scheduled on this Thursday. Moreover, the US dollar remains under pressure of recent downbeat data that also makes further downslide unlikely. Looking ahead, today we have relatively quiet data session with only US JOLT’s Job Openings report, scheduled on NA trading session, so US dollar’s dynamics will remain as a key determinant throughout this Tuesday.

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  • #388
  • Jun 7, 2017 5:09am Jun 7, 2017 5:09am

Daily economic digest from Forex.ee

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Wednesday, June 7th

The EUR/USD pair remains offered so far this session, refreshing its daily lows at 1.1246, as investors are refraining from placing any directional bets ahead of the key political and economic risky events. The UK general election and ECB monetary policy decision are the main events of the week, which will be highly influential for the pair, as the market believes that ECB may appear dovish on its policy stance, while the UK general election will provide more hints on a divorce deal between the UK and EU. Amid absence of any fundamental releases from both economies, the pair will likely keep its cautious tone today, while any sharp moves of the euro cross with the pound could bring some correlational impetus this Wednesday.

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  • #389
  • Jun 8, 2017 5:35am Jun 8, 2017 5:35am

Daily economic digest from Forex.ee

Stay informed of the key economic events


Thursday, June 8th

Today the EUR/USD is showing lack of momentum, having stuck in a range of 15-pips near the level of 1.1260, after yesterday’s volatile trades, as the market has frozen in anticipation of crucial events of this “Super Thursday”. Today, several key risk events of the week will take place at once that makes investors nervous, forcing them to refrain from placing any directional bets, however, during the day high volatility is expected for the pair. The key driver for the euro today will be the ECB Interest Rate Decision, especially after recent headlines that the regulator lowered its inflation forecasts for 2019. Moreover, the market expects that head of the ECB M.Draghi will also keep dovish tone during press conference and won’t provide any information regarding early QE program tapering. Besides ECB policy decision, investors will also closely watch for the results of the UK general election, which will provide more clarity regarding UK position in Brexit negotiations, thereby also lending some directional impetus on the pair.

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  • #390
  • Jun 9, 2017 5:30am Jun 9, 2017 5:30am

Daily economic digest from Forex.ee

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Friday, June 9th

The UK general election is over and outcome of this event is not so optimistic for the pound, as the Britain has voted for chaos. According to the latest exit polls, the Conservatives failed to gain majority of seats in the House of Commons, which means that the UK now will face hung parliament. On the other hand, hung parliament will likely lead to a softer approach in the Brexit deal, which will be a big positive for the GBP in mid-term projection. Nevertheless, as for now current UK political situation will continue to create major uncertainty until new government will be formed, which in turn, heavily weighs on the pound. In accordance with the latest events, the GBP/USD pair met huge wave of volatility, having fallen for more than 2.5 cents, from the mid-point of 1.29 toward the level of 1.2700. Currently the pair is extending its decline, refreshing its nearly 2-month lows at 1.2663 spot, as European traders have hit their desks, providing the pair with additional pressure this morning. Now immediate focus shifts toward the UK Manufacturing Production report, however, any sharp moves will be limited, as traders will continue to digest the UK election results.

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  • #391
  • Jun 12, 2017 5:30am Jun 12, 2017 5:30am

Daily economic digest from Forex.ee

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Monday, June 12th

Seems that the EUR/USD pair has recovered a smile and today remains above the level 1.1200 after negative rally, seen last week. Last Thursday, the pair met additional offers in wake of dovish bias at the ECB meeting, which lowered its inflation forecast for upcoming years. The results of the ECB meeting led to increased divergence between the ECB and Fed, thereby weighing the single currency. However, the major managed to recover part of its losses at the start of this week, following win of the president E.Macron’s party on the first round of the French legislative election. Moreover, softness of the US dollar continues to navigate the market, providing additional support to the pair this Monday. Nothing much is scheduled in the data calendar for the pair, while plenty of major events with Fed Interest Rate Decision in a main role, which are scheduled for this week, will keep investors busy.


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  • #392
  • Jun 12, 2017 5:31am Jun 12, 2017 5:31am

Daily economic digest from Forex.ee

Stay informed of the key economic events



Monday, June 12th

Seems that the EUR/USD pair has recovered a smile and today remains above the level 1.1200 after negative rally, seen last week. Last Thursday, the pair met additional offers in wake of dovish bias at the ECB meeting, which lowered its inflation forecast for upcoming years. The results of the ECB meeting led to increased divergence between the ECB and Fed, thereby weighing the single currency. However, the major managed to recover part of its losses at the start of this week, following win of the president E.Macron’s party on the first round of the French legislative election. Moreover, softness of the US dollar continues to navigate the market, providing additional support to the pair this Monday. Nothing much is scheduled in the data calendar for the pair, while plenty of major events with Fed Interest Rate Decision in a main role, which are scheduled for this week, will keep investors busy.


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  • #393
  • Jun 13, 2017 5:06am Jun 13, 2017 5:06am

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Tuesday, June 13th

The Loonie is undoubtedly the best performer of this week, having shown a massive swing of more than 150 points in the pair with its US neighbor on the back of hawkish talks of BoC Senior Deputy Governor C.Wilkins. Yesterday the USD/CAD met huge wave of offers, stepping away from 1.3465 spot to the region of 1.3280 after Ms. Wilkins mentioned that the CB would reconsider its monetary policy and assess whether all the stimulus of the Bank are still needed. The statement of the BoC member was perceived by the market as clear hint on further rate hike. Moreover, the Canadian dollar continues to benefit from better-than-expected jobs report and slightly firmer oil prices, keeping the pair within striking distance of its 2-month lows, posted at 1,3263 in early Europe. On the other side, further downside remains capped as investors are gearing up for the much awaited Fed interest rate decision, which is scheduled on this Wednesday. However, now all investors’ attention shifts toward the US PPI data, which will be released later in the NA session, while the market will continue to digest the latest comments of the BoC superior.

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  • #394
  • Jun 14, 2017 5:31am Jun 14, 2017 5:31am

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Wednesday, June 14th

The EUR/USD pair is showing lack of direction this Wednesday, as cautious moods are prevailing across the market ahead of upcoming big event. Today the market remains in anticipation of another rate increase of this year from the Fed. However, since a rate hike is a done deal, investors will await for any remarks of FOMC members whether the regulator still sees a potential for further monetary policy tightening measures in 2017. Moreover, broad nervousness and weaker positions of the US dollar against its main competitors should keep sentiments around the Euro underpinned today. Looking ahead, a lack of relevant macro news from the Eurozone will leave the major at the mercy of global markets sentiments during European trading hours, while busy NA session will be able to shape up pair’s further direction.

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  • #395
  • Jun 15, 2017 5:25am Jun 15, 2017 5:25am

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Thursday, June 15th

The EUR/USD pair is consolidating Wednesdays reversal, however, keeping its positions above the level of 1.1200 throughout the Asian trading session. Yesterday the pair caught wave of fresh bids, as US inflation and retail sales reports missed markets expectations. However, the pair was not able to hold its positions and lowered to the level of 1.1200, as Fed increased its interest rate by 25 bps. Nevertheless, markets reaction on rate hike was limited, as investors had already fully priced in Fed tightening measures, while slightly hawkish tone of Janet Yellen provided some support to the dollar. During a press briefing, Fed Chairwoman J.Yellen stated that US economy renewed its growing pace, after slowdown in the first quarter of this year. Also Yellen added that rate increase in upcoming years would be appropriate, however, without providing any details on the timing of further tightening measure implementations. Today we will have another pack of US macro reports, which will be published in NA session, while investors will also keep eyes on the BOE interest decision, as sharp price-actions in EUR/GBP would provide the euro with some correlational impetus during European trading hours.

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  • #396
  • Jun 16, 2017 5:14am Jun 16, 2017 5:14am

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Friday, June 16th

The EUR/USD pair was consolidating its downside rally within 20 pips range in Asia near its 2-week lows, marked yesterday at 1.1130 level. Seems that hawkish rhetoric of Fed Chair J.Yellen and decision of the US central bank to increase its interest rate by 25 bps are still negatively influencing the pair since it indicates a divergence between policies of the Fed and ECB. Adding to that, positive data from the US economy, published yesterday, were also supportive to the US dollar lately, thereby accelerating pair’s recent decline. However, the pair managed to correct higher this morning, as traders have locked in some profits after crucial events of this week. Now immediate focus shifts toward the Eurozone inflation report, which will be released during European hours, while data from the US housing market will hog the limelight later in the NA session.

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  • #397
  • Jun 19, 2017 5:23am Jun 19, 2017 5:23am

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Monday, June 19th

The EUR/USD par lost its upside momentum in early Europe and stepped away from the level of 1.1200 toward the region of 1.1180 amid attempts of the US dollar to recover its positions after Friday’s decline. The pair gained positive trend in Asia on the back of news that French President E.Macron’s party has obtained an absolute majority in the French parliament following the second round of legislative elections on Sunday, thereby supporting the euro across the market. However, the pair has lost its bullish momentum, as now all eyes shift toward the Brexit talks, which will take place later today. Besides start of Brexit negotiations, nothing important is scheduled in data calendar for this Monday, so the pair will keep up with broad market’s trend in anticipation of the major event.

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  • #398
  • Jun 20, 2017 5:19am Jun 20, 2017 5:19am

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Tuesday, June 20th

The GBP/USD pair was consolidating its yesterday’s decline within 1.2730-40 range throughout the Asia, backed by jitters surrounding Brexit negotiations. As we know, the negotiation process on Brexit officially starter yesterday and according to the latest headlines, some agreements have already been reached. Both sides agreed to create three working groups for negotiations on the rights of citizens, financial settlement and the discussion of other issues. Also sides appointed preliminary dates for subsequent meetings to be held on July 17, September 18 and October 9. By the results of the first meeting, EU and UK remained satisfied with the outcome of the meeting, however, stressing that the final deal is still far away. Looking ahead, uncertainty around Brexit negotiations will continue to weigh on the British pound, as the position of the UK on negotiations is still unclear due to turmoil on the UK political field. Now all eyes remain on BOE Governor Carney’s speech, while the US docket will keep silence during this day, leaving the pair at the mercy of broad market’s trend.

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  • #399
  • Jun 21, 2017 5:17am Jun 21, 2017 5:17am

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Wednesday, June 21st

The pound was consolidating yesterday’s drop against its US counterpart in Asia, remaining with no chances to recover positions, as investors stay cautious amid lingering political concerns and dovish BoE Governor M.Carney’s remarks. Yesterday the GBP/USD pair fell from the region of 1.2750 to the level of 1.2603, following speech of the Bank of England Governor Mark Carney, who stressed that now it is not the right time for adjusting rate, as UK inflation remains subdued. Adding to this, ongoing uncertainty on the UK political field also keeps the pair capped, as Conservatives failed to reach a deal with the Democratic Unionist Party, which means that the UK PM T.May is still on a back foot to form the ruling coalition, which in turn also weights the pound across the board. Now immediate focus shifts toward another speech of the BoC member A.Haldane, while US Existing Home Sales, expected later during the NA session, will be able to set up short-term directional trend for the pair.

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  • #400
  • Jun 22, 2017 5:13am Jun 22, 2017 5:13am

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Thursday, June 22nd

The EUR/USD pair is trading with a bullish bias this Thursday, keeping its positions in the region of 1.1170, as the US dollar has not been in demand lately. However, seems that the pair lost its upside in early Europe amid minor attempts of the buck to recover part of its losses. Even so, pair’s weakness expectedly will not last long, as ongoing sell-off of the oil has ignited some worries of the US inflation slowdown, which in turn will continue to keep bearish tone around the US dollar. Later today, there is very little on the cards in terms of fundamentals from the economic calendar, so the pair will continue to track the USD dynamics, while sharp moves in the EUR/GBP cross, especially in view of today’s EU summit, will also be able to bring some directional impetus to the pair in the day ahead.

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