Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: September 22, 2017

The EUR/USD had a mixed performance during the daytime trading on Thursday, showing some choppiness without any hints on how to handle the dollar recovery. It happened after the FOMC meeting in which the Federal Reserve did not exclude chances for a rate increase in December and decided to begin the program to cut balance sheets. These combined announcements enabled to maintain the bid under the greenbacks, however, the trend of the EURUSD pair remained choppy to a certain extent.

Moreover, the single European currency weakened and moved below the 1.19 mark during the morning session, afterward, it started to recover and moved upwards since the US dollar weakened again over other selected currencies. With this, the euro was able to drive higher than the 1.19 level and currently trading in the 1.2950 area which continues to gain strength. It appeared that the pair would retrace its losses in the near term while the dollar bulls still having a tough time to generate strength recovery.

The USD failed to become well-composed in the past couple of days, as it loses its bullish gains. While the EUR successfully recovered due to the discussion about the continuous QE tapering in the market which is very visible to everyone.

In the near term, the euro is expected to remain in the bid as the pair test the range highs at 1.2070. The time for the dollar has not happened yet, therefore, bulls should be willing to wait for strong signals sent by the Fed regarding the rate hike, together with the ECB’s tapering talk and from that, we could expect for a reversal of fortune.

Ultimately, there are no major economic releases for today except the speech of ECB President Mario Draghi which is anticipated during London hours. According to forecasts, Draghi will tackle about the monetary policy while the market is still searching for some insights about tapering, however, the ECB president is known for his inclination not to touch the monetary policy during this kind of meetings. Furthermore, it remains unclear if this will brought an impact towards the euro-dollar pair.
 
USD/JPY Technical Analysis: September 25, 2017

The U.S. dollar against the Japanese yen declined during the Friday session as the market looks for support close to the 112 level. Hence, the market will be more appealing to buyers because of the Federal Reserve plans to reduce their balance sheet. This market is sensitive to the “risk on” factor added to the overall interest rate outlook for both central banks.

The Federal is way earlier than the Bank of Japan regarding the rise in interest rates that makes it highly probable to move to the upper channel. It may be not wise to short this pair for now. However, there are buying opportunities in pullbacks. On the weekly chart, there is a consolidation seen in the 108 level below and 114.50 level above for long term. The next target level will be 114.50 while a decline would offer value to the market. There might be some noise every now and then because of “risks off” incidents worldwide in consideration of the upsurge in the stock market.

Incremental increase and opening bigger positions are the best means of trading this pair in the background of an upward rally. If the market breaks over the 115 handle, it will lead to a “buy-and-hold” situation although this may take some time to happen. For now, buyers will predominate this pair for short-term to take advantage of the current situation.
 

Attachments

  • USDJPY.png
    USDJPY.png
    23 KB · Views: 17
GBP/USD Fundamental Analysis: September 27, 2017

The British pound has been competing with the surge of the dollar and a basket of currencies is already behind of the currency. The performance of the British currency has been better than other currencies as reflected in the past few weeks as it was supported by the Bank of England and the U.K. government which keeps it from collapsing.

The central bank supports the currency which allows the probability of a rate hike for the year. It seems that the bank would not disturb the economy with the ongoing process of Brexit that flows at a faster pace than in their last meeting. Although, they noted that they would interfere when necessary. It has improved the confidence of the U.K. economy which also pushes the currency at a slower but steady in the past few weeks.

The U.K. government aptly proceeds with the Brexit process through their parliament which helped the situation and supported the pound to rise stronger over time. Although the U.K. Prime Minister May lengthened the timeline for Brexit in the new few years. In the meantime, her approach implies that the both the nation and the investors trust the economy.

Today, there is no major economic news from the U.K. anticipated but the durable goods data will be released from the U.S. The greenback is presumed to hold the current rates because of the expected announcement in the afternoon from Trump to implement a new tax system. Consequently, the GBP/USD pair will be put under pressure.
 
EUR/USD Fundamental Analysis: September 28 2017

The Euro against the U.S. dollar persisted during yesterday session. It bounces off by just a few levels and it seems that the market did not pick up the momentum until it gets more conspicuous. Although, there are still evident signs of a rebound in the beginning of the trend.

There is a prediction for a rebound when the EUR/USD pair fails to break the 1.2070 area with certainty. The market has tried to break this level several times but they were unsuccessful up to now. The changes in the upcoming data are significant such as the CPI as this would reflect the performance in the previous months while the dollar needs a complete rebound which was supported by the Fed. Hence, the traders should be heedful about this.

Fed supported the trend following the FOMC announcement as there is a tendency for a rate hike in the last month of the year if the outcome of the data is positive. This is what the dollar bulls are looking for as they have been active for some time now. Currently, the euro is at an important support level and a rebound is anticipated while the dollar weakens for short-term to move it back higher than the 1.18 level.

There is no major news from the eurozone scheduled for today. On the other hand, the final GDP from the U.S. should be monitored by traders since this could cause some volatility. A strong surge of data would cause the dollar to proceed with its rebound then lower the pair towards 1.17 level.
 
GBP/USD Fundamental Analysis: October 2, 2017

The GBP/USD pair showed some choppiness in the past couple of days without any definite direction. The British pound was able to recover in the previous weeks, considering the fact that it is one of the strongest currency in the market. However, the Sterling was also affected by the dollar buying, forcing the Cable pair for a correction over the 1.35 level to trade beneath the 1.34 region in the past few days. Previously, the pound-dollar pair failed to broke the 1.3420 area after certain attempts which the pair did during the USD weakening.

In case that this pattern keep on going, it would likely cause further weakness in the GBP and could push the pair downwards. Moreover, we are waiting for a bundle of data from the United States later this week, which could possibly manage the greenback well bid in the near-term. These events when combined would likely place the sterling in the pressured area in the short-term.

On one side, the sterling pound was supported by the Bank of England (BOE), as the bank did not lose the possibility for a rate hike despite the ongoing Brexit process. Primarily, the market expected that the BoE will remain quiet during this kind of precarious scenario but the most recent meeting of the UK central bank clearly announced that they will only take action if necessary. This has provided support to the GBP, considering that British government showed optimistic views regarding the retention of the free market access to the European Union.

Ultimately, the manufacturing PMI data from the United Kingdom and the United States which could probably enough volatility. While it is essential for the bulls to break 1.3420 mark in the near-term for the completion of an upward trend.
 
GBP/USD Fundamental Analysis: October 3, 2017

The British pound against the U.S. dollar pair had a high volatility at times. A few days back, the bulls were dominating the market and various resistance levels were surpassed. This was supported by a strong data from the U.K. and moves from the both the Bank of England and the government of U.K. which further supported the British pound. This kept the pound afloat amid the uncertainty brought by the Brexit process and pushed the currency even much higher.

Last week, the pound is undergoing correction at a faster rate in reaction to the good performance in the past few weeks. The U.K. prime minister is saying that she anticipates the Brexit will be settled after a few more years which is not what the market is expecting whilst majority expects to it materialize sooner. There are also speculations that the government spearheaded by the Prime minister Theresa May will eventually collapse.

On the other hand, the Bank of England is uncertain on deciding its next move. Moreover, it seems that the data from the U.K. is also sliding down in the past few weeks with the manufacturing data from the UK yesterday clearly depicting that. This resulted in a decline of the GBP/USD pair and dropped more than 120 pips during the day while the dollar rallied dominating the market.

For today, the construction PMI data from the UK will be released but there’ll be no major data coming from the U.S. The dollar will continue to rise but poses a threat to change the trend. At the same time, this will keep the GBP/USD under pressure for the day as the market wait for a larger data to come out later in the week.
 
USD/JPY Technical Analysis: October 4, 2017

The U.S. dollar against the Japanese yen surged but then it declined towards the level of 113.25. It declined to the area of 112.75 with a bit of support. Hence, the market will attempt to rally from this level and resume the general uptrend recently. After some time, the price will further move up due to the risk of appetite from traders. Moreover, there is a possibility for the Federal Reserve to increase its rates or at least the be stricter with the monetary policy. Therefore, the market will move towards the 113.25 level then towards 114.50 and higher. The market will test the peak of the whole consolidation which sways to and fro. If the market successfully breaks higher than the 115 handle, the market would move much higher which is presumably towards 118 level.

If the price pullbacks from the said level, there would be more opportunities present to resume the value. It seems that the 112 will be largely supportive and the floor of consolidation will be seen at the level of 108. A pullback would open buying opportunities considering the support below. Eventually, both sellers and buyers will gain profits with the presence of volatility in the market if given sufficient time.

Notably, the market is influenced by the general stock market which is another indicator that must be monitored besides the S&P 500 and the DAX etc. Nevertheless, the stock market will climb higher as it is in a good condition.
 

Attachments

  • USDJPY04.png
    USDJPY04.png
    22.2 KB · Views: 11
USD/JPY Technical Analysis: October 9, 2017

The U.S. dollar rallied to the upside in the course of the Friday session which came out following the mixed report of the jobs data. Although most traders will pay no attention to the jobs data in the aftermath of the two hurricanes. The 10-year interest rates in the U.S. also surged which further drove the market higher. There is a possibility got the USD/JPY major pair follow suit as there are no returns committed in the 10-year notes. Consequently, it seems that the market proceeds directed upward reaching the peak of the consolidation which is at the level of 114.50 up to the 115 handle. Overall, there will most likely be a breakout lower than 115 handle and the market should carry on with its uptrend at higher levels and result in a “buy-and-hold” trend.

There will be more buying positions when the trades decline and there is a chance for a pullback to occur and take profit of the outburst during the Friday session. The trend could possibly break to the upper channel and attain the level towards 120 handle which is a relevant target being a big round number. Volatility will still persist in the market yet there is a high chance for buyers to dominate since the comeback of the U.S. dollar against the Japanese yen. There will be less worry regarding the uptrend unless it breaks below 112.00 level. Nevertheless, there will be plenty of support found below. For the long term, buyers will have a trend in the market as the interest rates for 10-year notes from the U.S. will ascend in value which would remain to put pressure to progress upward in the market. At the same time, the stock market will advance which will also associate the pair.
 
NZD/USD Technical Analysis: October 10, 2017

There is volatility present in trading the NZD/USD pair as it reached a lower limit in the opening on Monday where this will be reversed and fill the gap and proceed with a decline again. There is a possibility for this to reach the level of 0.70 where there will most likely be a support level. This area has been supportive in the past which was also resistive and anticipates volatility around that number. Take into consideration that the New Zealand is highly sensitive to commodities as well as the global risk appetite. It can be noted that the stock market is performing well although, there is less liquidity in the New Zealand dollar compared to other currencies. Hence, there will most likely be more volatility than other markets.

It underwent a downtrend in the past few days which signifies the continuation of a bearish pressure. It’s too early to say if the market will break lower than 0.70 region and if it does, this would not be a good sign. Hereinafter, the market will look for the 0.68 level below as the next target support level based on the long-term charts. Moreover, the Australian dollar is dropping which usually moves in the similar direction as the New Zealand dollar. It will either move up or be sold unless a breakout happens higher than the 0.7125 region and look at higher levels which is most likely above the 0.72 level. Volatility will not be surprising in this pair and seller will consider the riskier currencies in the present.
 
GBP/JPY Technical Analysis: October 11, 2017

The British currency traded sideways versus the Japanese yen and continue to hold the 148 handle. This level has gained lots of attention lately and it seems ready to move from side to side, as of this writing. However, a break on top of the 140.50 region will push the markets to go above the 150 handle. This region acquired attention with longer-term considering it’s a large, round, psychologically significant number. A cut through over that area would enable the market to continue moving upwards in the longer-term and the target to reach the 155 mark eventually.

A pull back from that region could possibly drive the market near the 147 level below, which appears to be very supportive. With the given scenario, the market is required to search for buyers around that range. But a breakdown beneath that would likely descend to 145 handle which is a round number where traders are continuously involved in such target regions.

There is a tendency that the market would be highly sensitive to risk appetite and participants should be paying attention to stock markets because the pound-yen pair might ascend in case a rally occurs or decline upon the roll over. Moreover, volatility is projected to enter the market and the reason for the sideways trading and the short term is the expectations for further actions by the Fed Reserve. Generally, world markets are slightly overbought and it is helpful if the bullish pressure will keep on going. In the meantime, traders should wait for signals.
 

Attachments

  • GBPJPY11.png
    GBPJPY11.png
    23.8 KB · Views: 15
USD/JPY Technical Analysis: October 12, 2017

The U.S. dollar declined at the outset of Wednesday’s trading session, however, the bucks were able to find support on top the 112 handle to conduct a reversal, showing active existence.
The American dollar must keep on finding lots of support at 112 level because every pull back will provide plenty of support from that region. It is better when it offered some “floor” but a break down underneath there would offer a massive support below the 111 mark. With this, buyers will return to the market in a short period of time except when the Federal Reserve rejected the proposed interest rate hike.

The issue about rate hike has been the talk of the town for some time and maybe it’s time for the Fed to have at least some hints about their position regarding this matter, as the market really needs to see some progress or else they might lose their credibility. Many are intrigued on how many times the Fed will increase its rates which most participants would search within the Meeting Minutes. Hence, it will take some time to get a clear answer but this idea was already established within the marketplace and probably there is no any reason to conduct such rally.
The Bank of Japan remains to be soft which makes it reasonable to enter the 114.50 region. This level is the top of the longer-term consolidation. It appears that market imposes a “buy only” mode.
 
EUR/USD Fundamental Analysis: October 13, 2017

There is a consolidation in during the trading session of the EUR/USD pair as it fluctuates up and down for the day without specific trajectory. The Resistance area is found close to the 1.18880 and it cannot be determined yet the market will be able to break this area or its direction for short-term.

The price moved headed to the level mentioned and it seems that there will be a lot of selling to take place which would result in a minor correction. Although, there is choppiness present in the pair and it might be best to stay on the sidelines. The data from the U.S. particularly the PPI has no big impact on the movement of the pair and move sluggishly but steadfastly.

The dollar is moving behind with the NFP data came in weaker anticipated in the previous week. The FOMC minutes also gave a hawkish sentiment as awaited by the market. The trend is hinting for an uptrend of the EUR/USD pair to persist both for short and medium term while the question remains if the Federal Reserve will raise the rate for December and continue to affect the market.

Today, the market may get answers as the CPI data from the U.S. will be released later this day which put the Fed member at a worrisome state while dollar bulls are hoping for a positive output for today and keep open the possibility of a rate hike in December. Other than the CPI data, the retail sales data is also scheduled to be released for today which would greatly influence the short-term activity of the pair.
 
USD/CAD Technical Analysis: October 17, 2017

During the daytime trading on Monday, the American dollar traded sideways versus the Loonie dollar, followed by a break through the 1.25 handle. Eventually, the markets contained high volatility but the positive thing about this move is the reversed flow against the oil sector. The oil markets tend to rally as well as the U.S dollar but this appeared to be unusual which could give a negative sign for the CAD.

The 1.25 region below is projected to continue its attractiveness for the price but there is a possibility for the rally to resume according to the skeptical actions by the Canadian dollar.
A break over the 1.2250 mark even on the daily close will enable the market to keep on moving upwards or may be an attempt to reach the 1.2750 mark.

The markets would certainly be volatile due to the instability of oil industry along with some back and forth movements. Considering the massive volume of volatility, it is much preferred to gradually establish a position.

A break down underneath the 1.24 mark does not necessarily indicate a bearish tone again since dealing with the recent action seems difficult. While the markets would likely try to generate some kind of base. Moreover, the oil markets are moving nearer to the massive resistance which could further provide lots of bearish pressure towards the Loonies.

Take note that the Bank of Canada increased its interest rate and suddenly mentioned that the rate hikes should be considered as automatic. With this regard, the market appears to completely turn around against the CAD.
 

Attachments

  • USDCAD17.png
    USDCAD17.png
    23.2 KB · Views: 60
GBP/USD Fundamental Analysis: October 17, 2017

The British pound against the U.S. dollar has touched on the level of 1.3300 during the Monday session yesterday. It dropped along the trend and declined as the dollar gains strength during this period of time. The pair was not that influenced following the release of a mixed data from the U.S. on Friday. Although the happening on Monday did had a minor effect to the pair.

It is assumed that the current stand of the U.K. Prime Minister Theresa May would have an impact on the currency to the Brexit talks in Brussels but it did not go this way. Looking to the major reports, there will be several data scheduled to be publicized this week which includes the retail sales data and the inflation data. The market is about to position themselves considering the news on Monday which induced choppiness and weakened the market as seen yesterday.

Looking back on Friday session, it seems that the market has put aside the mixed data and rally at a higher price compared to almost all currencies. This was triggered but the reports where the candidate John Taylor was supported by U.S. President Trump to replace the current Fed Chair, Janet Yellen. He is recognized to be hawkish and has favored rate hikes at multiple events and if in case he was appointed, this would have a good effect to the U.S. dollar. Consequently, investors have begun positioning their assets which strengthened the dollar in the latter part of yesterday’s trading.

For today, the CPI inflation data from the UK as well as the scheduled speech of the BOE Governor Carney which are presumed to cause volatility in the GBP/USD pair. A breakout at the level of 1.33 would result in a surge of 200 pips and could work similarly when it reaches the level of 1.3200 and maintains the consolidation.
 
GBP/USD Fundamental Analysis: October 19, 2017

The pound-dollar pair continued to move upwards after the weakening of the dollar across the board in the past 24 hours. We believe that there are no fundamentals that drive the market which caused the U.S. dollar to weaken, hence, it all boils down to the condition during the second half of the month accompanied by disappointing news from all over the world. Generally, the main focus is turned to the positioning and flows rather than the fundamental news.

Moreover, there are reports that calling UK Prime Minister Theresa May to stop the Brexit negotiations without any settled trade agreements. This is the ongoing agreement about Brexit since last week. So far, there have been barely some progress with the process, showing some strength and getting nearer to the end of the talks while PM Theresa May is planning to fly to Brussels in order to resume the discourse and bring out a resolution. The appeal for a no deal and demanding May to leave the talks are much preferred compared to anything else for this current time.

The United Kingdom could decide to work out some good deal which should offer justice both on the European Union and the Britain since there is some block as of this moment. Eventually, the talks could possibly continue to gain traction which is a positive factor the sterling pound.

Ultimately, the British retail sales figures and American unemployment claims data are expected to be published within this day. The retail sales are projected to contribute volatility to the Cable pair, considering the upcoming statistics from the UK were sluggish in the past couple of weeks that prompted the market to be very cautious since this data is capable of identifying the trend of the British currency throughout the entire week.
 
GBP/USD Fundamental Analysis: October 20, 2017

The British pound traded higher in the morning since the Brexit process finally started to gain traction. As the talks started a few weeks ago, the progress made seems delayed while there are some rumors about the "no deal" because the United Kingdom wanted to move away from the negotiations and finalize the Brexit without any engagement with the European Union. However, this not an ideal method and yet still considered and caused the sterling to remain under pressure.

The slight development coupled with the statements of Chancellor Angela Merkel and UK Prime Minister Theresa May encouraged the markets and lifted the GBP/USD pair, breaking through the 1.32 level within a short period. But the flow of events completed and lasted until London session only, followed by the selling of the GBP and buying of the USD. Although the fundamentals did not go wrong relative to the UK, the selling shows the trend was a trick and the GBPUSD was pushed lower.

The Cable further weakened during the first part of the day as the greenback was able to increase amid the approval of the tax reform bill. The completion of this bill is very important for US President Donald Trump and his team for its purpose to support the American economy as well as to prevent further disappointments. As Trump successfully completed the bill despite some augurs for other bills on the process, the market still liked the outcome and decided to buy the bucks. With this, the pair weakened and attempts to reach the 1.31 region at this moment. It is expected that the impact of this news will keep on dominating the markets until the closing of the day, but the dollar gained strength. It is necessary to place the Cable in the pressured area and search for the support at 1.3060 mark. There are no statistics scheduled to be issued from the US or the UK for this day, hence, this day is focused on the US dollar.
 
USD/JPY Technical Analysis: October 23, 2017

The U.S. dollar surged against the Japanese yen during the Friday trading session. It is mainly because of the hawkish sentiment from the candidates of the next Federal Reserve Chairman. It seems that the market favors the greenback more that makes opens opportunities when the price pulls back. Most likely, the next target would be above 114.50 which sets as the resistance level strongly positioned on long-term charts. This has been consolidating for a while and the price would probably rally in the upper channel is it breaks more than the 115 region. Hereinafter, there is a tendency for the price to move towards the 118 region in the succeeding weeks or even months.

However, it may not be best to short this pair as it pulls backs since there are concerns in the lower boundary. The support level is found at 112 level and up to 113 level. If the stock market persists to climb higher, this will be have an impact to the pair. Hence, traders should be avoid shorting this pair unless the price breaks down lower towards 111 region. From here on, there is a tendency for the pair to turn around and negatively affect trading. However, in times that the pair would rise, trader could take advantage by adding positions and incrementally gain profits.

Overall, it is anticipated to have high volatility and numerous buyers which could highly lead to a rally. However, there will a lot of noise present that makes it ideal to trade this pair in smaller positions weighing the current condition and future moves. Ultimately, traders should not neglect the presence of noise in trading the USD/JPY pair.
 
EUR/USD Fundamental Analysis: October 26, 2017

The EUR/USD climb higher due to various reasons including the result of the meeting of the ECB, the scheduled statement and the press conference later this day. The dollar also weakened across the market which pushed euro to move higher. Moreover, today is a significant day for the week.

The statement and announcement from the ECB are anticipated after the press conference of Draghi. As the market expects the release of the statement, the ECB would give their hints and plans related to QE tapering during the press conference. If they were able to give a definite plan and timeline, it would be a big help for the euro which is already presumed to rally after. The data from the eurozone gives out positive data and for this reason. Hence, the ECB does not have a reason to postpone the tapering but the pace of the program is still in question.

Draghi is exerting oneself not to appear hawkish in the past few months to avoid pushing the euro too high. It is yet to be known today is the policy is to be sustained. It will not be an easy task for him since the euro will most likely go up since there is no definite timeline of the QE tapering from the central bank. Other than that, the data from the U.S. in the past 24 hours has also been positive as the data on durable goods came out stronger than anticipated. As for the dollar, the GDP data would be significant which will be released from the U.S. tomorrow.

For today, consolidation is anticipated during the first half of the day while the traders are already preparing for the ECB release in the afternoon. Volatility will also be present in the trading following the announcement and the press conference. It is recommended to wait on the sidelines until everything has settled down.
 
USD/CAD Fundamental Analysis: October 30, 2017

The U.S. dollar against the Canadian dollar closed the week high which makes the next week trading to be awaited by traders. Initially, the dollar has been moving steadily but the negative data the previous week pushed the pair to climb above towards 1.26 level with risks imposing the possibility for a breakout towards the level of 1.27.

The movement of the trend was driven by the retail sales data from the Canada which was published in the previous week that gave out a week data and has further escalate doubts to the BOC which has an inclination to increase its rates in short-term. The loonies may have declined but with the incoming Monetary policy statement from the BOC and press conference would open the possibility to become hawkish again. Although, they have been clear in the past that the central bank would not raise their rates for the remaining months in 2017 and presumably even in the early months of the following year. This lessens the hope for it and frustrated the market which resulted to a sell-off in the loonies.

On the other side, the dollar has held steady and was further pushed by a positive GDP data that may have raised the possibility of a rate hike in December. The pair moved towards the 1.28 level and even further towards 1.29 by the end of the week. However, the prices were affected by the reports on who will be the succeeding Fed Chair with chances to be Powell. At the same time, the oil prices soared which assisted in strengthening the Canadian dollar and drove the price to close for the week.

For this week, the Canadian dollar is anticipated to rally in the beginning which includes settlement of payments in oil in the present time of the year. In the latter part of the week, the labor data from the U.S. and Canada are to be released which would have an impact on the prices of the pair. Moreover, if the results of the data are good, the USD/CAD pair would rally and this would confirm the next Fed rate hike in December.
 
EUR/USD Fundamental Analysis: November 2, 2017

The EUR/USD pair waited for the FOMC minutes throughout the trading day on Wednesday, the minutes are expected to be issued during the American session. Aside from this pair, there are other many currency pairs that desire to know the thoughts of Fed members regarding the future rate hikes with expectations to help them determine the short-term trend for the U.S dollar.

This ensures that the single European currency was fixed in a very tight range at 30 pips, while markets in a long position understand that any choppy movement would lead to an unprofitable trade. Since the focus is centered on the positioning of trades prior the major news events coupled with large trends once the news was issued.
It became more interesting due to the subsequent news later this week which has equal of importance with concerns of the greens. It further opened the door for the possible reversal by the FOMC with the approaching news events.

The FOMC failed to achieve its target, however, most of the text remained unchanged, particularly the talks of future outlook that came in lower than market expectations. This resulted in a sudden minor shock for the USD, met some buying and pushed the bucks to a tight range until the end of the course after the minute's publication.
Considering all the projections formulated the entire day, the minutes conversely disappointed the markets which further triggered choppy data by means of the ADP report released earlier the day.

There are reports that confirmed Jerome Powell as the next head of the Fed Reserve but caused the dollar to weaken later this day, nevertheless, the effect of this news would likely be temporary.

Ultimately, the attention was turned towards the British pound as there are no releases from the United States or the European region for today. Hence, it is safe to say that there is some tight ranging and consolidation within the euro-dollar pair amid the trading day while waiting for the US employment statistics tomorrow which could roughly confirm the rate increase in December.
 

Attachments

  • EURUSD02.png
    EURUSD02.png
    27.3 KB · Views: 46
You must log in or register to reply here.
Back
Top