Forex.ee: Daily economic news digest from Forex.ee

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Daily economic digest from Forex.ee​

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Tuesday, December 19th

The EUR/USD pair shows positive dynamics for the second day in a row on the back of mixed sentiments around the dollar. The greenback remains broadly offered in the first half of this week in wake of increased cautiousness ahead of the Senate vote on the US tax reform bill, which, in turn, supports the major currency pair. Moreover, broad cautiousness ahead of important US economic event also offers some support to the euro, thus collaborating with recent upside trend of the pair. On the data front, now investors remain in anticipation of the German IFO business climate survey, while bloc of data from the US housing market will bring some fresh trading opportunities during the NA session. The key focus, however, would remain on a possible Senate vote on the US tax reform bill.

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Friday, December 22nd

The EUR/USD pair remains under pressure at the end of this week as political turmoil between the Spanish and the Catalan governments weighs the common currency. Currently the major currency pair is trading in the region of 1.1850, having recovered some pips. However, euro bulls looks exhausted today, as investors are still digesting Catalan Separatists election victory, which in near future may negatively affect the Spanish political climate. However, post-Catalan vote momentum may appear limited, as now investors await for fresh developments from the Spanish political area. Today the EU data calendar won’t bring us anything noteworthy, while the US will publish a slew of important economic indicators, which will bring fresh trading opportunities during the NA session.

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Thursday, December 28th

The EUR/USD pair shows positive dynamics this Thursday, having tested the resistance level of 1.1940 in early Europe. Recent upward move of the pair is mainly due to a fresh bout of aggressive selling of the US dollar, caused by yesterday’s red numbers of CB consumer confidence and closing of greenback bids ahead of the New Year holiday. Adding to this, still positive sentiments around the common currency, backed by recent ECB’s revision of its economic growth forecasts, provide extra support to the pair in the second half of this week. Looking ahead, today nothing noteworthy is scheduled in the data calendar, so broad market trend will remain as a key navigator for the pair during this session, while light trading will continue to persist ahead of the New Year celebration.

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Friday, December 29th

The pair EUR/USD continues to show positive dynamics at the end of this year, finally breaking through the resistance level of 1.1960, while refreshing its 3-month highs. Seems that USD bears are still dominating the market, which is considered as the main driver of pair’s latest bullish rally. Recent weakness of the US dollar could be mainly explained by closing buy positions on the greenback ahead of the New Year celebration. Adding to this, speculations on narrowing divergence between the Fed and ECB policies also provide some support to the major currency pair lately. On the data front, today the economic calendar will offer only secondary data reports, such as German flash inflation numbers, which will unlikely attract enough of traders’ attention, so broad market trend will continue to navigate the pair during the last working day of this year.

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Wednesday, January 3rd

The EUR/USD pair extends retreat from its highs, which were last seen in September 2017, on the back of pause in sell-off of the US dollar. However, further pair’s retreat may appear limited as market players are awaiting FOMC Minutes for fresh clues on further Fed monetary policy projections. Moreover, persisting weakens of the greenback remains a key driving factor across the market, thus limiting pair’s chances of further sharp downside correction. Besides FOMC meeting minutes, investors today will also pay attention to German unemployment data and US ISM Manufacturing PMI, which will also help the pair to from its further trajectory during this trading session.

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Friday, January 5th

The EUR/USD pair came under bearish presser and lost some pips in early Europe after brief consolidation phase on the back of attempts of the US dollar to recover its positions across the market. Recent dollar’s recovery could be mainly explained by upbeat data from the US labor market, released on Thursday. Adding to this, markets are expecting further downside correction of the major currency pair in wake of profit-taking actions after its recent bullish rally and re-opening buy orders on the US dollar after New Year holidays. On the data front, today we have a pretty busy session, as the economic calendar contains several important releases, such as flash EU inflation numbers and crucial US jobs report, which will set up pair’s further direction this Friday.

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Monday, January 8th

The EUR/USD pair extends its Friday’s retreat, having broken through the resistance of 1.2000 at the start of European session. The main driver for the major currency pair remains ongoing bullish correction of the US dollar, despite Friday’s red numbers of the NFP report. However, the revision of the previous NFP results to positive ones provided the dollar with sufficient support to extend its positive correction against its major rivals. Moreover, mixed Eurozone flash inflation data, released on Friday, also exerted some bearish pressure on the pair, thus collaborating with pair’s downside trend at the start of this week. Looking ahead, today in absence of any relevant data releases from both sides, the pair will remain under the influence of the US dollar price dynamics, which will determine pair’s further direction during this trading session.

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Tuesday, January 9th

The EUR/USD pair remains offered for the third consecutive session, extending its retreat from the area of its multi-year tops, located near the level of 1.2090. Recent weakness of the major is mainly explained by ongoing post-New Year correction of the US dollar. Moreover, even yesterday’s cautious comments regarding less aggressive rate hikes by Fed members failed to stop recovery of the greenback. Looking ahead, today the EU data calendar will bring only secondary data reports, which most likely won’t attract much of investors’ attention, while the US will publish JOLTs job openings, thus bringing fresh trading opportunities during the NA session.

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Thursday, January 11th

The EUR/USD pair remains defensive this Thursday, having lost the most part of its recent gains. Yesterday the major currency pair received strong bullish impetus, braking through the resistance level of 1.2000, in wake of sharp drop of the US dollar across the market, triggered by Chinese headlines. The Chinese officials stated that they are considering to slow purchases of the US Treasuries. However, the greenback managed to regain its positive tone on the back of fresh market talks that China’s reduction of the US Treasuries purchases could be interpreted incorrectly. Adding to this, yesterday’s hawkish comments of Fed members, indicating another three rate hikes this year, provide extra support to the greenback today. Now all traders’ attention shifts towards ECB minutes, which may contain some fresh information regarding regulator’s further projections regarding its monetary policy. Also, the US will publish today the PPI report and several second-tier data, which will also help the pair to form its further trajectory.

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Monday, January 15th

The EUR/USD pair is remaining within striking distance of its multiyear highs, marked earlier this morning at 1.2240 spot, as weakness of the US dollar is still dominating the market. The offered tone of the US dollar could be explained by recent market trend, based on speculations regarding potential convergence of monetary policies of the Fed and major central banks. Adding to this, positive news from the German political field, saying that German party leaders have finally reached a breakthrough on the coalition talks, and speculations on recent hawkish ECB minutes also contribute to pair’s bullish trend this Monday. However, it is expected that the pair won’t show any sharp moves today, as the US market will remain closed in wake of celebration of Martin Luther King, Jr. Day, while the EU data calendar remains absolutely empty this Monday, leaving the pair at the mercy of widespread market sentiments.

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