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

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Daily economic digest from Forex.ee​

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Friday, February 9th

The EUR/USD pair trades with mild bullish bias at the last trading day of this week, having stalled its recent retreat, on the back of subdued dynamics of the US dollar. Today the key driving factor for the pair remains news coming from the US political area. Earlier today, on the market appeared headlines about another shutdown of the US government. This news negatively affected positions of the US dollar against its major rivals, as it is the second similar incident this year. Moreover, deteriorating investors’ appetite for riskier assets also has somewhat supported the common currency, thus having accelerated pair’s recent rebound. Today, nothing interesting is scheduled in the economic calendar, so broad market trend will continue to determine pair’s further trajectory at the end of this week.

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Monday, February 12th

The EUR/USD pair remains better bid this Monday, moving closer to the mark of 1.2300. Today, one of the key driving factors remains slight retreat of the US dollar against its main rivals, which could be explained by the breather of US bulls after significant upside rally of the greenback, witnessed last week. However, further sharp moves of the pair look limited, as investors start to prepare for the next market-moving event – the US CPI report, which will be released on Wednesday, and is expected to have a significant impact on the position of the US dollar. Meanwhile, today we will have pretty calm trading session, as both economic calendars won’t bring us anything noteworthy, so the pair will continue to follow broad market trend at the start of this trading week.

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Tuesday, February 13th

The EUR/USD pair follows broad market trend today, breaking the resistance level of 1.2300 in early Europe. The key reason of pair’s recent upside trend remains broad softness around the US dollar, as investors are still locking some profit after bullish rally of the greenback, witnessed last week. This dynamics of the US dollar is especially relevant ahead of important US inflation data, which will be published this Wednesday. Moreover, strong risk-off sentiment, which is dominating the market this week, could also be involved in recent pair’s growth. Looking ahead, today we will have another quiet trading session, as both economic calendars again won’t bring us any surprises, thus leaving the pair at the mercy of broad market trend on Tuesday.

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Wednesday, February 14th

The EUR/USD pair extends its upside trend, having refreshed its weekly highs in the vicinity of 1.2380, following unchanging market trend. It seems that American bulls have totally lost control over the market, allowing the US dollar to retreat against its major rivals, including the euro. Recent drawdown of the greenback could be partially explained by recent dovish comments of the Fed member J.Powell, who stated that the regulator remains alert to any financial stability risks. Adding to this, ongoing demand for safety could be another supportive factor for the pair this Wednesday. On the data front, today all traders’ eyes will remain glued to the bloc of important US data, featuring highly expected inflation figures, which will be published during NY trades.

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Thursday, February 15th

The EUR/USD pair trades with a bullish bias for the fifth session in a row, having re-entered the area of its multiyear highs, located above the level of 1.25. The main reason of pair’s massive gains remains broad weakness of the US dollar, while there was no clear catalyst for the sharp decline of the greenback. Yesterday the pair received moderate bearish impetus, following better-than-expected US inflation data, but the pair didn’t extend its bearish trend, but instead regained positive mood on the back of the US dollar dynamics. However, widespread weakness of the greenback could be partially explained by the downside revision of the previous US inflation data. On the agenda, we have several secondary releases from the EU and a bunch of data from the US economy, but the key driving factor for the pair today remains the ongoing weakness of the US dollar, which dominates the markets this Thursday.

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Friday, February 16th

The EUR/USD pair follows broad market trend at the last working day of this week, backed by sharp retreat of the US dollar. Recall, the US dollar came under strong selling pressure on Wednesday following upbeat US inflation results, with no clear catalysts, which could trigger downside rally of the greenback. Earlier today the pair refreshed its 3-year highs on the level of 1.2555, as US bulls remain unable to protect positions of the US dollar. However, some FX-analysts believe that the US dollar remains significantly oversold and its upside correction could follow soon, but for now the pair continues to push its positions to the green territory. Nothing much is scheduled for the pair at the last working day, except the data from the US labor market, which expectedly won’t have significant impact across the market, so the US price dynamics will remain the main determinant for the pair this Friday.

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Tuesday, February 20th

The EUR/USD pair follows broad market trend this Tuesday, extending correction from its 3-year highs. Today the recovery of the US dollar, started on Friday, remains the key underlying theme of this trading session. Recent upside trend of the greenback was additionally underpinned by upbeat tweets of the US President D.Trump, who sees the US economy even better than anticipated. Today the EU calendar will bring us Eurozone’s and German ZEW economic sentiment surveys, which will be able to influence pair’s direction during the European trading session, however, widespread market trend, caused by growth of the US dollar, will remain the key determinant for the pair this Tuesday.

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Wednesday, February 21st

The EUR/USD pair looks heavy this week, getting closer to the level of 1.2300, on the back of ongoing demand for the US currency. Seems that US bulls are still keeping control over the market, thereby forming widespread trend. However, today all eyes will remain glued to the release of FOMC minutes, which will be especially interesting in view of recent uptick in the US inflation, as investors are awaiting for fresh updates regarding further Fed monetary policy tightening path. Besides the FOMC protocols, investors will also pay attention to the data from the US housing market, however, the US dollar price dynamics will remain the decisive factor for the pair, since we were able to make sure of this earlier.

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Thursday, February 22nd

The EUR/USD pair follows broad market trend this Thursday, backed by ongoing demand for the US dollar, while losing points for the third consecutive day. Recent growth of the greenback is mostly attributed to the hawkish FOMC minutes, which showed regulator’s confidence in further growth of the inflation. All Fed members agreed that inflation should meet its target level in 2018 already, which in turn provided additional support to the US dollar due to recent positive US inflation results. This outcome of the latest Fed meeting forced investors to start pricing-in more aggressive Fed monetary policy tightening, thereby accelerating the growth of the US dollar against its major peers. Now it’s time for the ECB to publish its account of monetary policy meeting, which will be able to trigger fresh speculations regarding divergence between two monetary policies, while the US data calendar won’t bring us anything noteworthy today, leaving the pair at the mercy of broad market trend and the US dollar price dynamics.

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Friday, February 23rd

The EUR/USD pair regained its offered tone on Friday after brief correction, seen during the previous session. Renewed weakness of the pair could be mostly explained by ongoing demand for the US dollar, which dominates the market this week. Adding to this, yesterday’s slightly dovish ECB minutes, where the regulator made no changes to its monetary policy or forward guidance, also failed to bring any impact to the common currency. However, both regulators’ minutes, released this week, showed growing policy divergence between Central Banks, which favors the US dollar, as the Fed pointed to more aggressive monetary policy than the ECB. Looking ahead, now all attention remains focused to the EU inflation report, which will be published during European trades, however, it will remain the only important release for today, so widespread market trend will continue to navigate the pair during the NA session.

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