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

[Forex.ee Analytics]

Daily economic digest from Forex.ee​

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Friday, April 6th

The EUR/USD pair trades with a bearish tone this Friday, staying in the region of its monthly lows, marked at 1.2218 spot a day before. The main reason of pair’s recent retreat could be called improved demand for the US dollar. However, further downside trend of the pair looks limited on the back of escalation of the US-China trade conflict after US President D.Trump’s threats to impose additional tariffs on Chinese imports. However, Mr.Trump also noted that he is still willing to meet with China at the negotiating table. Most of market participants believe that the aggressive behavior from the US side is nothing but a pre-negotiation tactics, which could potentially lead to a better trade terms. Today all traders’ eyes will remain glued to the key risky event of this Friday – release of the NFP report, but until then it is expected that the market will continue to keep cautious tone.

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[Forex.ee Analytics]

Daily economic digest from Forex.ee​

Stay informed of the key economic events​

Monday, April 9th

The EUR/USD pair struggles to find a direction this Monday, trading within the range of 1.2265-85, while failing to benefit from the decline of the US dollar. The broad sell-off of the US dollar is mostly explained by Friday’s NFP numbers, which came below market expectations. Moreover, subsequent speech of J.Powell also failed to provide the dollar with any support, as the head of the Bank reiterated all the same that we heard before. On the other hand, easing concerns over a US-China trade war give some respite to markets today, thus boosting risk appetite among investors, which negatively affects the common currency. The next risky event for the pair will be the release of the FOMC minutes, which is scheduled for Wednesday, but today the economic calendar won’t bring us anything important, leaving the pair at the mercy of broad market sentiment and the US dollar price dynamics.

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[Forex.ee Analytics]

Daily economic digest from Forex.ee​

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Tuesday, April 10th

The EUR/USD pair remains directionless today, consolidating yesterday’s gains in the region of its 4-day highs, marked at 1.2330 spot. Yesterday the pair managed to break through the level of 1.2300 on the back of broad weakness of the US dollar, as Friday’s NFP was still weighing the greenback. However, the pair stalled its upside rally, as broad risk appetite came to the fore today following recent comments of the Chinese President, where the head of government urged the US for a dialog, pledging to strengthen intellectual property rights that was one of Mr.Trump’s main complaints. Also Mr.Xi was talking about widening access to market and expanding imports, which significantly weakened market concerns of a US-China trade war, while lending some pressure on the common currency. In the data space, today the economic calendar will bring us only the US PPI report, so broad market trend will remain as the key determinant for the pair this Tuesday.

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[Forex.ee Analytics]

Daily economic digest from Forex.ee​

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Wednesday, April 11th

The EUR/USD pair follows broad market trend, advancing for the fourth consecutive session so far on Wednesday, while having refreshed its 2-week highs at 1.2385 spot. The main reason of pair’s recent upside rally could be called ongoing sell-off of the greenback, as US bulls are still unable to recover after disappointing data from the US labor market, seen on Friday. Moreover, yesterday the common currency received additional supportive impetus following hawkish comments of ECB’s board member E.Nowotny, who suggested ECB to end up asset buys by the end of this year. In the day ahead, investors will remain in anticipation of ECB President’s speech, the US core CPI data and FOMC meeting minutes, which will be able to set up pair’s further direction this Wednesday.

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[Forex.ee Analytics]

Daily economic digest from Forex.ee​

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Thursday, April 12th

The EUR/USD pair stalled its upside rally, keeping positions today within tight range of 1.2355-80. Seems that US bulls finally found some support due to yesterday’s FOMC minutes, which showed a more hawkish bias. The Committee agreed that economic outlook had strengthened in recent months and gradual rate hikes is appropriate. However, despite better outlook of the economy, Fed members agreed that current rate hike plan doesn’t need any adjustments. In general, we can say that the FOMC minutes showed positive stance of the Committee regarding the monetary policy, which allowed the US dollar to stall its decline, thus limiting any further gains of the pair. On the other hand, today renewed demand for safety remains the key driving theme across the market on the back of rising fears of US-Russia war over Syria, which offers some support to the shared currency this Thursday. Looking ahead, now its ECB’s turn to publish minutes from the last meeting, which are expected during the European session, while the US will publish today only secondary data reports, which won’t be able to attract any attention.

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[Forex.ee Analytics]

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Monday, April 16th

The EUR/USD pair trades within tight range of 1.2324-42, however, showing minor gains this Monday. Today renewed risk-off sentiment remains the key driver across the market on the back of fresh developments on the Middle East and lack of information on the US-China trade conflict. According to latest news headlines, this weekend the US conducted coordinated air strike on the Syrian chemical weapons facilities. Nevertheless, the market showed limited reaction on the latest US actions, as it was widely expected, especially after latest US President D.Trump’s tweets, where he clearly hinted on a possible air strike on Syria. In the day ahead, the EZ data calendar won’t be able to surprise the market with any macroeconomic releases, while the US will publish retail sales numbers, which will from pair’s further trajectory during the NA session.

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[Forex.ee Analytics]

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Tuesday, April 17th

The EUR/USD pair follows broad market trend this Tuesday, having broken through its resistance level of 1.2400. Recent gains of the pair could be mostly explained by weaker positions of the US dollar, as the US-China trade conflict and geopolitical concerns in the Middle East are still weighing the US currency. Adding to this, widespread demand for safety, backed by conflicts, where the US is involved, also supports the common currency lately, which, in turn, accelerates pair’s upside trend. On the data front, today we are expecting eventful session, as both economies have prepared important data reports, which will help the pair to form its further near-term trajectory this Tuesday.

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Friday, April 20th

The EUR/USD pair was consolidating its positions during the Asian session, trading within 1.2334-53 range, amid lack of any drivers. Yesterday the pair received notable bearish impetus on the back of attempts of US bulls to retake control over the pair. However, further retreat lacked a momentum and the pair entered its narrow corridor. Moreover, the subdued dynamics of the pair could be additionally explained by increasing cautiousness, as we are heading towards the ECB meeting, which will take place next week already. But for today, the economic calendar will remain broadly silent, so widespread market trend will remain the key navigator for the pair at the last trading session of this week.

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[Forex.ee Analytics]

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Tuesday, April 24th

The EUR/USD pair refreshed its nearly 2-month lows in Asia at 1.2285 spot and now is keeping its positions near that level. The main reason of pair’s recent retreat could be called broad demand for the US dollar, which dominated the market the last few sessions. However, it seems that US bulls came out of steam this Tuesday, allowing the pair to stall its recent downside trend during Asian trades. Meanwhile, caution among investors continues to gain momentum, thus limiting pair's sharp moves, as we are getting closer to the ECB meeting, which will be held this Thursday. On the data front, today both economies have prepared important data releases for this session, however, the US dollar price dynamics will remain as a key navigator for the pair on Tuesday.

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[forexroy]

New Survey Reveals What are the Most Used Forex Trading Strategies in 2018
There are many trading strategies used when it comes to trying to making a profit with Forex however some are by far more popular than others, according to a new research. The team at TopTradingPlatforms have commissioned the research as part of an ongoing study into Forex traders in the UK and their most used strategies. 1,747 Britons aged 18 and over, all of whom stated that they were actively trading on forex, were asked about what are the top strategies used.

Below we have listed the results of the survey:

Scalping – 35% of the responded said to be actively involved in short-lived trades. This type of strategy involves holding the position for just a few minutes and skim just a few points of profit before closing the deal

Day Trading – 40% of the responded said that they are getting particularly exited before the end of the day! As the name suggests this strategy is to avoid being affected by large moves overnight. In this situation trades might last few hours although similarly to scalping the deal could be set in few minutes depending on the opportunities

Swing Trading – 18% of the responded are using this strategy. In this case, the position is held for several days with the idea of profiting from short-term price patterns. Normally a swing trader assesses his situation every half hour or hour.

Positional Trading – 7% of the responded are going with the idea of long-term gains. They are not interested in short-term movements but they are seeking to maximize profit from major shifts in prices. Normally those traders just look at the charts at the end of the day

As it is clear from the survey Britons Forex traders are looking for short time gains which could be a sense of lack of education and confidence in the financial asset they are trading.

Ethan Rowe, editor-in-Chief of TopTradingPlatforms.co.uk, commented: ‘This trend is quite surprising as it clearly shows that most forex traders in the UK have very little knowledge of financial assets and they might be using online trading as a different form and maybe a more ‘politically correct’ way of gambling their money away. Educating those traders should be the first objective of forex online brokers if they want to retain those customers long term and avoid they will burn their capitals very quickly!’