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

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Tuesday, January 24th

The GBP/USD eases its positions after three consecutive session of gains, as we head into European session. Seems that pound bulls have taken a breather, allowing investors to lock in some profits after significant rally, triggered by uncertainty around D.Trump’s presidency. Moreover, cautious sentiments around the Sterling are gaining a pace, as investors are awaiting for UK Supreme Court’s decision on Brexit. According to experts, lawmakers will refuse hard Brexit and will ask UK PM T.May to adopt a soft Brexit. Nothing that could overshadow latest developments around the Brexit is scheduled in data calendar, so traders will continue awaiting for Supreme Court’s decision on the Brexit process for fresh direction on the major.

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Wednesday, January 25th

The GBP/USD pair regained most part of its losses after recent drop, however, now is easing from its overnight highs. Yesterday the pair came under bearish pressure after UK Supreme Court’s verdict on Brexit that came with 8 to 3 votes in favor of Parliament's approval before triggering Article 50. So now investors will await for Parliament’s vote, however, the Parliament has already stated that will support Brexit process. Yesterday the pair managed to recover its losses, as investors are doubting “hard Brexit” scenario, adding some buying interest around the Sterling. Nothing much is scheduled in data calendar for the pair, as only BoE Governor M.Carney will deliver his speech later in the day.

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Thursday, January 26th

Brexit developments continue to direct the market lately, sending the GBP/USD to refresh its 6-week highs at 1.2662. Yesterday the pair regained its positive mood and was remaining bullish during Asia, as UK PM T.May announced that she would publish the bill to trigger article 50 already this Thursday. Moreover, May’s confidence and determination especially after her comments that “Brexit means Brexit” are also positively influencing the pound. Today all traders’ attention will be focused on fresh information regarding Brexit process, while UK flash GDP report and data from the US housing market will also have significant impact on the pair.

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Friday, January 27th

The GBP/USD pair extends its yesterday’s bearish momentum, walking away from its weekly highs, however, going to close this week with profits. Currently the pair is moving in south direction, mostly ignoring yesterday’s positive UK flash GDP and weaker data from the US housing market, as the greenback remains firmer at the end of this week in wake of D.Trump’s reflation policy. On the other hand, increasing hopes of soft Brexit, inspired by recent events on UK political field, are limiting pair’s further fall. Today UK docket remains absolutely empty, leaving the pair on the mercy of US dataflow, scheduled on NY trading session.

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Monday, January 30th

Today the EUR/USD opened with a bullish gap, backed by broad greenback’s weakness. The USD remains heavily offered against basket of its main competitors in wake of US president’s protectionism, as D.Trump signed a document last Friday, banning entry into the US for 90 days from seven Islamic countries, explaining it as a fight against terrorism. Moreover, poor US GDP data, seen at the end of last week, are also collaborating with buck’s offered tone. However, currently the main currency pair is trading around 1.07 level, slipping lower its overnight highs, marked at 1.074 handle, as bears have taken a breather, allowing the dollar to regain part of its losses. Looking ahead, only data from the US housing market will be able to bring some impetus to the pair amid thin-trading conditions, as a part of Asian markets will remain closed due to Lunar New Year celebrations.

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Tuesday, January 31st

The yen remains bullish against its American competitor after BOJ monetary policy decision, announced this morning. Today the BoJ during its meeting left its interest rate unchanged also revising its outlook regarding further economic growth pace, majorly leaving it untouched. Meanwhile, the USD/JPY pair remains additionally weighed, as risk-off sentiments remain at full steam underpinning yen’s safe-haven status, triggered by recent news that US president has fired Attorney General S.Yates for criticism regarding his anti-immigrant order. Today investors will continue tracking fresh headlines from US political field, while RO-RO trend will remain as a key driver for the pair this Tuesday.

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Wednesday, February 1st

The EUR/USD slips under 1.08 level during Asia in wake of minor correction of the US dollar. Currently the main currency pair is trading near the region of 1.0780 with slight bearish pressure, easing from its eight-week highs, posted yesterday at 1.0812 on the back of recent comments of the US president, in which he noted that other nations devalue their currency to gain competitive advantage. Moreover, disappointing fundamentals from the US economy, seen yesterday, are also adding some pressure on the greenback. Today traders will follow the latest headlines based on D.Trump’s policy, while FOMC interest rate decision will also be able to grab traders’ attention later in NA session.

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Thursday, February 2nd

The GBP/USD pair is showing one of the best performances across the market, staying about 3 figures higher this Tuesday lows, marked at 1.2412 spot, mainly driven by US dollar’s weakness. Currently the pair is moving in north direction, however, its growth is limited, as traders refuse to make any directional bets ahead of main event of this day – BoE Interest Rate Decision. Broadly expected that the Bank will keep its rate unchanged, while accompanying comments from policymakers and BoE Quarterly Inflation Report will be closely watched for any hints on BoE monetary policy outlook.


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Friday, February 3rd

The GBP/USD pair lost its bearish momentum and now is trading within 20-pips flat range, as dust around BoE decision settles down. Yesterday the pair fell for about 2 cents after the CB of UK had left its refi rate unchanged, however, downgrading its further long-term inflation forecast. Moreover, following dovish comments of BoE Governor M.Carney also provided negative impact on the pair, as left behind lack of clarity on further Bank’s monetary policy steps. Currently the pair is oscillating around 1.2520 level, awaiting for UK Services PMI for fresh impetus, while NFP, scheduled on NA session, will overshadow any today’s fundamentals.

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Monday, February 6th

The EUR/USD pair eases part of its post-US jobs data gains at the start of this week, refreshing its daily lows in the region of 1.0750. Seems that US bulls have taken control over the major, forcing it to retreat from its overnight highs, marked at 1.0790 level, as dust settles over disappointing US data reports. However, broadly based risk-off sentiments, witnessed during Asia, are capping the pair from its further losses. Relatively quiet trading session approached the market this Monday with only ECB President M.Draghi’s speech to show.

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