1. Welcome to the #1 Gambling Community with the best minds across the entire gambling spectrum. REGISTER NOW!
  2. Join our $5,000 Cash Giveaway!

    Win Cash by Posting and Inviting New Members!
  3. Have a gambling question?

    Post it here and our gambling experts will answer it!
    Dismiss Notice

Forex Daily Market Analysis from ForexMart

Discussion in 'Forex Forum' started by Andrea ForexMart, Oct 4, 2016.

  1. KostiaForexMart

    KostiaForexMart Active Member

    Joined:
    Mar 22, 2019
    Likes:
    46
    Location:
    Germany
    EUR/USD. May 3, 2021 | The US dollar started the week on a minor note

    The US dollar ended April on a positive note, but on the first Monday in May, the american currency weakened to 1.2050. The main influence on the dynamics of the EUR/USD pair is provided by macroeconomic publications from the USA and the Eurozone.

    At the end of last week, the US released data on personal income and spending of Americans in March. Revenues rose 21.1% m/m against the forecast of a rise of 20.1% and the previous decline of 7%. Expenses, in turn, increased by 4.2% on the expectation of an increase of 4.3% m/m and the previous decline of 1.0%. It should be noted that such a rapid growth in income is the result of cash payments to the population.

    Additional support to the dollar was provided by the final value of the consumer confidence index in the US from the University of Michigan: in April the indicator rose to 88.3 points against the forecast of an increase to 87.3 and the previous value of 86.5 points.

    The European currency was supported this morning by the statistics on the volume of retail sales in Germany in March: in monthly terms the indicator increased by 7.7% against the forecast of growth of only 3%. The annual rate rose 11% after falling 6.6% in February. At the same time, the indexes of business activity in the manufacturing sectors of the eurozone and Germany for April disappointed the markets, falling short of forecasts.

    The United States will also publish PMI in the evening. In addition, there will be data on construction costs and the price paid index. And also the head of the US Federal Reserve System Jerome Powell will make a speech.
     
  2. KostiaForexMart

    KostiaForexMart Active Member

    Joined:
    Mar 22, 2019
    Likes:
    46
    Location:
    Germany
    EUR/USD. May 4, 2021 | The dollar strengthened and returned to the level of 1.20

    On Tuesday, the dollar began to recover and reached the level of 1.20. The US currency is supported by a positive fundamental background: high rates of vaccinations in the US, direct payments to the population and easing of restrictions.

    The main problem today is that the dollar retains its status as a safe haven currency. Since the beginning of the year, the United States has been ahead of other countries in terms of economic recovery, but now Europe is showing significant progress in vaccinations and plans to ease restrictions. And global growth tends to be more favorable for high beta currencies than safe haven currencies. Therefore, together with the lifting of restrictions, the demand for the euro will return.

    Yesterday was published data on business activity in the US manufacturing sector, which turned out to be much worse than forecasted. Economists had expected the index to rise from 64.7 to 65, but in April it fell to 60.7 points. And even these statistics did not allow the dollar to fall. Analysts say the dollar is rising mainly on expectations of a potentially strong Payroll employment report. Today during the day, the EUR/USD pair will moderately rise from the level of 1.20.
     
  3. KostiaForexMart

    KostiaForexMart Active Member

    Joined:
    Mar 22, 2019
    Likes:
    46
    Location:
    Germany
    GBP/USD. 06.05 | The pair cannot decide on the direction of movement

    The GBP/USD pair on Thursday started to rise to 1.3940 after a two-day flat at 1.3900. Today is rich in various events in the UK: attention should be paid to the elections in Scotland, the results of the meeting of the Bank of England and the publication of important economic reports.

    The results of the parliamentary elections in Scotland will determine the holding of a repeated referendum on independence from Great Britain. The victory of the ruling national party will speed up the exit of Scotland from the United Kingdom, but this is unlikely to have a strong impact on the pound rate, since the issue of independence will be resolved for several years.

    The meeting of the Bank of England is of no small importance today. The regulator decided to keep the base interest rate at 0.1%, and the volume of asset repurchases from the market – at 895 billion pounds. The redemption of government bonds is 875 billion pounds, and the volume of redemption of corporate bonds remained at 20 billion pounds.

    Short-term support for the sterling today was provided by data on business activity in the service sector in April in the UK: the indicator rose to 61.0 against the forecast of growth to 60.1 points. In the US today, it is worth paying attention to the publication of the number of applications for unemployment benefits: the report showed that the number of applications fell better than forecast, to 498 thousand. This gave the US dollar some support, which allowed the GBP/USD pair to return to the 1.39 level.
     
  4. KostiaForexMart

    KostiaForexMart Active Member

    Joined:
    Mar 22, 2019
    Likes:
    46
    Location:
    Germany
    May 07 | USD / CHF technical analysis: H4 chart, Pivot levels

    The US dollar against the Swiss franc at today's trading has rewritten the minimum since February 26 at around 0.9057.

    Bouncing off the lows, the USD / CHF price is correcting towards the daily pivot level.

    The medium-term trend is directed downwards, therefore, upon completion of the correction, it is more likely that a further decline can be predicted, but, most likely, this will happen already next week.

    Daily Pivot - 0.9094;
    Daily Resistance 1 - 0.9119, DR2 - 0.9169, DR3 - 0.9194;
    Daily Support 1 - 0.9044, DS2 - 0.9019, DS3 - 0.8968.

    Weekly Pivot - 0.9129;
    Weekly Resistance 1 - 0.9180, WR2 - 0.9231, WR3 - 0.9281;
    Weekly Support 1 - 0.9078, WS2 - 0.9028, WS3 - 0.8977.

    Monthly Pivot - 0.9226.
     
  5. KostiaForexMart

    KostiaForexMart Active Member

    Joined:
    Mar 22, 2019
    Likes:
    46
    Location:
    Germany
    EUR/USD. May 11, 2021 | Dollar continues to decline after Friday's Payrolls report

    The US dollar accelerated its decline after the release of Friday's Non-farm Payrolls report, according to which the number of new jobs created was almost 25% lower than forecasted – 266 thousand against 1 million. The unemployment rate rose from 6% to 6.1%. The latest statistics turned out to be an unexpected shock for market participants, and the quotes of the EUR/USD pair rose to the level of 1.2180.

    In total, during the pandemic, the American economy lost 22 million jobs, and about 8 million are still not restored.

    Today the pair continues to fluctuate slightly below the 1.22 level. The economic calendar is of little interest. All market participants' attention is directed to the upcoming statistics: on Wednesday the US will publish statistics on consumer prices, on Friday – on retail sales.

    The oil market on May 11, 2021

    Brent quotes on Tuesday decline from the area of local highs above $69 per barrel. The current price of the asset is $67.50 per barrel.

    Black gold is declining amid the gradual reopening of the Colonial Pipeline Co. pipeline system, which suspended operations last Friday due to a hacker attack. This pipeline system is the main source of gasoline, diesel and jet fuel supplies to the US East Coast.

    The rapid spread of the coronavirus in India continues to put additional pressure on investor sentiment. The government of the country came face to face with the need to introduce a harsh isolation regime.

    In the near future, oil prices can only be supported by data on crude oil reserves in the United States. Analysts expect that statistics from the Ministry of Energy (May 12) will show a decrease in reserves by 2.3 million barrels per week. Gasoline stocks are expected to fall by about 400,000 barrels. Today you should pay attention to the monthly OPEC report, which will include data on production in April.
     
  6. KostiaForexMart

    KostiaForexMart Active Member

    Joined:
    Mar 22, 2019
    Likes:
    46
    Location:
    Germany
    EUR/USD. May 12, 2021 | Euro is correcting after strong growth

    The EUR/USD pair declines slightly on Wednesday after a sharp rise to the level of 1.2180. The current quotation of the asset is 1.2125.

    The statistics from the eurozone published the day before, as a whole, pleased investors: the index of sentiment in German business circles in May rose to 84.4 points from the previous 70.7. The forecast assumed a rise to 72.0 points. The same indicator for the entire euro area soared to the level of 84.0 points from the previous 66.3. Such data speaks about the attenuation of the third wave of coronavirus in Europe and has a positive effect on business prospects.

    Today you should pay attention to the report on the volume of industrial production in the eurozone for March. The indicator came out worse than expected, rising only 0.1% against expectations of 0.7% growth.

    In the US, the most anticipated indicator of the week will be published – the consumer price index for April. Median forecasts assume only 0.2% MoM gain is possible after the 0.6% rise in March. If the data is in line with expectations, the dollar will have a chance to strengthen and return to the area below 1.21.

    GBP/USD. May 12, 2021 | The pound sterling breaks all records

    The pound sterling remains the leader of the foreign exchange market, demonstrating a sharp rise to 1.4170, which was the highest since the end of February. In general, the pair is approaching the level of 1.42 – the last time such values of the British currency rate were recorded in April 2018.

    The pound received strong support on the results of the regional elections. Scottish National Party SNP won 64 seats in the Scottish Parliament, one less for the majority. Analysts note that calls for a referendum on independence will continue, but this is unlikely to lead to increased political risks for the pound sterling.

    Additional positive was brought by the report from the BRC chain: the volume of retail sales in April on an annualized basis increased by 39.6% after increasing by 20.3% a month earlier.

    A busy news day awaits the UK today. The country's GDP contracted by 1.5% on a quarterly basis (which turned out to be better than the forecast of -1.6%). Industrial production statistics in March showed an increase in the indicator by 1.8% (against the forecast of growth by 1%). The data on the trade balance reflected a decrease of 6.55 billion.

    It can be said that the strong statistics were the result of successful mass vaccinations and the relaxation of quarantines.
     

Share This Page