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This is a discussion on Hotforex.com - Market Analysis and News. within the Analytics and News forums, part of the Trading Forum category; Date : 6th March 2019. MACRO EVENTS & NEWS OF 6th March 2019. FX News Today * Bond yields declined ...

          
   
  1. #391
    Senior Member HFblogNews's Avatar
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    Date : 6th March 2019.

    MACRO EVENTS & NEWS OF 6th March 2019.




    FX News Today

    * Bond yields declined after Fed’s Rosengren suggested the pause in the rate hike cycle may last several meetings, while Morgan Stanley is now predicting that Treasury yields will continue to drop by the end of the year, and traders are likely to remain cautious ahead of US jobs data on Friday.

    * Australian bonds rallied and the AUD was under pressure as weaker than expected GDP numbers data added to speculation of rate cuts from the RBA, which in turn helped the ASX to gain 0.75%.

    * Overall stock markets traded mixed across Asia with markets reluctant to push out valuations further without more concrete details on the possible US-Sino trade deal.

    * Dovish-leaning BoJ comments failed to give Japanese markets a lift and Topix and Nikkei closed with losses of -0.25% and -0.60% respectively.

    * China’s announcement of measures to boost domestic consumption further this year, helped Shanghai and Shenzhen Comp to gain 0.55% and 0.46% respectively.

    * US stock futures are broadly lower, as are European futures, while the front end WTI future is trading at USD 56.10 per barrel.

    Charts of the Day



    Technician’s Corner

    * EURUSD traded around 1.13, unable to break decisively in either direction, as the post-PMI rally eased. MACD and Stochastics point to an uptrend although MAs are still down.

    * USDJPY managed to maintain its gains, as the short-term MA appear about to break through the longer-term MA and the mid-Bollinger level, supported by the indicators.

    * GBPUSD moved slightly down on account of the Dollar strength, albeit not breaking through the 1.31 mark. Indicators are showing mixed signals.

    * XAUUSD broke through the mid-Bollinger level and has been moving towards its 200HMA. Support level is at 1290, with Resistance at 1320.

    * Biggest Winner: EURAUD gained significantly as RBA Governor Lowe tried to downplay the importance of the housing market slump, arguing that the probabilities are evenly balanced between rate hikes and rate decreases.

    Main Macro Events Today

    * ADP Employment Change (GMT 13:15) – February’s labour market data are projected to have been improving at a lower rate, at 189K, compared to 213K in January.

    * BoC Rate Statement (GMT 15:00) – BoC is not expected to raise interest rates, a result of weaker than expected Canadian data releases, as well as the overall “wait and see” stance of many Central Banks around the world.

    * US Crude Oil Inventories (GMT 15:30) – The change in the number of barrels of crude oil held in inventory by commercial firms during the past week affects both the price of Oil as well as Oil-dependent currencies such as the Loonie and the Aussie. Forecasts are that inventories will rise by 1.2M, compared to a reduction of 8.6M last week.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Dr Nektarios Michail
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  2. #392
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    Date : 7th March 2019.

    MACRO EVENTS & NEWS OF 7th March 2019.




    FX News Today

    * The Yen and the Swissy edged up as investors sought shelter in safe-haven currencies, and stock markets headed south during the Asian session amid fresh concerns about the global growth outlook, increased US-North Korea tensions, and as traders await more details on a possible US-Sino trade deal.

    * The BoC added its name to the growing list of central banks that are taking a pause to assess current risks, maintaining rates at 1.75% and watering down its rate normalization.

    * Yesterday’s data showed the US trade deficit widening to a 10-year high, which will only increase the risk of further protectionist measures at a time when global trade tensions increasingly weigh on growth prospects.

    * The OECD cut forecasts for the global economy in 2019 and 2020, again yesterday, delivering a bleak assessment of the global economy. However, the prospect of further stimulus measures is keeping bond markets underpinned and the fallout in the stock market appears to be limited. Still, all Asian markets are trading in the red, with the only exception being the ASX which rose by 0.29%.

    * US futures are heading south, however, while the front end WTI future is trading at USD 56.26 per barrel.

    Charts of the Day



    Technician’s Corner

    * EURUSD is trading around 1.13 again, unable to break decisively in either direction, in anticipation of the ECB meeting and the NFP data tomorrow.

    * USDJPY has declined as investors sought shelter in safe-haven currencies, reaching 111.68 and creating a downwards trend towards the 200-HMA at 111.30.

    * GBPUSD moved slightly higher, albeit not breaking through and remaining above the 1.319 mark. MACD, Stochastics and MAs point downwards.

    * XAUUSD broke through its Support level at 1290, and appears to have currently paused at 1284. Indicators are sending mixed signals.

    * Biggest Winner: USDCAD gained significantly as BoC maintains its interest rates unchanged. The pair jumped 20 pips during the meeting and is currently trading at a 2-month high at 1.3442.

    Main Macro Events Today

    * EU GDP (GMT 10:00) – The European Union’s GDP is expected to come out at 1.2% y/y, the same as the preliminary release in February.

    * ECB Interest Rate Decision (GMT 12:45) – No changes are expected from the ECB meeting, although Mario Draghi’s speech could provide more insights with regards to the potential TLTRO implementation or other possible policy measures.

    * Productivity, Labour Costs, Jobless Claims (GMT 13:30) – Productivity is expected to have slowed down to 1.6% in Q4, compared to 2.3% in the previous quarter, while Labour Costs are expected to have risen by 1.6%, compared to 0.9% in Q3. Initial Jobless Claims are expected to have remained at the same level, while Continuing Jobless Claims are expected to have declined to 1.775M.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Dr Nektarios Michail
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  3. #393
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    Date : 8th March 2019.

    MACRO EVENTS & NEWS OF 8th March 2019.




    FX News Today

    * Global sell off in stock markets continued during the Asian session.

    * Chinese markets in particular sold off after much weaker than expected trade data and a rare “sell” rating from China’s largest brokerage was taken as a sign that the government wants to limit gains on equity markets.

    * The ECB’s dovish turn and sharp growth revisions have fuelled concerns about the global outlook and sparked a fresh wave of risk aversion.

    * German manufacturing orders slumped -2.6% m/m in February

    * GER30 slumps at 11425.00 area on the EU open.

    * EURUSD plunged below 1.1200 after ECB.

    * USDJPY ebbed to 1-week low, AUDJPY saw 2-week low, amid risk-off backdrop

    * The WTI future is trading at USD 56.38 per barrel.

    * US futures are heading south, however, while the front end WTI future is trading at USD 56.26 per barrel.

    Charts of the Day



    Technician’s Corner

    * EURUSD has consolidated around 1.12 after post-ECB plunge into 21-low terrain. The weak bullish candles suggest a weak positive bias.

    * GBPUSD in a ranging market with immediate Resistance at 1.3100 and Support at 1.3065. Overall remains in downtrend with Momentum indicators negatively configured intraday and daily as well.

    * XAUUSD reached 1293 level but remains for 5th day above 1280 which stands a near term Support. It break outside hourly Bollinger Bands could follow by a pullback as it suggest an overextended move.

    * Biggest Winner: USDJPY has dipped to 110.95 from 111.60. The pair broke the the 200-day moving averageand is currently retesting a cross into negative BB area. This along with a decline of positive bias in MACD and Stochastic suggest a possible turn of the outlook into negative one in the medium term.

    Main Macro Events Today

    * US Housing starts – It should rise 11.3% to a 1.200 mln pace in January after an 11.2% drop to 1.078 mln in December.

    * US NFP – A rather solid February nonfarm payroll report is seen, even if the headline 180k job gain significantly undershoots the 304k January surge and would be the smallest gain since September.

    * Canadian Labor data – Employment is expect to reveal a 20.0k gain in jobs during February after January blasted through expectations with a 66.8k increase. The unemployment rate is seen unchanged.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Andria Pichidi
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  4. #394
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    Date : 11th March 2019.

    MACRO EVENTS & NEWS OF 11th March 2019.




    FX News Today

    * Stock market sentiment started to stabilise during the Asian session and many indices, first and foremost in China, managed to claw back some of Friday’s losses.

    * Chinese indices led the way after moving past the disastrous trade number from last Friday.

    * While dovish-leaning central banks in general and the additional action from the ECB in particular sparked fears that the global growth outlook is actually worse than anticipated, the fact that there is more support should also be constructive for stock markets in the medium term.

    * BoJ is set to meet this week while it is believed that China and the US are in general agreement on many crucial issues and have held meaningful discussions on foreign exchange, according to People’s Bank of China Governor Yi Gang.

    * Topix and Nikkei are up 0.57% and 0.47% respectively, the Hang Seng gained 0.68%, CSI 300 and Shanghai Comp are up 1.47% and 1.35% respectively and the Shenzhen Comp outperformed with a 3% gain. The ASX meanwhile was among the few underperformers with a loss of -0.38%.

    * US futures are narrowly mixed, with the Dow Jones futures underperforming and the front end WTI future trading at USD 56.32 per barrel.

    Charts of the Day



    Technician’s Corner

    * EURUSD has consolidated having risen after the NFP release, with 1.1256 standing as the next Resistance level, while Support is found at 1.1224.

    * GBPUSD appears to be currently moving in anticipation of tomorrow’s Brexit developments, with immediate Resistance at 1.3050 and Support at 1.2961.

    * XAUUSD moved past 1300 for a while before retracting, but remained above 1280 for a 6th day. Immediate support is at 1292 while Resistance remains at 1300.

    * USDJPY is still trading at two week lows, with the immediate Support and Resistance levels standing at 111.05 and 111.25.

    Main Macro Events Today

    * Retail Sales ex Auto (USD, GMT 12:30) – Retail Sales are expected to have grown by 0.3% m/m, most likely a base effect from the previous 1.8% reduction in December.

    * Eurogroup Meeting (EUR, Full Day) – The Finance Ministers of each Member State will meet in Brussels to discuss various financial issues, including fiscal policy.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Dr Nektarios Michail
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  5. #395
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    Date : 12th March 2019.

    MACRO EVENTS & NEWS OF 12th March 2019.




    FX News Today

    * The global stock market recovery continued during the Asian session.

    * News came out at the last minute that a “legally binding” agreement has been reached between the EU and the UK, giving May an assurance that the dreaded Irish border backstop doesn’t become permanent underpinned.

    * The pound strengthened, as well as stock markets across Asia after a positive close on Wall Street, where robust retail sales had helped to bolster confidence.

    * The latter also helped tech stocks to break the losing streak amid news that Nvidia Corp. agreed to buy chipmaker Mellanox Technologies Ltd.

    * Topix and Nikkei rose 1.52% and 1.79% respectively overnight. The Hang Seng is up 1.2% and CSI 300 and Shanghai Comp rose 0.48% and 0.76% so far, with the Shenzen Comp up 0.88%.

    * The ASX underperformed and closed with a loss of -0.09%, as Aussie loans data again came out negative.

    * US futures are broadly higher, while the front end WTI future saw a high of USD 57.14 before falling back to now USD 56.91 per barrel.

    Charts of the Day



    Technician’s Corner

    * EURUSD has continued its rise after the positive Brexit news, trading around the 1.1256 Resistance level, far from both the next 1.1224 Support and 1.13 Resistance.

    * GBPUSD gained on the positive Brexit developments, breaking through the 1.32 Resistance but the MACD suggests that this may be running out of steam.

    * XAUUSD continues to fluctuate around the 1295 mark, with the MACD and Stochastics indicators pointing to the downside as price it hits its 200HMA.

    * USDJPY continues to move upwards, with immediate Resistance at the 200HMA level at 111.54, while Stochastics and the MACD point downwards.

    Main Macro Events Today

    * Industrial and Manufacturing Production (GBP, GMT 09:30) – Industrial and Manufacturing Production are expected to have remained flat registering 0.0% m/m growth in January, compared to a 0.5% and 0.7% declines in December.

    * Consumer Price Inflation (USD, 12:30) – US CPI is expected to stand at the same level as in January, both for the overall and the core index, at 2.2% and 1.6% respectively.

    * Brexit Vote (EUR, USD, N/A) – The UK Parliament will vote on whether it will accept May’s amended deal, in light of today’s agreement on the backstop.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Dr Nektarios Michail
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  6. #396
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    Date : 14th March 2019.

    MACRO EVENTS & NEWS OF 14th March 2019.




    FX News Today

    * The dollar pulled ahead from a nine-day low on Thursday, largely helped by the pound snapping back after a sharp rally made on Brexit relief.

    * MPs surprised the government and voted by 312 to 308 to reject a no-deal Brexit under any circumstances. The vote is not binding – under current law the UK could still leave without a deal on 29 March.

    * Another vote tonight, with British lawmakers widely expected to vote in favour of a Brexit delay.

    * US grounded Boeing’s 737 Max 8 and 9 fleet as announced by the FAA, with Boeing itself recommending that the 737 Max should be taken out of service. More than 370 such planes are operated. Boeing saw its value decline by $26.6 billion this week.

    * Data from China point to the negative as unemployment has risen, industrial production growth has slowed, even though retail sales continue to grow.

    * Gold declined as the Dollar strengthened, still trading about 1300. Oil reaffirmed its gains and traded around $58.

    Charts of the Day



    Technician’s Corner

    * EURUSD has continued its rise after the positive Brexit news, trading around the 1.1256 Resistance level, far from both the next 1.1224 Support and 1.13 Resistance.

    * EURUSD continued its rise after the rejection of the no-deal Brexit. The pair broke through its 200HMA, and the Resistance point at 1.13, but has not managed to stay above the 1.1330 Resistance. Indicators are showing mixed signals.

    * GBPUSD gained after the rejection of the no-deal Brexit, breaking through the 200HMA yesterday, but bouncing off both the 1.3336 Resistance level and the 1.3245 Support.

    * XAUUSD lost as the Dollar gained yesterday, coming down from the 1310 highs and currently trading at 1302. The MACD and Stochastics are issuing negative signals.

    * USDJPY continues its slow upwards movement, breaking through the sideways channel as it is currently trading above its 200HMA level at 111.50, with immediate Resistance at 111.68. MACD and Stochastics are showing signs of saturation.

    Main Macro Events Today

    * Jobless Claims (USD, GMT 12:30) – Continuing and Initial Jobless Claims are expected to have risen last week, by 2K and 20K respectively, reaching 225K and 1.775K.

    * New Home Sales (USD, GMT 14:00) –New Home Sales are expected to have marginally declined in January, to 0.62M from 0.621M in December.

    * Brexit Vote (EUR, GBP, N/A) – The UK Parliament will vote on whether a Brexit delay should be pursued.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Dr Nektarios Michail
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  7. #397
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    Date : 18th March 2019.

    MACRO EVENTS & NEWS OF 18th March 2019.




    FX News Today

    * Stock markets rallied in Asia with Chinese indices leading the advance as markets prepare for a cautious Fed meeting this week.

    * China’s promise to support the economy via a cut in the VAT rate is adding support and helping markets to leave December lows far behind.

    * US futures are also on the rise as are European futures.

    * Japanese exports decline for a third consecutive month. Singapore non-oil exports swUng to surprise 4.9% rise in February after 3 months of decline

    * North Korea may suspend nuclear talks with the US, according to Russia’s TASS.

    * Brexit: May is still trying to get her Brexit deal over the line ahead of the March 21/22 EU summit, with an extension now needed even if the deal goes through.

    * BCC published a report showing that UK business investment is on course to decline by 1.0% in 2019, which would be the worst in a decade.

    * EURUSD above 1.1300, after marking 10-day peak near 1.1345 on tame Fed view.

    * USDJPY tipped lower on N. Korea back-track after printing 9-day peak at 111.90.

    * IEA warned of sharp Venezuela supply drop, but OPEC has spare capacity to offset.

    * The WTI future meanwhile is trading at $58.40.

    Charts of the Day



    Technician’s Corner

    * EURUSD found some ground on Friday’s closing. It is currently trading above its 10-day peak, in the upper BB pattern. Next Resistance 1.1360(50DMA) and Support at 1.1320 (20DMA).

    * GBPUSD is consolidating in the upper 1.32 area. Overall it remains in an up channel.

    * NZDUSD: Broke 3-day High and currently retesting the upper line of a descending triangle. Bullish inverse Head and Shoulders has also been identified in the hourly chart. Resistance holds at 0.6875-0.6900.

    * XAUUSD rebounded from 1,298 the past hour up to 1,304 area. Any consecutive bullish candles could suggest a positive intraday outlook.

    Main Macro Events Today

    * Eurozone Trade data – Eurozone trade data as well as current account data are likely to reflect the global pressure on exports. January’s trade balance is expected to fall to EUR 13.2 bln, vs EUR 15.6 bln in February.

    * US NAHB Housing Market Index – The NAHB Housing Market Index for March kicks off the week, and it is expected to rise to 63 from 62 last time.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Andria Pichidi
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

  8. #398
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    Date : 19th March 2019.

    MACRO EVENTS & NEWS OF 19th March 2019.




    FX News Today

    * The main focus is the eagerly awaited Fed announcement tomorrow, with the US central bank expected to turn down the to just one rate hike this year, and the USD remains in “wait n see mode” ahead of FED tomorrow.

    * Central banks in Indonesia, the Philippines and Thailand hold policy meetings this week and are expected to stay on hold as well.

    * In the RBA minutes, the outlook for the Aussie economy was mentioned as having “significant uncertainties’, as house prices cooled significantly more than expected too.

    * However, while the prospect of ongoing support from central banks and governments helped stock markets to move higher across Asia yesterday, today’s trading saw a broad correction, with Chinese indices, which outperformed Monday, underperforming today.

    * The Shanghai Comp lost -0.63%, the CSI 300 was down -0.82%, while the Hang Seng had declined -0.23%. Topix and Nikkei closed with losses of -0.21% and -0.08% respectively and the ASX was down -0.09% in the end.

    * US futures are posting fractional gains, while European futures are down. The front end WTI future meanwhile is trading at USD 58.98 per barrel, after touching a high of USD 59.14 overnight.

    Charts of the Day



    Technician’s Corner

    * EURUSD traded up and down yesterday, ranging around the 1.1345 Resistance level, breaking through it early today. Still below yesterday’s peak, MAs suggest the Euro will strengthen, supported by the MACD, while Stochastics suggest that it is overvalued.

    * GBPUSD is consolidating in the upper 1.32 area, moving on a sideways channel, still below end-February highs. MACD and Stochastics are showing down signals.

    * USDJPY has continued its downwards trend breaking through the 200HMA yesterday, reaching as low as 111.18, with Resistance standing at 111.40 and Support at 111.08.

    * XAUUSD continues to trade above the $1300 mark, in a slight upwards trend, even though Stochastics and MACD show signs of regression. Data releases and any Brexit developments today could affect it.

    Main Macro Events Today

    * Average Earnings ex Bonus and Unemployment Rate (GBP, GMT 09:30) – Average Earnings in the UK are expected to have stood at 3.4% in the three months to January, the same growth rate as the previous time. The ILO unemployment rate is expected to remain at 4%.

    * Economic Sentiment (EUR, GMT 10:00) – March’s economic sentiment index is expected to stand at -18.7, a decline from the -16.6 observed in February.

    * Factory Orders (USD, GMT 14:00) – Factory orders are expected to have grown by 0.3% in January, compared to 0.1% in December.

    Support and Resistance Levels



    Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

    Please note that times displayed based on local time zone and are from time of writing this report.

    Click HERE to access the full HotForex Economic calendar.

    Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

    Click HERE to READ more Market news.

    Dr Nektarios Michail
    Market Analyst
    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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