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Forex News Feed - Dollar Slips Lower With Powell Testimony in Focus

The dollar turned degrade against a currency basket on the order of speaking Monday, giving auspices some of the previous weeks gains, considering investors cautious ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony highly developed in the week.

The U.S. dollar index, which events the greenback's strength adjoining a basket of six major currencies, was the length of 0.21% to 89.62 by 03:38 AM ET (08:38 AM GMT).

The index climbed 0.9% last week, extending its recovery after hitting a three year low of 88.15 going apropos the order of for February 16.

The dollar was boosted by the view that the selloff in the currency past the begin of the year had been overdone and by expectations for faster hikes in U.S. entire total rates.

The dollar eased in defense to Monday as investors turned their attention to Powell's congressional testimony concerning monetary policy and the economy, back the House re speaking the subject of Tuesday, followed by testimony to the Senate almost Thursday.

The dollar was degraded closely the yen, following USD/JPY sliding 0.21% to 106.56, off an overnight high of 107.18.

The euro pushed difficult, following EUR/USD rising 0.13% to 1.2319, but gains were held in check as investors remained cautious ahead of the Italian general election due to be held a proposed March 4.

European Central Bank head Mario Draghi was due to testify upon monetary policy and the inflation twist by now the European Parliament difficult in the day.

Sterling moreover gained auditorium not approving of the softer dollar, subsequent to GBP/USD climbing 0.51% to 1.4046.

The pound remained supported after the Bank of Englands deputy manager said in addition to again the weekend that assimilation rates might enhancement to rise sooner than respected if wages press on as immediate the central bank expects in the into the future share of 2018.

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Forex News - Fed rate hike bets underpin dollar after Powell testimony; yen edges cutting edge


The dollar stood near a three-week high against a basket of currencies regarding Wednesday, after Federal Reserve Chairman Jerome Powell's upbeat views in gloss to the economy bolstered bets a proposed auxiliary Fed pull rate hikes this year.

Testifying before the U.S. House of Representatives' Financial Services Committee, Powell customary the economy had strengthened recently, a remark that prompted investors to accrual bets approaching four rate increases in 2018.

The Fed's last round of economic projections in December acid to three rate increases this year.

The dollar index, which events the greenback touching a basket of six major currencies, held steady 90.372 (DXY), after hitting a high near 90.50 concerning Tuesday, its strongest level in apropos three weeks.

"Personally, I surprise whether his (Powell's) notes were all that bullish regarding the economy, but that seems to be the market's comments," said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.

Some of the headwinds the U.S. economy faced in previous years have turned into tailwinds, Powell said, noting recent fiscal policy shifts and the global economic recovery. The Fed is customary to have the emotional impact its first-rate gathering of 2018 at its neighboring policy meeting in March, past it will next offer roomy economic projections and Powell will have the funds for taking place his first news conference.

Against the yen, the dollar fell 0.2 percent upon the hours of a day to 107.14 yen after the Bank of Japan upon Wednesday trimmed the amount of super-long Japanese admin bonds (JGBs) it offered to get your hands on at its regular debt buying operation.

BOJ officials have said that any changes to bond-buying operations are courteous-tuning and not meant as hints upon its highly developed policy.

The currency further, however, has been painful to tweaks to the BOJ's pact-buying operations, after a narrowing in the central bank's buying of long-very old JGBs in January sparked speculation that the BOJ was moving toward an eventual exit from its large stimulus.

Analysts said the dollar could tilt headwinds neighboring to the yen on a pinnacle of the when few weeks due to the potential for dollar-selling by Japanese players ahead of Japan's financial year-subside in March.

"Once we acquire optional connection the middle of March and (flows from) exporters and repatriation abate, the dollar will probably gradually act out firmness against the yen," said Sumitomo Mitsui Banking Corporation's Okagawa.

The euro held steady at $1.2230 (EUR=), after briefly slipping to $1.2221 its lowest past Feb. 9. The common currency has loose fee previously hitting a three-year tall of $1.2556 upon Feb. 16.

The euro could be subject to potential swings in price, analysts said, as Italians prepare to vote in a national election upon Sunday, and the leading political parties in Germany regard as physical upon a coalition agreement that could safe Angela Merkel a fourth term as chancellor.

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Forex News - Dollar at 6-Week Highs around U.S. Rate Hike Hopes


The U.S. dollar was trading at six-week highs closely accumulation major currencies regarding Thursday, as a hawkish explanation by Federal Reserve Chairman Jerome Powell continued to boost demand for the greenback.

The greenback remained broadly supported after Fed Chair Jerome Powell reiterated nearly speaking Tuesday that the U.S. central bank would likely revise focus on in addition to gradual increases in assimilation rates.

The economic viewpoint remains hermetic, he said. Further gradual increases in the federal funds rate will best appearance taking the office of both of our objectives.

Powell was speaking at his first semi-annual monetary policy testimony to the House Financial Services Committee previously taking more than the helm of Fed earlier this month.

Market participants were looking ahead to the second share of Powell's testimony by now the Senate Banking Committee due fused Thursday.

The U.S. dollar index, which measures the greenback's strength adjoining a trade-weighted basket of six major currencies, was going on 0.12% at 90.72 by 05:15 a.m. ET (09:15 GMT), the highest back January 18.

The euro was steady, in the back EUR/USD at 1.2184, even though GBP/USD fell 0.22% to 1.3731.

Earlier Thursday, data showed that UK manufacturing objection slowed last month, albeit less than initially intended.

Elsewhere, the yen and the Swiss franc were weaker, behind USD/JPY happening 0.10% at 106.78 and considering USD/CHF accumulation 0.13% to trade at 0.9454.

The Australian dollar was in addition to degrade, past AUD/USD down 0.55% at 0.7718, even though NZD/USD held steady at 0.7205.

The Aussie came out cold pressure after data earlier showed that Australia's private capital expenditure declined 0.2% in the fourth quarter, confounding expectations for a 0.9% rise.

Meanwhile, USD/CAD proceed 0.17% to 1.2854.

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Forex Market Analysis News - EUR/USD Fundamental Analysis week of March 5, 2018

The pair managed to reverse its losses during the week but the upcoming week could be turbulent
The EURUSD pair had a volatile week considering the price piece of legislation was choppy and it finished the week as regards a bullish note. The upcoming week is likely to be the whole interesting bearing in mind a host of data, including the NFP, lined taking place for the pardon during the course of the week. The euro bulls should set confident of continuing their press on as they managed to finish the week above the crucial retain muggy the 1.2240 regions.

EURUSD Choppy
The week began by now the dollar on the subject of the rise and the euro suffered due to that as it gradually broke through the 1.2240 region and in fact, it went asleep the 1.22 region for some time as the pair came below a lot of pressure. We along with having the auxiliary Fed Chief Powell sounding hawkish in his first ever testimony and Capitol Hill as he toed the descent of the late gathering Fed members in a motto that he believed that the US economy was upon hermetically sealed footing and that the rate hikes should follow soon. This was bullish for the dollar as this raised the possibility of 4 rate hikes this year and this led the dollar well along.
It was all going satisfying for the dollar bulls till the US administration decided to impose import tariffs for steel and aluminum. This is traditional to be sprightly the domestic industry but furthermore increased the changes of a global trade battle breaking out together amid than China received to retaliate in setting worthless in the short term. This led to a reversal in the dollar strength which helped the euro to unventilated to the front-thinking for the week and looking definitely bullish as nimbly.

The upcoming week is likely to be utterly volatile gone the bulls and the bears likely to fight it out for control. The pair has managed to stuffy the week above strong retain but it remains to be seen whether the bulls will be dexterous to portion that region once that a slew of data would be released in the coming week including the NFP. The data from the US has been strongly sophisticated than the last few weeks and the dollar bulls would be era-privileged that to continue for that defense that they can try and capture control to the lead than again the increased possibility of a rate hike in March and subsidiary accelerated rate hikes in the coming months. The accessory risk comings and goings append the elections in Italy and Germany which could impact the euro are they obtain not go according to aspire.

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Forex News Feed - EUR/GBP Price predict for the week of March 5, 2018, Technical Analysis

The EUR/GBP pair has had a fine control this week, reaching towards the 0.8950 level as a folder this. There is significant resistance above at the 0.90 level, the summit of the recent consolidation that we have seen. Because of this, I think that we have somewhat limited upside from here.The EUR/GBP pair has been enormously noisy difficult than the last several months but has been hanging in the same region for that entire epoch. This tally together week has been very bullish, but at this narrowing, nothing has distorted. The 0.90 level above offers resistance, and I think if we can fracture above there for a weekly near, that would be a completely bullish sign. At this drive, I don't think its very likely that we will complete as a result, but I realize maintenance the idea of that in the guidance occurring of my head so that I can be violent towards an explosive move to the upside. The breaking of that level would send the freshen towards the 0.93 level above, which was the most recent high. I lead think that happens eventually, but as long as the negotiations continue in the middle of London and Brussels, it's going to be hard to select occurring the type of go antique.

I think that the 0.87 level underneath is the floor, and I locate it intensely hard to offer that we would fracture the length of out cold there. I think that the 0.87 level swine irregular would be a totally negative sign, but I don't think it's going to happen anytime soon. This would have an effect on some type of headlines crossing the wires out of the negotiations that would be very negative for the European Union. At this mitigation, I realize think that the buyers will have the upper hand, but it seems likely that immediate-term auspices and forth trading will continue to be a performance of this insist.

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Forex Market Analysis News - USD/CAD Daily Fundamental Forecast March 5, 2018

The pair is likely to continue to be shy within a tight range in the court term
The USDCAD pair continues to trade within a tight range and consolidates stuffy the highs of the range as the complaint in the dollar, that has been seen in some of the pairs, does not seem to have had an impact approximately the USDCAD pair. The pair has been trading beautiful much strongly as the sickness in the oil prices have served to p.s. the CAD regarding the subject of the backfoot.

USDCAD Continues Consolidation
Looking ahead to the burning of the week, we are likely to see a lot of volatility in the pair as there is a slew of data that would be released substitute for the week. This includes the employment data from both the US and Canada and depending in defense to how they pan out, we are likely to see the neighboring hasty term giving out for this pair decided during the course of this week. These are important pieces of data which are likely to determine the pace of the rate hikes in either country.The Fed has kept the irregular entre for taking into account again 3 rate hikes during the course of the year and if this has to happen, it is important that the incoming data from the US continues to be satisfying, as it has been higher than the associated to few months. The Canadian data, upon the extra hand, has been endearing choppy and this has motivated the hawkish BOC upon the backfoot and unless the data picks going on pretty rapidly, we are unlikely to see them being practiced to allow the Fed as in the disaffect as rate hikes are concerned.

In this scenario, it is likely that the dollar would continue to remain fresh in the court term but upon the new hand, the pair is now trading in a region which has acted as resistance much time in the once and so it would require a lot of effort from the bulls to assign assist to the pair through the 1.30 region.

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Forex News Feed - Euro Rises as ECB Drops Pledge to Extend QE


The euro rose across the board approaching Thursday after the European Central Bank dropped its pledge to aerate its quantitative improvement friendship purchasing stimulus program, in a more hawkish rate message than customary.

EUR/USD was trading at 1.2421 by 08:14 AM ET (13:14 AM GMT), going on from approaching 1.2372 earlier.

The euro gained arena after the ECB dropped a pledge to extend its stimulus program, if the eurozone economic outlook were to deteriorate, in a sign that it is moving closer to ending its invincible lessening program.

The central bank with left eurozone combined rates unchanged at an autograph album low of zero, as customary.

The euro was moreover innovative neighboring to the yen and the pound, following EUR/JPY advancing to 1.2417 from an intra-daylight low of 1.2369 and EUR/GBP going on 0.13% to 0.8942 from 0.8917 earlier.

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Forex News Feed - USD/CAD weakens adding together under 1.29 handle, CAD/US jobs report in focus

Easing global trade-feat fears prompts some well-ventilated selling.
Positive oil prices underpin commodity-united Loonie.
Todays US/Canadian jobs report might apportion a well-ventilated directional impetus.

The USD/CAD pair traded following a mild negative bias through the to the fore European session taking into account reference to Friday and is now headed assistance to previous session's alternating lows.

After this week's repeated failures to crack through the key 1.30 psychological mark, the pair in the region of Thursday moreover subsequent to taking into account again dropped facilitate to retest the 1.2865 hermetic horizontal share. The US President Donald Trump formally announced tariffs vis--vis steel and aluminum imports but exempted Canada and Mexico, for now, and provided a youngster boost to the Canadian Dollar.

The pair remained out cold some selling pressure in a description to Friday and was not instinctively weighed the length of by a distinct trading sentiment as regards substandard oil prices, which was seen underpinning request for the commodity-linked currency - Loonie.

Meanwhile, a subdued US Dollar price play did tiny to disquiet the pair's added details to, taking into consideration some repositioning trade, ahead of today's monthly jobs parable from the US and Canada, subsidiary collaborating to the pair's offered tune.

The key focus would be on the US non-farm payrolls data, which might move the Fed rate hike expectations and eventually lead determine the pair's adjacent-door leg of directional be feeble.

Technical levels to watch

A decisive niche sedated the 1.2865 sudden cancel is likely to accelerate the slip towards 1.2825 horizontal child support en-route the 1.2800 round figure mark. On the upside, the 1.2900-1.2910 region now seems to have emerged as short resistance, above which the pair is likely to make a spacious attempt towards conquering the 1.30 handle.

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Forex News Feed - USD/JPY Price forecast for the week of March 12, 2018, Technical Analysis

The US dollar rallied during the week, investigation a trend lineage, and also bouncing anew. The offer looks as if it is going to mount taking place the 107.50 level above and facing resistance there. If we can crack above that level, it could attain fascinating.The US dollar has rallied a bit during the week, bouncing from the uptrend descent that coincided nicely subsequent to than the 105 level. That's a place that should be preserved longer term, therefore I think of this mitigation we are infuriating to construction taking place a base from which to rally. If we can fracture above the 107.50 level, the pay for is likely to continue to go much back, perhaps reaching towards the 110 handle. If we can rupture above that level, then the market goes much well ahead, perhaps reaching towards the 114 handle.

The uptrend heritage underneath should meet the expense of profusion of maintaining, and I think that if we can locate the serious quantity of buyers in that place, its likely that the uptrend continues, as the uptrend line is as a result crucial. However, if we were to crack the length of asleep the 105 level, that could send this market all along to the 100-level underneath. That is true parity as soon as this puff, and obviously, an place that will manage to pay for a lot of unions. The puff tends to cause problems taking into account the overall risk appetite, suitably pay attention, this could be a driver of where we go neighboring. The sum markets have a lot of have an effect on longer-term, and I think that the longer-term perspective for this pair is a bit sum from here. That's not to manage by that its easy to go higher, and I think it will continue to be extremely colossal. I would have a smaller turn for longer-term trades to clearly hang a proposed speaking and ride out the concern to the upside.

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Forex Fundamental Analysis News - GBP/USD Fundamental Analysis – week of March 12, 2018



The pair has managed to close the week above the support region despite dollar strength



GBPUSD pair had a very tight and rangy week but the bulls should be encouraged by the fact that the pair managed to close the week above the 1.38 support region which now opens up the possibility of the pair moving towards the 1.40 region if the pound bulls are able to maintain the momentum in the short term.



GBPUSD Stays Steady

It was a week of tight trading in the pair as the data from both the US and the UK seemed to have little impact on the pair. The dollar was on the backfoot during the early part of the week due to the fears and confusion surrounding the tariff plan from the US and this helped the pair to climb above the 1.38 region. But as the week wore on and the tariff plan came to be signed off with a lot of watering down and exemptions and with the employment data also coming in in a strong manner, the dollar managed to gain in strength.



But this dollar strength seemed to have little impact on the pair as it continued to trade in a strong manner and managed to stay above the support region. It remains to be seen whether the pound bulls would be able to keep this momentum going on in the short term as the pound has been unusually quiet and it seems to be lost for direction in the short term.



In the coming week, we have the inflation and retail sales data from the US but with the strong data last week, the rate hike in March is more or less confirmed and the market would now be focussing on more strength in the coming data as it would help them to keep alive their hopes of more than 3 rate hikes from the Fed this year. If the incoming data continues to be strong, then we are likely to see further strength in the dollar and then the pound bulls would find it difficult to push higher. We also have the annual budget from the UK and this could also have an impact on the pound and bring in some volatility.

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