Dollar Steady Against Peers After Upbeat Jobs Data

Trading 05 avr 2019 Commentaire »

The dollar was steady against most major currencies on Friday, supported by upbeat U.S. jobs data and on rising optimism about U.S.-China trade talks.

Data from the Labor Department said job growth in the U.S. showed a substantial reacceleration in the month of March, after nearly grinding to a halt in the previous month.

The report said non-farm payroll employment jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in February.

Economists had expected employment to increase by about 180,000 jobs compared to the uptick of 20,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate held at 3.8% in March, unchanged from February and in line with economist estimates.

On U.S.-China trade front, Chinese Vice Premier Liu He said the two sides have conducted fruitful consultations in the past two days, especially on important issues such as the text of economic and trade agreements.

The dollar index was up by about 0.1% at 97.40, after rising to a high of 97.47 earlier.

Against the euro, the dollar was up at 1.1218,, recovering from a low of 1.1249 and against British Pound Sterling, it gained over 0.3%, strengthening to 1.3036 a sterling, recovering from a low of $1.3122.

The Japanese yen was up slightly with a dollar buying 111.70 yen.

The dollar gained 0.17% against the loonie with the pair trading at 1.3382. Against the Aussie, the greenback was up 0.1% at 0.7105, while trading flat against Swiss franc.


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Oil Futures Settle Higher

Trading 05 avr 2019 Commentaire »

Crude oil futures ended higher on Friday, supported by OPEC-led supply cuts and amid easing concerns about growth in the world's largest economy thanks to upbeat U.S. jobs data.

Rising optimism about U.S.-China trade talks too contributed to oil's rise.

West Texas Intermediate crude oil futures for May ended up $0.98, or 1.6%, at $63.08 a barrel.

On Thursday, crude oil futures ended down $0.36, at $62.10 a barrel.

Crude oil futures rose 4.9% in the week, recording its fifth straight weekly gain.

Brent Crude futures for June settled up $0.94, or 1.4%, at $70.34 a barrel.

Crude oil prices rose today, despite recent data that showed rise in U.S. crude inventories last week and a report from Baker Hughes said today that the number of U.S. oil rigs rose this week after declining in the previous six weeks.

According to a survey by S&P Global Platts, OPEC tightened the oil market considerably in March, slashing 570,000 barrels per day from its February output level, as Saudi Arabia continued to implement production cuts and Venezuela suffered from extensive power outages on top of US sanctions.

Data from the Labor Department said job growth in the U.S. showed a substantial reacceleration in the month of March, after nearly grinding to a halt in the previous month.

The report said non-farm payroll employment jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in February.

Economists had expected employment to increase by about 180,000 jobs compared to the uptick of 20,000 jobs originally reported for the previous month.

On U.S.-China trade front, there are signs of progress in U.S.-China trade talks after the latest round of high-level negotiations.

Chinese Vice Premier Liu He said the two sides have conducted fruitful consultations in the past two days, especially on important issues such as the text of economic and trade agreements.


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Treasuries Close Modestly Higher After Seeing Initial Weakness

Trading 05 avr 2019 Commentaire »

After recovering from an initial move to the downside, stocks saw modest strength throughout much of the trading session on Friday.

Bond prices spent most of the day hovering just above the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.1 basis points to 2.501 percent.

Treasuries initially came under pressure in reaction to a report from the Labor Department showing a significant reacceleration in the pace of U.S. job growth in the month of March.

The Labor Department said non-farm payroll employment jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in February.

Economists had expected employment to increase by about 180,000 jobs compared to the uptick of 20,000 jobs originally reported for the previous month.

However, Paul Ashworth, Chief U.S. Economist at Capital Economics, noted the pace of growth is still on a downward trend, with the three-month average monthly gain dropping to a 15-month low of 180,000.

"Overall, nothing here to shift the dial very far in either direction," Ashworth said of the closely watched monthly jobs report. "But the gradual slowdown in trend employment growth is another sign that the economy is weakening."

Bond prices subsequently recovered from the initial drop, although traders seemed reluctant to make significant moves amid lingering uncertainty about the U.S.-China trade talks.

Chinese Vice Premier Liu He said the two sides have conducted fruitful consultations in the past two days, especially on important issues such as the text of economic and trade agreements.

Reports on factory orders, consumer and producer prices, and import and export prices are likely to attract attention next week along with the release of the minutes of the latest Federal Reserve meeting.

Bond traders are also likely to keep an eye on the results of the Treasury Department's auction of three-year and ten-year notes and thirty-year bonds.

The Treasury plans to sell $38 billion worth of three-year notes next Tuesday, $24 billion worth of ten-year notes next Wednesday and $16 billion worth of thirty-year bonds next Thursday.


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Gold Futures End Marginally Higher

Trading 05 avr 2019 Commentaire »

Gold futures ended slightly higher on Friday, bouncing back from losses in the previous two sessions, but still ended with a weekly loss due to increased risk appetite in the market.

Upbeat U.S. jobs data helped allay fears about a recession in the world's largest economy, prompting investors to pick up riskier assets such as equities.

The dollar remained steady as well and limited gold's rise. The index rose to 97.47 and eased later to 97.40, but still remained positive with a gain of about 0.1%.

Gold futures for June ended up $1.30, or 0.1%, at $1,295.60 an ounce.

On Thursday, gold futures settled at $1,294.30 an ounce, losing $1.00, or nearly 0.1%. Gold futures shed 0.2% in the week.

Silver futures for May ended up $0.002, at $15.086 an ounce, while Copper futures for May settled lower by $0.0155, at $2.8945 per pound.

On the economic front, data from the Labor Department said job growth in the U.S. showed a substantial reacceleration in the month of March, after nearly grinding to a halt in the previous month.

The report said non-farm payroll employment jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in February.

Economists had expected employment to increase by about 180,000 jobs compared to the uptick of 20,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate held at 3.8% in March, unchanged from February and in line with economist estimates.

On U.S.-China trade front, there are signs of progress in U.S.-China trade talks after the latest round of high-level negotiations.

Chinese Vice Premier Liu He said the two sides have conducted fruitful consultations in the past two days, especially on important issues such as the text of economic and trade agreements.


The material has been provided by InstaForex Company - www.instaforex.com

U.S. Consumer Credit Climbs Less Than Expected In February

Trading 05 avr 2019 Commentaire »

Consumer credit in the U.S. increased by less than expected in the month of February, according to a report released by the Federal Reserve on Friday.

The Fed said consumer credit climbed by $15.2 billion in February after jumping by a revised $17.7 billion in January.

Economists had expected consumer credit to rise by $17.0 billion, matching the increase originally reported for the previous month.

The report said non-revolving credit such as student loans and car loans increased by $12.2 billion in February after surging up by $15.5 billion in January.

Revolving credit, which largely reflects credit card debt, edged up by $3 billion in February following a $2.6 billion uptick in the previous month.

Compared to the same month a year ago, consumer credit in February was up by 4.5 percent, as revolving and non-revolving credit increased by 3.3 percent and 4.9 percent, respectively.


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*U.S. Consumer Credit Climbs By $15.2 Billion In February

Trading 05 avr 2019 Commentaire »

U.S. Consumer Credit Climbs By $15.2 Billion In February


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April 5, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 05 avr 2019 Commentaire »

analytics5ca77fbd1fbb2.jpg

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 (Feb. 27) before the bearish pullback brought the pair towards the uptrend again.

A weekly bearish gap pushed the pair towards the up-trend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair pursued the bullish momentum towards 1.3130, 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high than the one achieved on February 27.

Instead, significant bearish pressure was demonstrated below 1.3250. That's why, the short term outlook turned to become bearish towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any immediate bullish support leading to obvious bearish breakdown.

By the end of last week, the price levels of 1.3020-1.3000 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line are located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180) where the current bearish decline was initiated.

Further bearish movement is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

The material has been provided by InstaForex Company - www.instaforex.com

April 5, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 05 avr 2019 Commentaire »

analytics5ca77c78c6616.jpg

On January 10th, the market initiated the depicted bearish channel around 1.1570.

The bearish channel's upper limit managed to push price towards 1.1290 then 1.1235 before the EUR/USD pair could come again to meet the channel's upper limit around 1.1420.

Shortly after, the recent bearish movement was demonstrated towards 1.1175 (channel's lower limit) where significant bullish recovery was demonstrated on March 7th.

Bullish persistence above 1.1270 enhanced further bullish advancement towards 1.1290-1.1315 (the Highlighted-Zone) which failed to provide adequate bearish pressure.

On March 18, a bullish breakout attempt was executed above 1.1327 (the upper limit of the Highlighted-zone). This enhanced further bullish movement towards 1.1450 demonstrating a false bullish breakout above the upper limit of the depicted movement channel.

On the other hand, On March 22, significant bearish pressure was demonstrated around 1.1380 leading to the current bearish decline towards 1.1220 then 1.1220.

Theoretically, the short term outlook for EURUSD pair remains bearish towards 1.1170 and 1.1120 as long as Bearish persistence below 1.1235 (Fibonacci 78.6%) is maintained on H4 chart.

On the other hand, a bullish breakout above 1.1235 (78.6% Fibonacci level) would confirm the depicted bullish Head & Shoulders pattern allowing another bullish pullback to occur towards 1.1280-1.1320 where a better SELL entry can be offered.

Trade recommendations :

Conservative traders should wait for a bullish breakout above 1.1235 for a valid BUY entry.

TP levels to be located around 1.1280, 1.1320. SL to be located below 1.1200.

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Upbeat U.S. Jobs Data Buoys Dollar

Trading 05 avr 2019 Commentaire »

The U.S. dollar strengthened against its major counterparts in the European session on Friday, erasing its decline, as the economy created more jobs than expected in March after weak figures in February.

Data from the Labor Department showed that non-farm payroll employment jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in February.

Economists had expected employment to increase by about 180,000 jobs compared to the uptick of 20,000 jobs originally reported for the previous month.

The unemployment rate remained at 3.8 percent in March, unchanged from February and in line with economist estimates.

The March jobs report pointed to ongoing strength in the labor market and reduced recent concerns about the economic outlook.

Investors welcomed continued indications of progress in U.S.-China trade talks after the latest round of high-level negotiations.

Chinese Vice Premier Liu He said the two sides have conducted fruitful consultations in the past two days, especially on important issues such as the text of economic and trade agreements.

The currency showed mixed performance against its major counterparts in the Asian session. While it rose against the yen and the franc, it dropped against the pound. Against the euro, it held steady.

The greenback appreciated to a 3-day high of 1.3026 against the pound, up by 0.7 percent from a low of 1.3122 seen at 1:00 am ET. The pair had ended Thursday's trading at 1.3068. Next key resistance for the greenback is seen around the 1.28 level.

Survey data from the Lloyds Bank subsidiary Halifax showed that UK house price inflation unexpectedly accelerated in March to its highest level in seven months.

The house price inflation rose to 3.2 percent from 2.8 percent in February. Economists had expected a lower rate of 2.1 percent.

The greenback spiked up to 1.0012 against the franc, its strongest since March 19, and was 0.3 percent higher from a low of 0.9985 touched at 5:00 pm ET. The greenback had closed yesterday's deals at parity rate against franc. The greenback is seen finding resistance around the 1.02 level.

The greenback bounced off to 1.1217 against the euro, after a brief fall to 1.1245 immediately after the release of the data. Should the greenback continues its uptrend, 1.11 is possibly seen as its next resistance level.

Preliminary figures from the Federal Statistical Office showed that Germany's industrial production rose in February after stagnating at the start of the year.

Industrial production grew a price, seasonally and calendar adjusted 0.7 percent, which slightly slower than the 0.8 percent gain economists had predicted.

The greenback added 0.3 percent to a 3-week high of 111.82 against the yen, following a decline to 111.53 soon after NFP report. At Thursday's close, the pair was valued at 111.66. Continuation of the greenback's uptrend is likely to see it challenging resistance around the 113.00 mark.

Data from the Ministry of Internal Affairs and Communications showed that Japan household spending rose 1.7 percent on year in February, coming in at 271,232 yen.

That missed expectations for a gain of 1.9 percent following the 2.0 percent increase in January.

The greenback was up 0.4 percent at a weekly high of 1.3403 against the loonie, after having dropped to 1.3349 at 3:00 am ET. The pair was quoted at 1.3358 when it finished deals on Thursday. Further uptrend may take the greenback to a resistance around the 1.36 region.

The U.S. currency climbed to 0.7098 against the aussie, after falling to a 4-day low of 0.7132 at 8:30 am ET. The greenback was trading at 0.7111 per aussie at yesterday's close. The greenback is likely to find resistance around the 0.69 level, if it climbs again.

Extending early rally, the greenback firmed to near a 2-month peak of 0.6721 against the kiwi. The pair had finished Thursday's trading session at 0.6752. The greenback is poised to find resistance around the 0.66 level.

The U.S. consumer credit for February is slated for release at 3:00 am ET.


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Hungary Industrial Production Growth Rises In February

Trading 05 avr 2019 Commentaire »

Hungary's industrial production growth rose in February after easing in the previous month, data from the Hungarian Central Statistical Office showed on Friday.

Industrial production rose a working day adjusted 5.9 percent year-on-year in February, after a 5.0 percent rise in January.

On a non-working day adjusted basis, industrial production grew 5.9 percent in February, following a 4.4 percent rise in the previous month. That was the fastest since October, when output rose 6 percent.

The rate of growth accelerated in manufacture of transport equipment, computer, electronic and optical products, while food products, beverages and tobacco rose similarly to the degree of industrial average.

On a month-on-month basis, industrial production rose 1.0 percent in February, after 0.6 percent rise in the prior month.


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