*India Govt Names Michael Patra As New RBI Deputy Governor: Reports

Trading 14 jan 2020 Commentaire »

India Govt Names Michael Patra As New RBI Deputy Governor: Reports


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January 14, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 14 jan 2020 Commentaire »

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Since November 14, the price levels around 1.1000 has stood as a significant DEMAND-Level offering adequate bullish SUPPORT for the pair on two successive occasions.

During this Period, the EUR/USD pair has been trapped within a narrow consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.

On December 11, another bullish swing was initiated around 1.1040 allowing recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted short-term bullish channel.

Initial Intraday bearish rejection was expected around the price levels of (1.1175).

Moreover, On December 20, bearish breakout of the depicted short-term channel was executed.

Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.

The recent bullish pullback towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.

Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.

As expected, the Key-Level around 1.1110 has provided some bullish rejection. That's why, the current bullish pullback would be expected to pursue towards 1.1140 and probably 1.1175.

On the other hand, for the bearish side of the market, bearish persistence below 1.1110 is needed to enable further bearish decline towards 1.1060 and probably 1.1040.

Trade recommendations :

Conservative traders should wait for any bullish pullback towards the price levels of (1.1140-1.1175) as another valid SELL signal.

Bearish projection target to be located around 1.1120 and probably 1.1060. Any bullish breakout above 1.1190 invalidates the mentioned bearish trading scenario.

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January 14, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 14 jan 2020 Commentaire »

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On December 13, the GBPUSD pair looked overpriced around the price levels of 1.3500 while exceeding the upper limit of the newly-established bullish channel.

On December 23, initial bearish breakout below 1.3000 was demonstrated on the H4 chart.

However, earlier signs of bullish recovery were manifested around 1.2900 denoting high probability of bullish breakout to be expected.

Thus, Intraday technical outlook turned into bullish after the GBP/USD has failed to maintain bearish persistence below the newly-established downtrend line.

That's why, bullish breakout above 1.3000 was anticipated. Thus, allowing the recent Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where bearish rejection and another bearish swing were suggested for conservative traders in Last Week's previous articles.

Intraday bearish target remains projected towards 1.3000 and 1.2980 provided that the current bearish breakout below 1.3170 is maintained on the H4 chart.

Please also note that two descending highs are being demonstrated around 1.3120 and 1.3090 which enhances the bearish side of the market.

Bearish breakdown below 1.2980 is needed first to enhance further bearish decline towards 1.2900 and probably 1.2800 where the backside of the previously-broken downtrend is located.

Otherwise, Intraday traders can watch any bullish pullback towards the depicted price zone (1.3170 - 1.3200) for bearish rejection and another valid SELL entry with intraday bearish targets projected towards 1.3000 and 1.2980.

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Dollar Mixed After U.S. Consumer Inflation Data

Trading 14 jan 2020 Commentaire »

The U.S. dollar showed mixed trading against its major counterparts in European trading on Tuesday, after the release of consumer inflation data that improved less than forecast for December.

While the greenback rose against the euro, it showed little reaction against other major opponents.

Data from the Labor Department showed that consumer prices increased slightly less than anticipated in December.

The Labor Department said its consumer price index rose by 0.2 percent in December after climbing by 0.3 percent in November. Economists had been expecting another 0.3 percent increase.

Excluding food and energy prices, core consumer prices inched up by 0.1 percent in December after rising by 0.2 percent in November. Core prices had been expected to rise by another 0.2 percent.

Investors awaited the signing of a Phase I trade deal between the United States and China on Wednesday.

The deal is a major step towards ending the tariff war that has hurt the global economy.

Ahead of the signing ceremony, the U.S. Treasury Department dropped its designation of China as a currency manipulator.

U.S. Trade Representative Robert Lighthizer told Fox Business that the Chinese translation of the deal's text was almost done and would be made public before the signing ceremony on January 15.

The currency held steady against its major counterparts in the Asian session, except the yen.

The greenback rose to a 4-day high of 1.1105 against the euro from Monday's closing value of 1.1134. Next key resistance for the greenback is likely seen around the 1.10 level.

The USD/JPY pair held steady, trading at 110.00. This followed an 8-month peak of 110.21 seen in the Asian session. The dollar-yen pair was worth 109.94 when it ended deals on Monday.

Data from the Ministry of Finance showed that Japan posted a current account surplus of 1,436.8 billion yen in November- up 75 percent on year.

That exceeded expectations for a surplus of 1,424.8 billion yen following the 1,816.8 billion yen surplus in October.

The greenback bounced off to 0.9705 against the franc, from a 6-day low of 0.9668 hit at 6:45 am ET. The greenback is seen finding resistance around the 0.98 mark.

After easing off from a 3-week high of 1.2954 set at 3:15 am ET, the greenback held steady against the pound. The pound-greenback pair had ended yesterday's trading session at 1.2989.


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U.S. Consumer Prices Rise 0.2% In December, Less Than Expected

Trading 14 jan 2020 Commentaire »

Consumer prices in the U.S. increased by slightly less than anticipated in the month of December, according to a report released by the Labor Department on Tuesday.

The Labor Department said its consumer price index rose by 0.2 percent in December after climbing by 0.3 percent in November. Economists had been expecting another 0.3 percent increase.

The increase in consumer prices was partly due to a jump in energy prices, which surged up by 1.4 percent in December amid a 2.8 percent jump in gasoline prices.

Excluding food and energy prices, core consumer prices inched up by 0.1 percent in December after rising by 0.2 percent in November. Core prices had been expected to rise by another 0.2 percent.

The uptick on core prices reflected higher prices for shelter and medical care as well as increases by prices for apparel, motor vehicle insurance, recreation, and new vehicles.

Meanwhile, the Labor Department said prices for used cars and trucks, household furnishings and operations, and airline fares were among those to decline.

"The more muted 0.1% rise in core consumer prices in December provides further evidence that underlying price pressures are subdued," said Michael Pearce, Senior U.S. Economist at Capital Economics.

He added, "With wage growth also moderating in recent months, there will be little pressure on the Fed to raise interest rates as economic growth gradually accelerates later this year."

The report also said the annual rate of consumer price growth accelerated to 2.3 percent in December from 2.1 percent in November, reaching the fastest rate of growth since October of 2018.

The annual rate of growth in core consumer prices was 2.3 percent in December, unchanged from the two previous months.

On Wednesday, the Labor Department is scheduled to release a separate report on producer prices in the month of December.

Producer prices are expected to rise by 0.2 percent in December after coming in unchanged in November, while core prices are expected to increase by 0.2 percent after dipping by 0.2 percent in the previous month.


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

U.S. Consumer Prices Rise Less Than Expected In December

Trading 14 jan 2020 Commentaire »

Consumer prices in the U.S. increased by slightly less than anticipated in the month of December, according to a report released by the Labor Department on Tuesday.

The Labor Department said its consumer price index rose by 0.2 percent in December after climbing by 0.3 percent in November. Economists had been expecting another 0.3 percent increase.

Excluding food and energy prices, core consumer prices inched up by 0.1 percent in December after rising by 0.2 percent in November. Core prices had been expected to rise by another 0.2 percent.


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

Dollar Little Changed After U.S. CPI

Trading 14 jan 2020 Commentaire »

Following the release of the U.S. consumer price index for December at 8:30 am ET Tuesday, the greenback changed little against its major rivals.

The greenback was trading at 1.2981 against the pound, 109.98 against the yen, 0.9685 against the franc and 1.1113 against the euro around 8:33 am ET.


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

*U.S. Consumer Prices Rise 0.2% In December, Core Prices Inch Up 0.1%

Trading 14 jan 2020 Commentaire »

U.S. Consumer Prices Rise 0.2% In December, Core Prices Inch Up 0.1%


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

Dollar Mixed Ahead Of U.S. CPI

Trading 14 jan 2020 Commentaire »

The Labor Department will release the U.S. consumer price index for December at 8:30 am ET Tuesday.

Ahead of the data, the greenback traded mixed against its major rivals. While the greenback was trading higher against the yen and euro, it held steady against the franc and the pound.

The greenback was worth 1.2979 against the pound, 110.10 against the yen, 0.9692 against the franc and 1.1107 against the euro as of 8:25 am ET.


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Franc Advances As U.S. Includes Switzerland On Watchlist

Trading 14 jan 2020 Commentaire »

The Swiss franc advanced against its major counterparts in European deals on Tuesday, as the U.S. treasury included Switzerland on a currency manipulator watchlist.

Even as borrowing costs for the Swiss government remained among the lowest in the world, fiscal policy was underutilized, even within the constraints of Switzerland's existing fiscal rules, the Treasury report said.

Swiss government responded that they have not manipulated the franc to gain "an unjustified competitive advantage."

Investors welcomed signs of a thawing in relations between the United States and China after the U.S. Treasury Department dropped China's designation as a currency manipulator and China pledged to buy nearly an additional $80 billion of U.S. manufactured goods over the next two years.

The phase one U.S.-China trade deal is due to be signed at the White House on Wednesday. U.S. Trade Representative Robert Lighthizer told Fox Business that the Chinese translation of the deal's text was almost done.

The franc advanced to 113.74 against the yen, its strongest since December 2018. The franc is likely to locate resistance around the 115.00 level.

Data from the Ministry of Finance showed that Japan posted a current account surplus of 1,436.8 billion yen in November- up 75 percent on year.

That exceeded expectations for a surplus of 1,424.8 billion yen following the 1,816.8 billion yen surplus in October.

The franc climbed to a 6-day high of 0.9669 against the greenback from yesterday's closing value of 0.9706. The franc is seen finding resistance around the 0.95 level.

The Swiss currency strengthened to 1.0761 against the euro, a level unseen since April 2017. The franc may locate resistance around the 1.06 level.

The franc approached a 3-month high of 1.2557 against the pound from Monday's closing quote of 1.2608. The franc is poised to challenge resistance around the 1.24 level.

Looking ahead, U.S. consumer price index for December is due out in the the New York session.

At 9:00 am ET, Federal Reserve Bank of New York President John Williams will speak about the culture in financial services at a workshop hosted by the London School of Economics.


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