Bank Of Israel Holds Rate Unchanged For Tenth Time

Trading 24 fév 2020 Commentaire »

Israel's central bank left the key interest unchanged for a tenth consecutive policy session, citing low inflation and weaker growth outlook.

The Monetary Committee of the Bank of Israel decided to the rate unchanged at 0.25 percent. The previous change in the rate was a 15 basis point hike in November 2018. "The Monetary Committee's assessment is that in view of the inflation environment in Israel, the monetary policies of major central banks, developments in the global economy and the risks to the domestic economy, and the development of the exchange rate, it will be necessary to leave the interest rate at its current level for a prolonged period or to reduce it," the central bank said in a statement. The Committee is taking additional steps to make monetary policy more accommodative, the bank added. Regarding the coronavirus outbreak in China, the central bank said the event is casting uncertainty on the global as well as domestic economic outlook. Citing the prevailing assessment of global financial institutions that the outbreak is likely to be contained in the coming months and its economic impact is expected to be limited.

Hence, the Bank of Israel expects no significant macroeconomic impact in Israel. "If the crisis persists and spills over into additional countries, and particularly if strict preventative measures are required in Israel, it is expected to have a more significant impact," the bank said.

"In such a scenario, the Monetary Committee has a range of tools to make monetary policy more accommodative."

The central bank expects the interim budget to have a "markedly contractionary effect" in the first half of 2020, and continuing uncertainty regarding budgetary policy after the elections.


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*Israel CB Holds Key Interest Rate Unchanged At 0.25%

Trading 24 fév 2020 Commentaire »

Israel CB Holds Key Interest Rate Unchanged At 0.25%


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*Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December

Trading 24 fév 2020 Commentaire »

Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December


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Canadian Dollar Falls As Oil Prices Plunge On Heightened Virus Fears

Trading 24 fév 2020 Commentaire »

The Canadian dollar declined against its major trading partners in the European session on Monday, as oil prices tumbled on surging coronavirus infections in Italy and South Korea, triggering concerns about a global pandemic.

Crude for April delivery fell $1.97 to $51.37 per barrel.

While the number of infections rose in Italy and South Korea; Afghanistan, Bahrain and Kuwait confirmed their first cases.

The Chinese government has decided to postpone the annual meeting of parliament that was scheduled to start on March 5.

More than 160 cases were reported in South Korea and Italian cases soared above 150.

Oil prices tumbled on fears that diminished economic activity will curb demand for energy.

The loonie declined to near a 2-week low of 1.3308 against the greenback, from last week's closing value of 1.3221. Versus the euro, the loonie was down at 1.4402, its lowest since February 13. Should the loonie falls further, it may find support around 1.35 against the greenback and 1.47 against the euro.

The CAD/JPY pair fell to 83.62, marking a 5-day low. The loonie is seen finding support around the 82.00 region.

The loonie dropped to a 4-day low of 0.8778 against the aussie, after rising to 0.8725 in the previous session, its strongest since June 2010. Immediate support is seen around the 0.86 level.

At 8:30 am ET, Canada wholesale sales for December are scheduled for release.


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February 24, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 24 fév 2020 Commentaire »

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On December 30, a bearish ABC reversal pattern was initiated around 1.1235 (Previous Key-zone) just before another bearish movement could take place towards 1.1100 (In the meanwhile, the EURUSD pair was losing much of its bearish momentum).

One more bullish pullback was executed towards 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located. That's why, quick bearish decline was executed towards 1.1100 then 1.1035 which failed to provide enough bullish SUPPORT for the EURUSD pair.

Further bearish decline took place towards 1.1000 where the pair looked quite oversold around the lower limit of the depicted bearish channel where significant bullish rejection was able to push the pair back towards the nearest SUPPLY levels around 1.1080-1.1100 (confluence of supply levels (including the upper limit of the channel).

Since then, the pair has been down-trending within the depicted bearish channel until last week when bearish decline went further below 1.0950 and 1.0910 (Fibonacci Expansion levels 78.6% and 100%) establishing a new low around 1.0790.

Currently, the EUR/USD pair looks quite oversold after such a long bearish decline and if bullish recovery is expressed above 1.0845-1.0860, further bullish advancement would be expected towards 1.0910 then 1.0950.

Intraday traders were advised to look for signs of bullish recovery around the price levels of (1.0790) as a valid intraday BUY signal aiming towards 1.0910 (the nearest broken demand-level).

By the end of Last week, recent signs of bullish recovery were manifested around 1.0790 leading to the ongoing bullish movement which will pursue as high as the price level of 1.0910.

On the other hand, bearish persistence below 1.0790 may enable more bearish decline towards new historical lows around 1.0755 and even 1.0700.

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February 24, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 24 fév 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 previous bullish channel.

On the period between December 18th - 23rd, bearish breakout below the depicted channel followed by temporary bearish closure below 1.3000 were demonstrated on the H4 chart.

However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.

Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where bearish rejection and a new wide-ranged movement channel were established between (1.3200-1.2980).

Recent temporary bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channe) where evident bullish rejection has been manifested on February 10.

Last week, temporary bullish breakout above 1.3000 has been expressed until Wednesday when another bearish decline below 1.3000 brought the GBPUSD pair back towards the lower limit of the channel @ 1.2870 -1.2850 where another episode of bullish recovery is being demonstrated.

The current bullish pullback will probably pursue towards the price zone of 1.2980-1.3000 which may fail to offer enough bearish rejection.

Although the Intermediate-term technical outlook remains bearish below the price level of 1.3000 (Supply-zone), any bullish breakout above 1.3000 invalidates this bearish scenario.

If so, further bullish advancement will be demonstrated towards the price levels of 1.3070 and 1.3150.

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Latvia Jobless Rate Steady In Q4

Trading 24 fév 2020 Commentaire »

Latvia's jobless rate remained stable in the fourth quarter, figures from the Central Statistical Bureau showed on Monday.

The jobless rate was 6.0 percent in the fourth quarter, same as seen in the previous three months.

In the corresponding quarter last year, the unemployment rate was 6.9 percent.

The number of unemployed persons decreased by 1,000 persons to 57,900 persons in the fourth quarter.

The youth unemployment rate among the 15-24 age group, rose to 10.1 percent in the fourth quarter from 11.3 percent in the preceding quarter.

In 2019, unemployment rate was lowered by 1.1 percentage points to 6.3 percent from the last year.

The youth jobless rate rose to 12.4 percent in 2019 from 12.2 percent in the last year.


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*Latvia Q4 Jobless Rate 6.0%, Same As In Q3

Trading 24 fév 2020 Commentaire »

Latvia Q4 Jobless Rate 6.0%, Same As In Q3


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Slovenia Output Prices Inflation Slows For Third Month

Trading 24 fév 2020 Commentaire »

Slovenia's output price inflation eased for the third month in a row in January, figures from the Statistical Office of the Republic of Slovenia showed on Monday.

Output prices rose 0.3 percent year-on-year in January, after a 0.6 percent increase in December.

Energy industry prices grew 11.4 percent annually in January, while those in the production of capital goods fell 1.1 percent.

Producer prices for electricity and water supply rose by 15.2 percent and 8.5 percent, respectively.

Manufacturing prices decreased 0.3 percent.

On a month-on-month basis, output prices remained unchanged in January, after a 0.2 percent in the preceding month.


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German Business Confidence Improves Slightly

Trading 24 fév 2020 Commentaire »

Germany's business confidence improved marginally in February despite fears about the coronavirus outbreak, survey data from the ifo institute showed Monday.

The business climate index rose to 96.1 in February from a revised 96.0 in January. The score was expected to fall to 95.3 from January's initial estimate of 95.9.

The German economy seems unaffected by developments surrounding the coronavirus, ifo President Clemens Fuest said. The survey results and other indicators suggest economic growth in the first quarter will amount to 0.2 percent, he added.

Although companies assessed their current situation as a little worse, they are less pessimistic about the next six months, the ifo survey showed.

The current conditions index came in at 98.9 versus 99.2 a month ago. This was above the forecast of 98.6. Meanwhile, the expectations index rose to 93.4 from 92.9. The expected reading was 92.1.

In manufacturing, the business confidence strengthened for the third consecutive month. This was due to considerably less pessimistic expectations. However, companies' assessment of their current situation was worse.

Confidence among service providers fell again and they were somewhat less satisfied with their current situation and were more skeptical concerning the coming months.

In trade, the business climate worsened as recent improvements in the current situation and expectations suffered a setback.

In construction, the business climate index declined further. This was a result of companies' more pessimistic expectations. In contrast, their assessment of the current situation was slightly better.

A surprise increase in the February Ifo together with last week's positive PMI reading should normally be encouraging for the growth prospects of the German economy, Carsten Brzeski, an ING economist, said. However, the risk is things will first get worse before they can get any better, he added.

According to the Purchasing Managers' survey, Germany's private sector growth was largely unchanged in February. The flash composite PMI eased slightly to a two-month low of 51.1 from 51.2 in January.


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