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  • MartinWilliams
    replied
    Euro hits 3-day maximum on trade talk expectations

    26.07.2018

    On Thursday, the common currency kept to a three-day maximum because concerns as for a global trade conflict relieved after the USA along with the European bloc made up their mind to start negotiations on lowering duties.

    Following Wednesday’s negotiations with European Commission President Jean-Claude Juncker, American leader Donald Trump informed that they had decided to fruitfully cooperate toward zero duties, zero non-tariff barriers as well as zero subsidies on non-auto industrial products.

    However, the moves in the EU’s major currency turned out to be far more subdued compared to stocks. As a matter of fact, car equities managed to ascend 2%, bond profits rallied because traders awaited the fine print to show up on the trade discussions.

    The common currency rallied 0.1% being worth $1.1738, extending its soar after leaping 0.4% yesterday, Before the Trump-Juncker negotiations, the euro sank to a minimum of $1.1664.

    The very focus for currency markets was the ECB’s policy verdict due later on Thursday exactly where market participants are going to study remarks by Governor Mario Draghi for any further clues on the tempo of policy normalization.

    However, another sink of the Chinese Yuan after yesterday's bounce actually undermined broader risk hunger in the financial markets. The Chinese Yuan edged down 0,5% hitting 6.79.

    Apparently, a more than 6% slump in the value of the Chinese Yuan versus the evergreen buck since mid-June as trade clashes worsened has pressured export-oriented emerging markets.

    For the last two weeks market participants ramped up bearish deals on all emerging Asian currencies, as follows from a Reuters survey.

    Additionally, the USD index kept to a two-week minimum versus a group of six key currencies and it declined 0.25% hitting 94.131.

    The UK currency stood still showing $1.3202 because hopes as for a rate lift next week from Britain’s key bank backed the British pound.

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  • MartinWilliams
    replied
    American futures stand still ahead of Juncker and Trump meeting

    25.07.2018

    On Wednesday, American futures stood still because Donald Trump and European Commission President Jean-Claude Juncker are expected to meet to negotiate trade.

    The S&P 500 futures headed south by 0.14% trading at 2,817.0, Dow futures slumped by 0.08% trading at 25,194.0. At the same time, the tech heavy Nasdaq 100 futures dipped by 0.01% reaching 7,415.50.

    America slapped steep duties on aluminum and steel imports from the European Union and also hinted at a possibility of extending duties to the car sector. In return, the European Union prepared a retaliatory action to withstand probable car duties.

    On Tuesday, US leader posted on Tweeter that America and European bloc need to remove all barriers, tariffs and subsidies.

    Boeing and UPS are anticipated to post their second-quarter outcomes before the morning bell. Additionally, Ford Motor Company, Facebook Qualcomm as well as others will uncover their result after the closing bell.

    General Motors Company tumbled by 3.75% due to the fact that its profit missed expectations. In addition to this, General Electric headed south by 0.76%, Cisco Systems Inc sagged by 0.21%, Netflix inched down by 0.65%.

    Additionally, Perrigo Co edged up by 0.42%, Chinese e-commerce firmJd.Com Inc Adr soared by 0.59%. As for Coca-Cola Company, it ascended by 1.30% after its revenue turned out to be better than anticipated.

    In the European Union, equities generally dipped. The DAX sank by nearly 0.23% in Germany. The CAC 40 soared by 0.01% in France. The FTSE 100 slumped by 0.65% in London. Meanwhile the Euro Stoxx 50 went down by 0.34%. The IBEX 35 dipped by 0.37% in Spain.

    Meanwhile, gold futures managed to ascend by 0.40 hitting $1,230.40 a troy ounce. Crude futures went down by about 0.16% being worth $68.41 a barrel.

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  • MartinWilliams
    replied
    Daily News: markets are varied

    24.07.2018

    The US dollar index has been trying to recover. It has been trading between $94.50-95. However, to reach the psychological level at $95, it needs additional support. No important economic data will be out today. As a result, there are risks of the fall below $94.50. Otherwise, the index will continue trading within the channel. The resistance lies at $95.



    Tuesday is the day of the euro. A lot of economic data have been released today. The data were mixed and the USD recovers, as a result, EUR/USD has been suffering. The pair is trying to stay above the pivot point at 1.1680. However, the pressure is big. If the USD is stronger, the pair will break below the pivot point. The next support is at 1.1610. Otherwise, it will be able to stick above 1.1680. However, the rise to the resistance at 1.1785 is unlikely.



    The pound can’t break above the pivot point at 1.3125. The trend line puts additional pressure on it. To break this level, the UK currency needs additional support. However, no important economic data will be out today. Strengthening dollar won’t let GBP/USD move up. The support lies at 1.2955. However, if the USD’s growth slows down, the pair will stick above 1.3125.



    USD/JPY has been strongly plunging. On Monday, the pair tested the support at 110.80 but couldn’t stick there. Up to now, the pair has been trading around 111.20. The support still lies at 110.80. Even the strengthening USD doesn’t help the pair to recover as the market expects changes in the policy of the Bank of Japan.



    Some words about exotic currencies.

    It’s worth saying that USD/TRY tested the highest level in the history at 4.9678 on July 12. The Central Bank increases the interest rate to support the TRY despite the willingness of Turkish President to lower the interest rate.

    The Central Bank of the Republic of Turkey will release the interest rate today. The market anticipates the rate hike. However, the Turkish lira has been suffering today. USD/TRY is trading near 4.75. The resistance lies at 4.80. However, the rate hike may pull the pair down. The support is at 4.70.



    The Chinese yuan continues depreciating not only against the USD but also against the basket. Trade wars tensions put pressure on the currency. Talking about USD/CNH, the pair has been trading at highs of June 2017 near 6.84. The next resistance is at 6.90. In case of the reversal, the support will lie at 6.7750.



    That’s all for today! Follow market news with FBS!

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  • MartinWilliams
    replied
    German economy demonstrates improved momentum in the second quarter

    23.07.2018

    In the second quarter, the German economy managed to regain some of its lost momentum, underpinned by manufacturing, private consumption as well as reviving exports. That’s what the Bundesbank told in a monthly economic statement on Monday.

    For the first three months of 2018 economic surge suddenly halved to a quarterly rate of about 0.3% and financial analysts are still discussing whether the deceleration turned out to be merely a hiccup or it stood for the end of a boom in the EU’s number one economy.

    Worries that worsening trade tensions could also impact surge have also been affecting investor sentiment. Additionally, the International Monetary Fund told that the euro zone was experiencing serious risks, which could provoke a hand landing for the German economy after a five-year rally.

    As some financial analysts pointed out, the German economy demonstrated better momentum in the spring in contrast with the beginning of the year. However, it’s unlikely that the high surge rates of the previous year are going to be repeated. Once again manufacturing turned out to be the major economic driving force.

    Pharmaceutical output happened to be especially firm. In addition to this, car manufacturing rallied steeply, even as the output of intermediate goods was still poor, as the bank informed.

    Part of the improvement in surge momentum could be explained by the expiration of one-off factors, which held back surge, such as an extremely disruptive flu season. That’s what the Bundesbank informed.

    As for household consumption, it managed to remain a cornerstone of surge. At the same time, government consumption that went down in the early part of 2018, bounced off too.

    Besides this, activity in the flourishing construction sector managed to drastically ascend notwithstanding capacity constraints, as the Bundesbank pointed out.

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  • MartinWilliams
    replied
    Gold edges up on Trump’s remarks

    20.07.2018

    On Friday, the leading precious commodity rallied, thus offsetting some of its weekly losses because Trump’s remarks about Fed rates and the evergreen buck put pressure on the US currency.

    August delivery gold futures went up by 0.6% trading at $1,231.10 an ounce. On Tuesday, the contract hit about $1,224, which is the lowest value since July 2017.

    As for the SPDR Gold Shares exchange-traded fund GLD, it rallied by 0.7%.

    Meanwhile, the USD index slumped by 0.7%. The USD index, assessing half-dozen counterparts, normally moves opposite greenback-denominated gold. In general, the US currency has enjoyed this year’s rebound due to the fact that market participants have turned to America as a trustworthy source of safety during hard times.

    Some experts are assured that such factors as immediate interest-rate policy as well as the risk of trade conflict don’t undermine the every function of gold as a reliable asset. US leader told he was ready to slap duties on all China’s products imported to America.

    Some market experts are assured that the medium-term outlook for the number one precious commodity is quite upbeat because they expect the key US bank to cease lifting rates next year. The American economy is also anticipated to speed down in 2019 that coupled with lower revenues as well as a weaker greenback would most likely underpin gold.

    In addition to this, September delivery silver futures managed to ascend approximately 1% being worth $15.549 an ounce. On Thursday, the contract slumped more than 1% hitting $15.402 an ounce, which is the lowest value since late 2016. Moreover, it faced a 1.7% weekly tumble. Besides this, for the week the iShares Silver Trust SLV headed south 1.9%.

    September delivery copper futures ascended 2.2% demonstrating an outcome of $2.756 a pound, having reached $2.696 a pound on Thursday.

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  • MartinWilliams
    replied
    Greenback ascends on Powell’s assessment of American economy

    18.07.2018

    On Wednesday, the evergreen buck managed to jump because Fed Chair Jerome Powell came up with an upbeat assessment of the American economy at his Tuesday’s semi-annual congressional testimony.

    The statesman stressed that the US key financial institution is on the verge of gradually increasing its interest rates.

    Gauging the purchasing power of the major American currency versus a group of its crucial counterparts, the USD index gained 0.13% trading at 95.05.

    The evergreen buck reached a six-month maximum versus the Japanese yen. The currency pair USD/JPY went up by 0.1% demonstrating 112.97 having ascended to 113.08 previously - its strongest value since January 9, underpinned by Powell’s positive remarks.

    The evergreen buck is expected to keep ascending, especially versus Japan’s currency, with risk aversion in the equity markets fading away, as some financial analysts pointed out.

    While long-term Treasury revenues aren’t soaring powerfully, it’s a pure reflection of investor demand for American assets, which generates a degree of dollar-buying in the market.

    Aside from that Powell told that at his testimony that protectionism is capable of hindering economic surge. He told that those countries, which have remained open to trade, and which haven’t come up with barriers including duties, have ascended quicker. Respectively, these countries boast higher incomes as well as higher productivity.

    Moreover, trade worries can have a strong impact on salaries as well as capital expenditures, as Powell pointed out.

    In addition to this, the currency pair AUD/USD managed to decline 0.14% demonstrating an outcome of $0.7381, thus extending its rebound from Tuesday when this currency pair lost approximately 0.45% versus a broadly stronger major American currency.

    As for Japan’s currency, it was nearly intact versus the evergreen buck. Meanwhile, on Wednesday, the currency pair USD/CNY headed south by nearly 0.02% trading at 6.7065.

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  • MartinWilliams
    replied
    Daily News: the USD is weak

    17.07.2018

    The US dollar index has been trading below the psychological level of $94.50. Although Monday economic data were positive, the US dollar index was weak. The market is waiting for Mr. Powell’s testifies on Tuesday and Wednesday (17:00 MT time). As the market anticipates two additional rate hikes this year, the speeches of the Fed’s Chairman will make sense for traders. If the Chairman sounds hawkish, the USD will be able to recover, otherwise, it will go further down. Targets are the support at $94, resistances at $94.50 and $95.



    Morgan Stanley forecasts the weaker USD in the third quarter of 2019, the return to the weaker movement will happen in August 2018.

    Forecasts for pairs within the 1 year:

    USD/JPY 88.00 - 101.00.

    EUR/USD 1.18 - 1.30.

    GBP/USD 1.32 - 1.50.

    AUD/USD 0.67 - 0.75.

    ANZ says that the Chinese yuan is undervalued.

    According to ANZ, trade wars tensions were the main reason for the Asian currencies’ weakness. The Bank says that even if trade wars tensions don’t ease in the near future, the Asian currencies weakness may ease soon. However, the Bank adds that although the average fair value of the CNY is $6, the gap in the valuation unlikely will be covered soon.



    Last week USD/CNH was trading near the highs of August 2017 at 6.7250. Up to now, the pair has been going down because of the weak USD. However, according to Morgan Stanley, traders shouldn’t anticipate the soon fall of the pair. Key targets are supports at 6.6780 (the pivot point) and 6.6275, resistances at 6.7250 and 6.7570. The stronger USD will pull the pair up.

    Although the USD is weak, it keeps appreciating against the Japanese yen. USD/JPY is trying to reach the high of the previous week at 112.80. However, the USD needs additional support to move higher. If the USD recovers, the pair will come to the resistance, otherwise, there are risks of the fall. The support lies at90.



    The weaker USD lets other currencies appreciate.

    The pound is rising despite mixed economic data. Average earnings index and unemployment rate data were neutral while claimant count change’s figure was weaker than the forecast.

    GBP/USD rebounded from the pivot point at 1.3235. Up to now, the pair has been moving to the resistance at 1.3280. If the USD is weaker, the pair will be able to break this level, the next resistance will be at 1.3315 (50-day MA). Otherwise, the pair will return to the pivot point at 1.3235 and there will be risks of the fall to 1.31.



    The New Zealand dollar shocked with a great rise. Although the CPI data was weaker than the forecast, NZD/USD surged. The RBNZ measure of core inflation is at the highest level since the second quarter of 2011. As a result, NZD/USD rebounded from the support at 0.6780 (the pivot point) and, up to now, it has been trading near the resistance at 0.6835. The resistance is strong as the trendline puts additional pressure on the pair. If the USD is weaker, NZD buyers can hope on the break of the resistance. The next one will lie at 0.69 (50-day MA). If the NZD doesn’t get additional support, the pair will turn around to the support at 0.6780.



    That’s all for today! Follow market news with FBS!

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  • MartinWilliams
    replied
    Greenback edges down

    16.07.2018

    On Monday, the evergreen buck slumped versus a currency basket, having reported its greatest weekly revenue for a month the previous week because market participants shifted their attention to American retail sales outcomes for June later in the trading session.

    Estimating the evergreen buck’s purchasing potential against a group of six main rivals, the USD index declined 0.15% being worth 94.30. The previous week the index ascended 0.7%, which is its largest weekly percentage leap since mid-June.

    Demand for the evergreen buck was still backed because the risk of an intensifying escalation in trade conflict as well as soft economic data out of China irritated traders.

    Overnight, data disclosed that China’s economy speeded down, which is in line with hopes in the second quarter, showing that the trade conflict with America might be acting as a drag on surge.

    As a matter of fact, Chinese GDP managed to leap at an annual rate of 6.7% for the three months to June, tumbling from 6.8% in the first quarter.

    Additionally, on Monday, China told that it had filed a complaint with the WTO over an American threat to impose 10% duties on $200 billion of China’s imports.

    The move showed up after over the weekend Donald Trump alarmed European leaders by telling that the European block appears to be an enemy considering how it trades with America.

    The common currency ascended to the day’s maximums versus the softer greenback. The currency pair EUR/USD soared 0.2% hitting 1.1709.

    The evergreen buck was nearly intact versus the safe haven yen. The currency pair USD/JPY reached 112.38.

    Market participants were waiting for June retail sales figures from America in the day.

    Aside from that the International Monetary Fund was expected to come up with its fresh World Economic Outlook a bit later on Monday.

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  • MartinWilliams
    replied
    #WeeklyCryptoNews

    13.07.2018

    David Supper, the chief operating officer at Blockbid: I believe the hype has just begun. Only 1 % of the world population own cryptocurrency. In recent time, there is more and more news about the involvement of banks and large funds in the stock market, so mass adoption of digital assets will come in the next two years.

    Baiju Bhatt, Robinhood CEO: Sovereign nations will eventually have cryptocurrencies as their default currency. Whether it happens next year or in 15 years.

    Cryptocurrencies

    Bitcoin has tested the support at $6,000. During the whole week, the cryptocurrency has been trying to stick above the psychological level of $6,500. However, all attempts failed. If this support doesn’t make Bitcoin rebound, a trader can anticipate the further fall to $5,500. The daily picture isn’t encouraging for the cryptocurrency. MAs are moving down. However, the position of MAs on the weekly chart gives more hope on the smooth trading. In the longer term, we can anticipate the trading within the horizontal channel at $5,500-6,500.



    According to Chainalysis blockchain startup, users lost an access to Bitcoin tokens in the amount of $20 billion. The main reason is the loss of private keys to wallets by users.
    Chinese hackers infected more than a million computers with a virus of the hidden mining. Suspected people worked for the company that develops plugins for web browsers. For 2 years, they had managed to earn more than $2 million.
    According to McAfee Labs, the volume of hidden mining has increased by 629% for three months.

    Regulation

    The People Bank of China announced that a percentage of deals with the Chinese yuan in the global Bitcoin trading declined from more than 90% to 1%. The reason is the strict regulation. Last year, the Government forbade ICO projects. As a result, a lot of representatives of the industry left the country.
    The tax office of Australia will control citizens who hide their income from cryptocurrency trading in offshores. Australia will use data exchange agreements with other countries. Recently, the office became a member of the alliance that will investigate tax crimes and money laundering with cryptocurrencies.
    A new working party for cryptocurrency investigations will be created in the US.

    Blockchain

    IBM got a grant in $738K from the government of Delaware for a development of the record keeping system for business project based on the blockchain technology. Moreover, the company will help the Australian government to implement blockchain projects.
    The +CityxChange startup will create “intelligent cities” in Europe using IOTA blockchain.

    Just for fun.

    “Buffett’s $10” is a cryptocurrency experiment. Founders of the project invest $10 into cryptocurrencies daily; explain their decision and show results.
    An unknown expert placed a bet of 8,5 million Australian dollars ($6,27 million) on the possibility that the Bitcoin price will surpass $280,000 in 2023.

    Bitcoin $6,238.2 (+0.81%)

    DASH $223.40 (+5.60%)

    Ethereum $437.13 (+1.19%)

    Litecoin $76.786 (+1.41%)

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  • MartinWilliams
    replied
    American producer prices gain on services and cars

    11.07.2018

    In June, American producer prices went up more than supposed in the face of jumps in the cost of cars, services, thus provoking the greatest annual soar for 6-1/2 years.

    The Labor Department told on Wednesday that its producer price index for final demand added by 0.3% in June, underpinned by jumps in gasoline prices. Furthermore, in May, the PPI ascended by 0.5%. For the twelve months through June, the PPI managed to soar by about 3.4%, which is the greatest revenue since November 2011. In May, producer prices surged by 3.1% year-on-year.

    Financial analysts surveyed by Reuters had predicted the PPI soaring 0.2% in June and tacking on 3.2% year-on-year.

    A major gauge of producer price pressures, without energy, trade services and food, ascended by 0.3% the previous month. In May, the core PPI rallied by 0.1%.

    The core PPI went up by 2.7% for the 12 months through June having soared 2.6% in May.

    Inflation is slowly soaring due to the fact that a labor market is close to its complete employment.

    In May, the personal consumption expenditures price index without energy, and food that is the Fed’s primary inflation indicator met the major bank’s 2% goal for the first time for six years.

    In June, the cost of services inched up by 0.4% having soared by 0.3% in May. A 21.8% ascend in the index for fuels as well as lubricants retailing amounted to nearly 40% of the soar in the cost of services in June.

    As for the cost of healthcare services, it rallied by 0.2% because a 1% leap in prices for hospital outpatient care compensated minor dives in the cost of doctor visits as well as hospital inpatient care. In May, healthcare prices ascended by 0.1%.

    Leave a comment:


  • MartinWilliams
    replied
    Big day for the Canadian dollar

    10.07.2018

    Every meeting of the central bank is vital for the currency. Central banks can give comments that will set the currency trend until the next meeting, i.e. for the next month. The Bank of Canada is no exception.

    Its meeting will take place on July 11. The interest rate and the central bank’s statement will be released at 17:00 MT time. The BOC Governor will hold a press conference at 18:15 MT time.

    This meeting will be very important because the Bank of Canada will have to decide whether to raise interest rates for the second time this year. On the one hand, the BOC prepared the market for a rate hike at its last meeting in June. On the other hand, since then Canadian economic indicators deteriorated. As a result, it will be a real dilemma for the central bank. In such situation of uncertainty, there’s a great potential for surprise and, consequently, for big swings in the CAD exchange rate.

    • If the BOC raises the interest rate, the CAD will rise.

    • If the BOC leaves the interest rate, the CAD will go down.



    Leave a comment:


  • MartinWilliams
    replied
    China's FX reserves report surprise revenue

    More at: https://fbs.com/analytics/news/china...lyticsFxManage

    09.07.2018

    In June, China's FX reserves suddenly rallied, underpinned by a soar in the value of its American Treasury holdings in rather a volatile month for China’s markets that were affected by worries about a China-US trade conflict.

    In June, reserves tacked on $1.51 billion hitting $3.112 trillion in contrast with May’s sink of $14.23 billion, as major bank data revealed on Monday. Financial analysts surveyed by Reuters had hoped for a decline in China’s FX reserves by $10.6 billion to about $3.10 trillion.

    As China's State Administration of Foreign Exchange disclosed, the small leap in reserves could be explained by asset price changes, although it didn’t come up with details.

    Market experts pointed to the performance of American bonds in June. By the way, these bonds are supposed to make up a considerable portion of China's reserves.

    Worries as for a global trade conflict turned out to be among the reasons in June, which powered investment flows into safe haven assets, including American government bonds.

    China appears to be the largest holder of American government debt. As a matter of fact, in April, its holdings headed south to $1.182 trillion from May’s outcome of $1.188 trillion, as data from the US Treasury Department disclosed. China also injects its reserves in other American instruments and also sovereign debt of other countries.

    Simultaneously, in June, the USD index edged up a bit, soaring by 0.7% in contrast with a steeper revenue of 2.3% in May. That’s what Thomson Reuters data uncovered.

    In June, the total impact of a soaring evergreen buck on foreign exchange reserves didn’t appear to be as big as in May.

    China's currency as well as equity markets had found themselves on edge ahead of July 6, exactly when American duties on $34 billion worth of China’s products kicked in. The Chinese government has responded with duties on American goods of the same value.

    Leave a comment:


  • MartinWilliams
    replied
    #WeeklyCryptoNews

    06.07.2018

    The Bank of Finland released a paper “The Great Illusion of Cryptocurrencies” where they explain why the concept of a digital currency is a “fallacy.” The main idea is cryptocurrencies are not real currencies but instead “accounting systems for non-existent assets.”

    Cryptocurrencies

    Bitcoin has been trying to break the resistance at $6,500 during the whole week but failed. Up to now, the cryptocurrency has been trading near $6,350. The trading isn’t extensive. If no positive news encourages the digital currency, it will fall further. The support is at $6,200 (50-hour and 100-hour MA). If Bitcoin finds support, it will return to $6,500 (200-hour MA).



    Venezuela will build houses for homeless people financing it with the national cryptocurrency El Petro. The government will invest 909K Petro.
    Ripple is sued again. The company is accused of violating the law in the sphere of securities. According to the complainant, the company increases the price purposely. It’s worth remembering that the company was issued for the first time in May this year.
    During the first six months of 2018, swindlers laundered money in the amount of $761 million with cryptocurrencies through illegal activities. To compare, during the whole 2017, swindlers laundered just $266 million.

    Regulation

    Securities and Exchange Commission of Thailand imposed restrictions for ICO projects. Before launching the ICO, the company will have to get an approval of 2 authorities. Moreover, companies can raise investments only in Thai baht or in the cryptocurrencies that were approved before. They are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, and Stellar.
    The Parliament of Malta passed bills on cryptocurrencies. Malta is the first country in the world that provides legal certainty in this field.
    The largest US cryptocurrency company Coinbase accepts investments from institutional investors from the USA and the EU.

    Cryptocurrency exchanges

    Bittrex platform and invest.com trading company will launch a new cryptocurrency exchange for residents of the Eurozone. Users will be able to trade about 200 digital tokens. The new platform will support a blockchain expansion.
    Huobi Pro cryptocurrency exchange will open a new trading platform where users will be able to trade 10 cryptocurrencies in a pair with the Australian dollar.

    Blockchain

    A new idea of the British Parliament. They ask the government of the UK to use blockchain in the state sector wider and create a new position of the Head of the blockchain.
    Microsoft Taiwan announced a cooperation with Chinese companies Digital China и Hot Cool for a blockchain project. Companies will implement the technology to financial, entertainment and electronic commerce sectors.
    An experiment on a blockchain poll was successfully conducted in the Switzerland city, Zug. Moreover, a representative of the government of Zug said that cryptocurrency companies will get a full access to bank services.

    Just for fun. According to talks, Satoshi Nakamoto will write a book where he will answer all rousing questions.



    Bitcoin $6,500

    DASH $235.90

    Ethereum $457.70

    Litecoin $81.510

    Leave a comment:


  • MartinWilliams
    replied
    Daily News: markets are stable

    04.07.2018

    As no important economic data have been publishing for 3 days, the US dollar index has weakened. The psychological level at $95 is too strong, to break above it. As a result, the index needs an additional support. Up to now, it has been trading near $94.50. The support lies at $94.20. Only significant news will be able to support the index, so it will be able to move to $95 again.



    The euro needs an additional support. EUR/USD tested the resistance at 1.1665 but could stick above it and turned around. Up to now, the pair has tested the support at 1.1645 (the pivot point). No important economic data will be released today. As a result, risks of the further fall exist. The support lies at 1.1565.

    The EU is considering talks on cutting car tariffs between the world’s big car exporters to prevent an all-out trade war with the US. The European Commission is going to make a deal with such big exporters as the US, South Korea, and Japan. Under the deal, countries will reduce tariffs to agreed levels for a set of products.

    Let’s see whether the EU will put its idea into the practice in the near future. It’s anticipated to have a positive impact on the euro.



    The pound managed to strengthen because of positive economic data. A services PMI figure was greater than the forecast one. As a result, GBP/USD broke the resistance at 1.3180 (the pivot point). The next resistance is at 1.3280. If the sentiment of buyers changes, the pair will appear below 1.3180 again.



    The Australian data were mixed today. A retail sales figure was greater than anticipated. At the same time, trade balance data appeared to be weaker than the forecast. However, the Australian dollar managed to strengthen and test above the trendline. Up to now, AUD/USD has been moving up. The resistance lies at 0.7445. However, as no more important data will be released today, there is a possibility of the fall to 0.7320. Especially, if the USD strengthens.



    Tomorrow crude oil inventories data will be released. According to the private survey, the number of inventories will decline more than expected.

    Up to now, bulls have been trying to control Brent trading. The trading isn’t extensive. So the oil benchmark is anticipated to trade within $77.55-$78.20.



    WTI is weaker today. The oil benchmark is moving down. The support is at $73.30. If the benchmark is able to recover, the resistance will lie at $75.20.



    Tomorrow, traders should look at oil inventories data at 18:00 MT time. If there is a greater decline than anticipated, both oil benchmarks will rise.

    That’s all for today! Follow market news with FBS!

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  • MartinWilliams
    replied
    Daily News: lots of news after the weekend

    09:55 02.07.2018

    North Korea surprised again. The country is building its nuclear weapon. Despite an agreement between the US and NK, North Korea doesn’t want to lose its power. Tensions are escalating.
    Some comments on trade tensions. Mr. Trump said that "the European Union is possibly as bad as China, only smaller". "They send a Mercedes in, we can't send our cars in. Look what they do to our farmers. They don't want our farm products. Now in all fairness, they have their farmers ... But we don't protect ours and they protect theirs". Let’s see whether there will be more comments on trade tensions. The aussie and the Japanese yen should react.
    The Japanese yen reacted to negative news a little bit. USD/JPY tested the resistance at 110.90 but couldn’t break it and rebounded. Despite the rebound, bulls still prevail as the USD is still strong. The resistance lies at 110.90. If the US dollar index weakens, the pair will turn around to the support at 110.20 (200-day MA).



    The US dollar index rebounded from the support at $94.50. Up to now, it has been moving up. The resistance lies at $95. Today traders will look at ISM manufacturing PMI data (17:00 MT time). The forecast is weaker than the previous data, however, if the actual data is greater than the forecast, the US dollar index will go up further.



    The euro couldn’t stick to new highs and it weakened again. At the end of the last week, the EUR was supported by the agreement on the migration deal (EU economic summit). As a result, EUR/USD closed above the resistance at 1.1665. But an unstable situation in Germany is weighing on the European currency. It seems that Germany is meeting a coalition crisis again. Germany’s interior minister and leader of the Christian Social Union (CSU) Horst Seehofer has threatened to resign because of the conflict with Mrs. Merkel over migration. Let’s see whether parties will be able to come to an agreement. EUR/USD broke the support at 1.1665 and is trading near the next one at 1.1645. No important economic data will be released today, as a result, risks of the further fall are high.



    Donald Trump doesn’t stop surprising. You should remember that he was against an OPEC activity and considered a NOPEC deal (No Oil Producing and Exporting Cartels Act). This bill would make OPEC subject to antitrust laws by removing a state immunity shield created by judicial precedent.



    However, a weekend tweet shocked the oil society.



    Mr. Trump asked Saudi Arabia to increase the amount of oil it produces. And according to him, the Saudi King Salman agreed. However, Saudi media hasn’t confirmed a willingness of Saudi to produce more. Oil reacted to this news. The greater production will lead to lower prices. As a result, both oil benchmarks reacted negatively.

    On Friday, Brent managed to climb to $79.70. But Monday trading appeared to be weak. Brent is trading near $78.50. No important data will be released today, as a result, there are risks of the fall to the support at $77.55. If there is some positive news for the oil market, Brent will be able to rise to $79.85.



    WTI is weaker than it was on Friday as well. WTI is trading near $73.85. Positive news will pull the benchmark up. The resistance is at $76.60. Otherwise, it will turn around to the support at $72.15.



    That’s all for today! Follow market news with FBS!

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