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Thread: Daily Market Analysis from ForexMart

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    EUR/USD. November 19, 2020 Euro shows decline

    At the end of yesterday's session, the EUR/USD pair weakened to the level of 1.1810. The current quote for the pair is 1.1835.

    The drivers of the decline were the correction of stock indices and gold, which fell in price after the news from Pfizer. The pharmaceutical company said the new COVID-19 vaccine is 95% effective, up from the previously announced 90%. And gold, as a rule, correlates positively with the European currency, therefore, the decline in the precious metal caused a correction in EUR/USD.

    The EU summit on the fight against coronavirus kicks off today. Also on the agenda is the issue of the EU budget plan, which was previously blocked by Hungary and Poland. In the evening, the head of the ECB Christine Lagarde will speak.

    In the US, data on the number of applications for unemployment benefits will be published. It is expected that the number of initial applications may be reduced from 709 thousand to 685 thousand. And the number of repeated requests should decrease from 6,786 thousand to 6,250 thousand. Also of interest will be the publication of the index of manufacturing activity from the Philadelphia Federal reserve for November and statistics on second-home sales in October.

    ---------- Post added at 11:28 PM ---------- Previous post was at 02:22 AM ----------

    GBP/USD. November 20, 2020 Unexpectedly strong retail sales data supported sterling

    Despite the growing risks of a hard Brexit, the GBP/USD pair continues to move to local highs in the 1.3300 area. The current quote is 1.3280.

    The dynamics of the pair was influenced by the statistics on the labor market in the UK. The number of applications for primary unemployment benefits for the week increased from 711 to 742 thousand against the forecast of 707 thousand. At the same time, investors were pleased with the reduction in secondary circulation from 6.801 million to 6.372 million against expectations of 6.47 million.

    Today you should pay attention to the publication of a report on retail sales in the country. The figure in October came out much better than forecasted: sales increased by 1.2% compared to September, when the indicator grew by 1.4%. The forecast assumed growth of only 0.1%. In annual terms, sales increased by 5.8%.

    At the same time, difficulties in negotiating Brexit continue to put pressure on the pound. Today it became known that negotiations were suspended again, now due to the discovery of Covid from one of the members of the negotiating team.
    Regards, ForexMart PR Manager


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    EUR/USD. November 23, 2020 Euro reached the level 1.1900

    EUR/USD maintains upward momentum, approaching the 1.1900 level. The current quote for the asset is 1.1890.

    Emotions after the presidential elections in the United States have gradually subsided and now all the attention of the markets is shifting to negotiations in Congress on a new stimulus package for the American economy. Moreover, support for risky assets at the moment is provided by news on the vaccine. The UK is expected to approve a vaccine from Pfizer this week.

    Friday's statistics from the euro area showed that consumer confidence in November deteriorated in line with forecasts: to -18.0 points against the October value of -16.0. For the European Union, the corresponding indicator fell in November to -19.0 points from the previous -16.5. The data is not very positive, but it was quite expected.

    Today we should pay attention to the index of business activity in the manufacturing sector in Germany: the indicator rose to the level of 57.9 points, which is better than the forecast of 56.5. Activity in the service sector fell slightly short of the forecast and amounted to 46.2. The composite index of business activity for the entire eurozone came out worse than expected: 45.1 points against expectations of 45.8. However, these data did not prevent the euro from continuing to strengthen.

    In the evening hours, the USA will present similar data. However, these data are unlikely to support the dollar, as experts predict a decline in absolutely all business activity indices. Thus, the weakening of the dollar will continue throughout the day.
    Regards, ForexMart PR Manager


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    EUR/USD. November 24, 2020 Euro is recovering from yesterday's drop to 1.18

    Yesterday the euro rate fell sharply to the level of 1.18, but today the EUR/USD quotes returned to the 1.1880 level.

    The dollar was supported yesterday by the statistics from the US, which came out stronger than expected and somewhat reduced the fears of market participants about the downturn in the economy. In particular, the preliminary index of business activity in the manufacturing sector from Markit showed an increase in November to 56.7 points against 53.4 earlier. Business activity in the service sector in November increased to 57.7 points from the previous 56.9.

    In the eurozone, by contrast, similar indicators look less optimistic. The index of business activity in the manufacturing sector of the region in November fell to 53.6 points from 54.8 in October. The index of business activity in the non-manufacturing sector in November in the euro area deteriorated to 41.3 points from 46.9 earlier.

    At the same time, the euro receives support on the news about the productive development of vaccines against coronavirus - the third option is already known. This restrains the dollar's growth and supports interest in the euro as a risky asset.

    Today the macroeconomic calendar is almost empty, only the data on house prices in the United States will attract attention, the growth rate of which may accelerate from 5.2% to 5.5%, as well as the Conference Board consumer confidence index for November (data is forecast to deteriorate).
    Regards, ForexMart PR Manager


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