The Automatic Data Processing (ADP) report has been issued by the United States at the level of 214,000 wherein, the recent value was from 205,000 to 193,000 while the report was 190,000.
The medium positive data of the manufacturing PMI from Markit cause an increase of quotations and also a decrease of unemployment rate to 10.3% in the eurozone. Since September 2011, the unemployment rate in Eurozone reached its bottom-most level yet way too far to the pre-crisis levels in 2008. Meanwhile, in the debt market, the 10-year government bond yield of Germany reduced in connection to their counterparts which is the US and the UK, wherein it diminished the attraction for European assets. In someway, it wasn't a long-term increase and the EUR/USD pair declined by the end of the trades.
We should take into account the construction PMI of the UK which occurs at the level of 54,2 that seems to be worse than the reported 55,5. The Gross Domestic Product in this sector reflected a decrease in the second half of the year 2015 after a long fast increase. It is also a negative factor for the construction sector the probable exit of the Great Britain to the EU. The London real estate market will be motionless if the UK leaves the union. However, the GBP/USD aggressively heightened by the end of the trades.
Some factors causes the USD/JPY to show some increase. The bears were put in a cumbersome position as the Japan's household spending were release in a negative data. As a funding currency, one of the negative factor for the yen is the "risk appetite in addition to private consumption as the basis of the GDP of Japan. The USD/JPY pair reduced by the end of the trades.
The Swiss franc became stronger in opposition to the dollar. The Fed's Beige Book signified that the economic activity proceeded to broaden in most area like growth rates remarkably differ from poor to sturdy and the labor market conditions continue to get better wherein the dollar leveled its attainment.
The first support occurs at 0.9850 and at 0.9750 subsequently. The first resistance resides at 0.9960 and at 1.0100 subsequently.
A confirmed and sturdy sell signal has been found. The price is below the Ichimoku Cloud and it is below the Chikou Span. The Tenkan-sen and the Kijun-sen creates a horizontal movement forming a "Dead Cross". The descending movement will remain until the price is below the Cloud.
The MACD indicator is in a neutral location. The price is falling.
The poor US statistic cause the market sentiment to intensified. In opposition to the European currency, the dollar loosen its track. The labor expenditure aggressively dropped to 3.3% contrary to the expected increase of 4.7% while the Initial Jobless Claims in the USA increased from 272,000 to 278,000. The US publicized the employment outside agricultural sector release. The statistics occur more than the expected of 190,000. The number of employees reached to 242,000.
The Fed's meeting will be held on March 16 and some economists think that the powerful employment data in the private sector will cause the Fed to heighten the rate. The USA issued another crucial release which is the unemployment rate for February wherein the recent value was 4.9% and the report was also at 4.9%. The data occurred at the reported median. The EUR/USD pair stabilized by the end of the trades.
The negative fundamental background of the pound clearly signified that we should expect a new downtrend in the near future even if it tries to grow. The investors were upset by the poor data of all three UK Markit's report this week. Moreover, the service PMI for February fell to its bottom-most level since March 2013 to 52.7 contrary to 55.1. The GBP/USD grew by the end of the trades.
The USA issued the foreign trade balance for January wherein the recent value was 43.36 billion while the report was -43.5 billion. The USD/JPY pair is trading in a side passage.
In the midst of the controversial US labor market report, the USD/JPY pair stayed in the range in spite the fact that the market has increased volatility. The governor of BOJ stated that the strong yen was not the primary cause of the core inflation infirmity. In addition to this, the negative interest rates were not planned to affect the currency market according to the governor.
The first support occurs at 113.00 and at 112.20 subsequently. The first resistance resides at 113.80 and at 114.60 subsequently.
A confirmed and a sturdy buy signal has been found. The price is over the Ichimoku Cloud and it is on top of the Chikou Span. The Tenkan-sen and the Kijun-sen form a horizontal movement displaying a "Dead Cross". The ascending movement will remain until the price is over the Cloud.
The MACD indicator is in a neutral location. The price is solidifying.
As the poor data of Chinese enliven anxiety towards the slack in the Chinese economy, the yen still managed to showed an increase in opposition to the dollar and euro. A demand stimulation for shelter currencies arises due to this data.
In February, the amount of Chinese exports dropped on a yearly basis by 25.4% to 126.1 million contrary to the reported decrease of 12.5% shown in the official data. In January, slowing from 18.8%, the number of imports decreased by 13.8% yearly. In the last quarter of 2015, the Gross Domestic Product had dropped by 1.1% that has been seen in the Japanese data on Tuesday, being modified from 1.4%.
Governor Mark Carney, head of the Bank of England discussed the financial costs and benefits of Great Britain membership in the EU. The 2nd estimate of Eurozone GDP for the 4th quarter was published by the UK. Periodically corrected, this indicator was 0.3% in comparison with 0.3% in the previous quarter.
A growth rate of 0.3% for the last quarter has been anticipated by the experts. We hoped for a slight development in the French trade balance. In the midst of lofty expectations that the ECB will launch supplementary monetary policy easing, the euro stayed under pressure.
For the first time in three months, the Industrial Production for February expanded based on the National Statistics Office. In December, the index showed improvement by 0.3% on a monthly basis after a decrease by 1.1%. The growth was also the most remarkable in in five months aside from the first in three months. Nevertheless, an increase rate of 0.4% is what the economists hoped for. And for the moment, the Manufacturing Production raised by 0.7% while the report was 0.2%.
The first support occurs at 1.4160 and at 1.4080 subsequently. The first resistance resides at 1.4240 and at 1.4320 subsequently.
A confirmed and a sturdy buy signal has been found. The price is over the Ichimoku Cloud and it is on top of the Chikou Span. The Tenkan-sen and the Kijun-sen form an ascending movement. The upward movement will remain until the price is over the Cloud.
The MACD indicator is in a positive location. The indicator is declining.
On Thursday, the sole European currency was limelighted. Aiming to support the economy in a low inflation environment, the European Central Bank (ECB) had to improve its measures. The primary news for the day were the Bank's resolution regarding monetary policy and Mario Draghi's press conference.
The ECB was certain that monetary policy should be simplified yet the new rate cuts would not be going to happen as the regulator made it clear. It has been expected that the ECB cut its deposit rate by 10 points.
In comparison to the previous month data of 20,3 billion, the Germany issued Trade Balance that occurs at 18,9 billion. These data was changed upwards to 18,8 billion. For the last month, an increase rate of 19,6 billion is what the experts anticipated.
The Bank of England is not willing to grow the interest rates in conformity with the British macroeconomic data.In a few months, the UK shall manage a referendum on the UK exit from the EU. This also cause the British pound to be under pressure. The growth can be regarded as a consolidation from being low for seven years.
In spite of the increasing risks when the Consumer Price Index of China turned out better than what was expected, the Japanese currency became under pressure. Meanwhile, the US has issued the Initial Jobless Claims. The index showed 259,000 wherein the economists had expected a decrease from 277,000 to 275,000.
In conformity of the UK National Statistics Office, the country's trade shortage which is seasonally rectified, tapered in December from £10,45 billion to £10.29 billion. The previous month's data was re-evaluated up to £9.92 billion. In January, the trade shortage reached £10,3 billion according to economists forecast.
The first support is at 1.4320 and at 1.4240 subsequently. The first resistance is at 1.4400 and at 1.4480 subsequently.
A confirmed and a sturdy buy signal has been found. The price is over the Ichimoku Cloud and it is on top of the Chikou Span. The Tenkan-sen and the Kijun-sen form an upward movement. The ascending movement will remain until the price is over the Cloud.
The MACD indicator is in a positive location. The indicator is increasing.
The Fed's probable declaration will be the primary driver to start up the week. The Central Banks will be the center of attraction this week and the BOJ, the Fed and the Bank of England will going to declare their decisions. The banks' statements can still be a reason of volatility although we're not looking forward for surprises.
Risk aversion has been elicited and the dollar came under pressure cause by the ECB President Mario Draghi's statement regarding the lack of demand for new procedures last week. In someway, traders cope up to focus on new ECB's large-scale incentives which heightened the need for the dollar at the end of the trading week. Erkki Liikanen's statement, ECB representative, about the rates being cohered at the present or lower levels unless the target inflation level is reached, adds up some buoyancy. It gave the market tranquility as well as bringing hope to investors that the European regulator had more plans. On Monday, the euro/dollar pair declined by the end of the trades.
The favorable data of the UK trade shortage did not support the price to improve as the data showed £ -3.459 billion, and this also did not made any impression on the GBP/USD. Yet if the dollar came under a wave of selling, the pound consolidated. In someway, the pound/dollar pair fell by the end of the trades on Monday.
However, the USD/JPY pair were even as it goes on the trades.
As the Bank of Japan kept its monetary policy unchanged, the yen increase as expected. The bank calculates the economic effect of its January decision to reduce the rate to negative values. Though this decision does not cause the yen to modulate, however some traders still think that the simplification measures of the Bank of Japan missed out its productiveness. Now, the traders' center of attraction goes out to the Federal Reserve's meeting.
The first support occurs at 113.00 and at 112.20 subsequently. The first resistance lies at 113.80 and at 114.60 subsequently.
The price is in the Ichimoku Cloud and it is over the Chikou Span. The Tenkan-sen and the Kijun-sen form a horizontal movement displaying a "Dead Cross". The MACD indicator is in a neutral location. The price is falling.
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