Forex Market Review: Dollar Firms, German Ifo Rises
United States of America. The US dollar is strengthening against the pound and the yen, while showing mixed performance against the euro.
Markets
13
February
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By Sagar Dua - 264
S&P 500 quotes are correcting near 6,833.0: midweek trading on the U.S. equity market was marked by tentative signs of positive momentum, with major indices showing a moderate recovery amid relative stabilization in U.S. Treasury yields and subdued movements in the dollar. However, labor market data shifted investor sentiment, reinforcing caution in assessing the macroeconomic outlook.
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By Sagar Dua
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The U.S. dollar is strengthening against the Japanese yen and the euro, while showing mixed dynamics against the British pound.
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By Sagar Dua
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The Australian dollar is posting a moderate decline, testing the 0.7080 level for a downside breakout during the Asian session. At the same time, the AUD/USD pair is set to end the trading week in positive territory, supported by the hawkish rhetoric of the Reserve Bank of Australia (RBA). Recall that on February 3, the regulator raised the key interest rate by 25 basis points to 3.85%, becoming one of the first central banks to sharply shift its monetary policy stance.
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By Sagar Dua
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During the Asian session, the EUR/USD pair is holding near the 1.1869 level. The euro has failed to develop a sustained upward move amid neutral macroeconomic data and negative assessments from international auditing firm Deloitte.
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By Sagar Dua
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EUR/USD. The European currency is extending the corrective impulse that began last Tuesday, which allowed the single currency to retreat from the local highs seen on January 30. At present, the EUR/USD pair is testing the 1.1860 level for a downside breakout, while market participants await new drivers from key macroeconomic data scheduled for release today at 12:00 (GMT+2).
12
February
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By Sagar Dua
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EUR/USD. The euro is testing the 1.1870 level for a downside breakout, extending a fragile short-term bearish trend that began last Tuesday. Investor focus remains on macroeconomic data from the eurozone, which continues to signal structural weakness in the European economy and reinforces expectations of an earlier monetary easing cycle by the European Central Bank (ECB).
11
February
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By Sagar Dua
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United States. The US dollar is losing ground against its major peers — the pound, the euro, and the yen.
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By Sagar Dua
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DJIA. The Dow Jones Industrial Average is consolidating near 50,257.7, with trading activity subdued ahead of the release of the U.S. January labor market report today at 15:30 (GMT+2). According to the consensus forecast, nonfarm payrolls are expected to increase from 50.0K to 70.0K, while annual average hourly earnings growth is projected to slow from 3.8% to 3.6%. Such dynamics would signal easing inflationary pressure and reduce the likelihood of a faster monetary easing cycle by the Federal Reserve this year.
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By Sagar Dua
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USD/JPY. During the Asian session, USD/JPY remains in a downward trend near 153.50. Pressure on the pair intensified after the decisive victory of Japan’s Liberal Democratic Party in the snap lower house elections, where it secured 316 out of 465 seats, surpassing the two-thirds threshold required to independently advance its legislative agenda.
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By Sagar Dua
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EUR/USD. The euro is erasing the corrective impulse formed a day earlier, when EUR/USD retreated from the January 30 local highs. During the Asian session, the pair is testing 1.1910 for a breakout to the upside as traders await fresh catalysts.
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By Sagar Dua
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EUR/USD. The euro is extending the corrective pullback formed yesterday after EUR/USD retreated from its January 30 local highs. During the Asian session, the pair is testing the 1.1880 level to the downside as traders await fresh catalysts.
10
February
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By Sagar Dua
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EUR/USD. The single European currency is showing mixed trading in the EUR/USD pair during the Asian session, consolidating near the 1.1900 level and around the local highs of January 30, supported by the European Central Bank’s (ECB) predictable monetary policy. The regulator does not rule out a rate hike should inflationary pressures re-accelerate.
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