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
9
February
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By Sagar Dua - 302
EUR/USD The European currency is showing moderate gains against the US dollar, extending the corrective momentum formed at the end of last week and testing the 1.1820 level for an upside breakout, while market participants remain cautious and refrain from opening new positions in the absence of fresh catalysts.
6
February
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By Sagar Dua
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United States The U.S. dollar is weakening against the euro and the pound, while showing mixed dynamics against the yen.
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By Sagar Dua
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The Dow Jones Index is trading in a local sideways range near 48,802.0, as the formation of a устойчивый bullish impulse continues to be constrained by risks of slowing business activity and a persistent imbalance across key sectors of the U.S. economy.
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By Sagar Dua
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After updating the July 2011 low, the USD/CHF pair has gained 2.15% and is now approaching the 0.7822 resistance level: the rapid bullish rally in precious metals has given way to a sharp correction, with gold down 12.7% from recent highs and silver plunging a record 37.0%.
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By Sagar Dua
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The USD/JPY pair is correcting within an upward trend, trading at 156.64 amid a weakening yen.
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By Sagar Dua
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The XPT/USD pair is trading above the 2000.00 level, maintaining a downward trajectory driven by weakening demand across the precious metals complex amid large-scale liquidation of leveraged positions. However, this move appears to be a local correction, after which renewed upside momentum may resume.
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By Sagar Dua
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The USD/CAD pair is showing a slight decline during the morning session on February 6, consolidating near the 1.3700 level and the local highs recorded on January 27. Investors are closing part of their short positions toward the end of the week, locking in profits after the moderate strengthening of the US dollar across most market segments, while awaiting the Canadian labour market report due at 15:30 (GMT+2), which could significantly adjust expectations for the future direction of monetary policy. According to current forecasts, employment growth may amount to only 7.0 thousand, below the 8.2 thousand recorded in December, while average hourly wages are likely to remain unchanged at 3.7% year-on-year, signalling persistent inflationary risks. The unemployment rate is expected to remain stable at around 6.8%. Later, at 17:00 (GMT+2), attention will shift to January data for the Ivey PMI, reflecting business activity in the national manufacturing sector. Adjusted for seasonal factors, the index may continue its sharp decline from 51.9 points to 49.7 points, putting additional pressure on the Canadian dollar.
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By Sagar Dua
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EUR/USD — The European currency is showing modest gains against the US dollar, consolidating near the 1.1800 level during the morning session as market participants assess the outcome of the European Central Bank (ECB) meeting. The regulator left its key parameters unchanged for the fifth consecutive time: the main refinancing rate at 2.15%, the marginal lending facility at 2.40%, and the deposit rate at 2.00%. In its official statement, policymakers emphasized that the updated assessment points to inflation stabilizing around the 2.0% target over the medium term, while the economy is demonstrating moderate resilience amid low unemployment (7.1% as of January) and a gradual increase in government spending.
5
February
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By Sagar Dua
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USD/JPY. The U.S. dollar is showing modest gains against the Japanese yen, testing the 156.84 level during the Asian session and updating local highs last seen on January 23. The yen remains under pressure amid growing political uncertainty in Japan.
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By Sagar Dua
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EUR/USD. The EUR/USD pair is trading in a corrective phase near 1.1789, pressured by weak macroeconomic data from the eurozone.
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By Sagar Dua
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EUR/USD. The euro is losing ground against the US dollar during the Asian session on February 5, as market participants refrain from opening new positions and prefer to wait for the outcome of the European Central Bank (ECB) meeting scheduled for tomorrow at 14:00 (GMT+2).
4
February
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By Sagar Dua
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EUR/USD The European currency is showing moderate gains against the US dollar during the Asian session, extending the corrective rebound formed a day earlier and testing the 1.1835 level for an upside breakout, while market participants await fresh catalysts to drive price action.
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