Reply to thread

Message: [QUOTE="MikhailLF, post: 161528, member: 42242"] [b]LiteForex analitics. Morning Market Review[/b] EUR/USD The euro continues to grow moderately against the US dollar, updating local highs of March 4. On Monday, after the update of the highs, the euro declined significantly due to the strengthening of the US dollar index, but the "bullish" mood on the instrument remained. Moderate support for the instrument was provided by data on the Eurozone trade balance. In January, the balance surplus increased from 16.0 billion to 17.0 billion euros, which turned out to be significantly better than forecasts, which suggested a decrease to 13.2 billion. In turn, the American statistics was neutral. The NAHB retail housing prices index in March remained at 62 points, contrary to forecasts of growth to 63 points. On Tuesday, investors will be focused on a block of indicators on economic sentiment in the Eurozone and Germany from ZEW. Also, traders are interested in Construction PMI in the Eurozone in January. GBP/USD The British pound returned to decline on Monday, updating local lows of March 13. However, by the end of the day session, the instrument managed to win back almost half of the losses, and today's trading is going upwards. Yesterday, the pound was pressured by news that House of Commons Speaker John Bercow blocked Prime Minister Theresa May’s proposal to hold a re-vote on the current version of the agreement with the EU. Bercow stated that the government could not put the same proposal to the vote twice. Thus, May will have to ask Brussels for a longer delay, since the process of developing a new agreement will be extremely difficult. The process of postponement itself can also be very painful since this requires the unanimous decision of all EU member states. Today, investors will pay attention to the data on the UK labor market in January/February. AUD/USD The Australian dollar shows moderate growth, receiving support from the weak positions of the US currency. Today, the instrument is trading in both directions, responding to the publication of the RBA minutes of March 5 and the dynamics of housing prices. In 4Q2018, the housing price index decreased by 2.4% QoQ and 5.1% YoY, which was noticeably worse than the data for the previous period (-1.5% QoQ and -1.9% YoY). Analysts had expected -2.0% QoQ and -0.4% YoY. The published RBA protocol did not have a significant impact on the instrument since it did not show anything new. As before, the regulator complained about the growing external risks, especially in Europe and Asia, however, noted the positive impact of rising oil and coal prices. USD/JPY The US dollar has returned to decline against the Japanese yen, updating local lows of March 14 today. The US currency is weakening amid increasing uncertainty caused by the publication of ambiguous macroeconomic statistics. In addition, investors are anxiously awaiting news regarding the US-China trade negotiations. Recently, the media reported that the meeting of the two heads of state could be postponed from late March to April, but it has not yet received official confirmation. The data on industrial production in Japan published on Monday provided the yen with moderate support: in January, the index rose by 0.3% YoY against the zero dynamics of last month. Oil Oil prices continued moderate growth during the new week in the market, supported by the efforts of OPEC+. After the meeting of the OPEC+ member countries in Azerbaijan, it was decided to cancel the April meeting of the cartel, where, as expected, the future of the current agreement was to be discussed. Thus, it is actually extended until June, when a new meeting is scheduled. In addition, exporting countries report the toughening of the obligations under the agreement, which allows the market to remain stable in the context of growing US oil production. On Tuesday, investors will focus on the report of the American Petroleum Institute (API) on oil reserves for the week of March 15. [/QUOTE]

Verification

Top Bottom