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Main » 2016 » February » 7 » Forex forecast for 02/08/2016: greenbacks - short-term growth
Forex forecast for 02/08/2016: greenbacks - short-term growth

The foreign exchange market on February 8, 2016, EUR / USD

News forex traders today:

02.50 MSK. Japan: Overall balance of current account for December (the previous value of ¥ 1143.5V; forecast ¥ 987V).

The euro exchange rate against the dollar today EUR / USD Forecast 02/08/2016

Data on Friday on the labor market in the US will help buck partly compensate the lost ground. As noted in the previous review - do not expect the strong Non-Farm and in the first place should pay attention to the index of average earnings. 



Only the strong data (0.4% and above) will support the US currency, which eventually happened. Average earnings in January was US $ 25.39 / hour, which is 0.47% more than in the previous month. It is impossible to ignore the decline in the unemployment rate to 4.9% - the last time such figures were observed in the second half of 2007, before the financial crisis. The debt market reacted positively to the report - the yield of US Treasury bonds went up ahead on the growth rate of its major competitors. The increase in income population contributes to the rise in inflation expectations, which is a positive factor for the currency. However, the flight of capital from the "risky assets" last week, does not allow to count on a strong strengthening of the dollar, since this factor is positive for the euro as a funding currency. 

Recommendations for the pair euro dollar today 02.08.2016 : Players on the euro with bucks today in the forex market is a couple Sell on price increases to the levels of 1.1175 / 1.1205 and target at the level of 1.1120.


Recommendations for the pair euro dollar today


The pound against the dollar today GBP / USD Forecast 02/08/2016

Players for the sterling today with greenbacks worth waiting for trade in the outset. On the one hand, the labor market data contributed to the expansion of the spread in yield of US and UK government bonds that the pound has traditionally been a "bear" factor. On the other hand, oil buyers will build long positions, which in turn have a positive impact on quotations of the British. Friday's data from the oilfield services company Baker Hughes may provide short-term support to the market of "black gold": the number of oil rigs in the United States in its first week of February dropped by 31 per unit. Now in the United States it operates 467 oil rigs, while the level of 1140. The year before was recorded in Arkansas closed all objects in Utah is only one installation. 

Recommendations pair pound dollar today 02.08.2015 : Players for the sterling today with bucks worth the wait in flat trading 1.4445 -1.4560.

Recommendations for the pound dollar pair for today


The dollar against the yen today USD / JPY forecast for 2/8/2016

Players on the greenback against the yen today in trading in Asia is worth paying attention to the publication of data on Balance of Payments Japan. In December, the trade surplus amounted to 140.2 billion. Yen, with 1.543 trillion. Yen was an outflow of capital from Japanese equities and government bonds. In November and October, capital inflows from portfolio investors amounted to 1.952 trillion. 3302.5 billion yen. Yen, respectively. Same way, we see the development of a strong negative dynamics in these conditions, the monetary regulator usually goes for the use of reserves to cover the difference between the inflow and outflow of capital. However, the Bank of Japan reserves in the last month in 2015 have not changed in comparison with November, taking into account these factors, we can conclude about the data output slightly worse than the consensus that will support short-term "bullish" on the dollar. On the bond market the yield differential of US and Japanese government bonds expanded, which increases the attractiveness of investment in US assets and thus will support the dollar. Pair Recommendations dollar yen today 02/08/2016 : Trading in the dollar yen pair is worth buying now Buy's reducing prices to the levels of 116.60 / 116.20 and 117.40 on the take.

 Recommendations for the dollar yen pair today

Aleksandr Goryachev

Analyst «FreshForex»

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