Foreign Exchange Market on March 10, 2016, EUR / USD
News forex traders today:
16.30 MSK. Eurozone: ECB Press Conference.
16.30 MSK. US: The number of initial applications for unemployment benefits in March (the previous value of 278K; 272K forecast).
The forecast of the euro against the dollar EUR / USD today 03/10/2016
Today, the forex the main event will be the announcement of the results of the ECB meeting on monetary policy. On the economy of the Old World once again under threat of deflation.
In the euro area in February CPI registered a decline of 0.2% in annual terms. In this regard, the ECB trkydery expected reduction of deposit rates by 0.1%, as well as the expansion of QE program. Such measures will put pressure on the euro. Since the last ECB meeting (January 21) yields 2-year government bonds of Germany, which reflect expectations for monetary policy, decreased by 10.2 bp, confirming the negative scenario.Moreover, in early February, Mario Draghi, speaking at the European Commission, said that the ECB is likely to be forced to take additional measures and it should be noted that the speech was released prior to the publication of negative inflation for February. Easing monetary policy could have a short-term support for the European stock markets. In this context, the negative effect on the EUR / USD pair will increase as demand for "risky" assets will help to reduce the euro as a funding currency.
Forex trading recommendations on a pair of euro dollar today 03.10.2016 : euro players for trading is to sell the pair Sell to increase the levels of 1.1025 / 1.1060 and a target at 1.0930.
Forecast exchange rate pound dollar today GBP / USD 10.03.2016
Weak data on Albion prodolzhaeyut disappoint investors. January Yesterday's report on industrial production and even showed an increase of 0.3% m / m, but the figure fell short of the consensus forecast. Over the past three months (November to January), the volume of industrial production decreased by 1.59%, while the previously recorded a reduction of just 0.1% in the same period of the year. However, the market of "black gold" gave the British currency fall too much. Investors once again ignored the weak data on US crude oil inventories, which again indicates the presence of strong buyers in the market who are ready to buy any drawdown. It is impossible to ignore the dynamics of cross-rate EUR / GBP. As noted earlier, in the afternoon we can expect further easing of monetary policy by the ECB, which will put pressure on the pair EUR / GBP and have a positive impact on the cost of the British currency. Under this cross rate can be expected to reduce quotations to 0.7670.
Forex trading recommendations for the pair pound dollar today 03.10.2016 : Players with greenbacks a pound today is worth buying a pair Buy on decline to levels of 1.4205 / 1.4170 and take profit at 1.4280.
The forecast of the dollar against the yen today USD / JPY 10.03.2016
Today, the dynamics of trading on the foreign exchange market, the dollar yen pair will determine the "risk appetite", and trades in the credit markets. On the one hand, the credit markets the last two trading days, a decline in the yield differential on 10-year US and Japanese government bonds, which reduces the attractiveness of investing in US assets. On the other hand, on Wednesday, at the auction in the US traders in the stock market began to actively build long positions, based on a further easing of monetary policy of the ECB, which will have a short-term positive effect on risky assets. Yesterday, market participants built up the "Long" for copper, oil and corporate bonds, which indicates an increased "appetite for risk".
Forex trading recommendations for the dollar yen pair today 03.10.2016 : Against this background, during the day should be opened Buy position on the reduction of quotations to 113.05 / 112.70 and take profit at the level of 114.05.
analyst « FreshForex »