Forex trading on January 29, 2016
Trading in the currency market on Thursday marked quite interesting movements, which were the main drivers of oil quotes and economic statistics, which appeared mostly in a negative way. Also present at the sites of the residual effect of yesterday's Fed pessimism. However, much of an impression on the market regulator is not produced, since most of the players just to price in a scenario are implemented. In general, it is possible to note a weakening dollar, which forces this time were undermined by weak statistical data from the US and vigorous recovery in oil prices, which were noted at the highs of January 5 above $ 36 dollars.
Thus, recent figures from the US once again disappointed. I do not hit "lose face" unless the labor market, where the initial applications for unemployment benefits fell last week to 278 thousand. From 293 thousand. Against the forecast of 282 thousand. However, there has not been without its share of negative - repeated appeals rose to 2.268 million from 2.208 million. In the meantime, pending the sale of property recovered only 0.1% after the collapse of the November by 0.9%, while the expected growth rate of 0.8%. But the most disappointing orders for durable goods, which have fallen by 5.1% against an expected fall of 0.6%. It seems that the US economy remains not in the best shape, giving the regulator to understand that with a further increase in interest rates may have to wait.
The euro dollar prognostication 01/29/2016
EURUSD was able to gain a foothold, but the pair, as, indeed, and the fall looks limited. Quotes can not get a much-needed catalyst that would have pushed them out of the current range of 1.08-1.1. Thus, the pair continues to oscillate in the middle of the medium-term channel, tending to its upper limit. Euro recorded a fourth consecutive day of growth, this time noted at week high near 1.0950. Opened slightly below the promised level of 1.09, quotes in an instant fell in the area of 1.0868 during the Asian session. Soon, however, the growth momentum has returned, and the couple rushed up. At the same time the euro is practically ignored the ambiguous sentiment indicators in the region. Business climate indicator fell to 0.29 from 0.41 vs. 0.39.Meanwhile, consumer confidence in line with expectations at -6.3. Much more lively response we saw in response to the American statistics, which mentioned above.
Pound dollar outlook 01/29/2016
GBPUSD more than compensated for losses suffered the day before, having won the level of 1.43. The couple marked the border intraday range support and resistance levels at 1.4230 and 1.44, respectively. In the area round the level of the pound lost its growth momentum and pulled back slightly. The reason for the corrective rebound of quotations in the long-term downward trend initially started preliminary data on UK GDP for the fourth quarter, in line with expectations at + 0.5% q / q and 1.9% y / y. Later purchases resumed with renewed vigor following the publication of disappointing US economic data. In addition, in recent years the traditional benchmark for the "British" - the price of oil - has a pair of support throughout the day.
Dollar Yen Forecast 01/29/2016
USDJPY has decided to stand out among his "colleagues", and gave up only in the US session. Despite the almost universal sales dollar pair strengthened most of the day. Starting in the area of 118.64, the price tried to go back beyond the level of 119.00, but in the area of the psychological mark of the dollar did not have a pulse, after which the couple swept sale, sent the quotation to the levels otkrytiya.Osnovnaya reason why the yen was not able to resist the dollar lies expectations imminent meeting of the Bank of Japan, which will take a decision on monetary policy in the Asian session. Based on recent weak statistics, players are afraid the launch of additional measures to stimulate the bank, and therefore in no hurry to buy the yen.
The economic calendar for 01/29/2016
On the economic calendar today announced several important otchetov.Glavnym outgoing week will release preliminary data on US GDP for the fourth quarter, which is expected to slowdown in economic growth to + 0.8% from + 2.0% previously. Also of great interest to present inflation in the euro area. If the result does not live up to expectations, it will only increase the expectations for the March ECB easing. In the US also announced data on personal consumption expenditures, the balance of trade in goods, business activity in the zone of the Chicago Fed, as well as consumer confidence Reuters / Michigan.
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