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Main » 2019 » May » 8 » Forex trading ideas traders today 05/08/2019 Potential reduction of the euro
11:33
Forex trading ideas traders today 05/08/2019 Potential reduction of the euro

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The European currency against the dollar continues to consolidate near the 1.12 support. During yesterday's sellers have yet another fundamental validation approach, involves the sale of the main foreign exchange risk. As it became known, the German Factory Orders YoY slipped by 6%, one of the worst results in the last decade. Against this background, there is no doubt that today's report on industrial production also disappointed. The apparent deterioration in the European economic situation has forced the European Commission to lower its forecast for economic growth and inflation in the euro area this year.

 

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According to the quarterly economic forecast of the European Commission for the 28 EU countries, GDP growth in the current year is 1.2%, well below the 1.9% in 2018. Inflation in Euro zone remains below target ECB determined at 2% and will grow by only 1.4%. The ECB predicts inflation of 1.2% this year and 1.5% - in 2020 and has already announced plans to further stimulate the economy through a new round of long-term refinancing of the banking sector. The willingness of the ECB to use additional monetary easing tools acts as one major factor in the potential weakness of the euro currency, which can enhance the prospect of slowing global growth due to the extremely complicated relations between the US and China.


EURUSD SellLimit 1,1230 TP 1,1050 SL 1,1270


As expected, buyers in the oil market rather quickly lost all the enthusiasm that led to a retest of support of $ 70 per barrel. At least yesterday was $ 69.38. The oil market continues minusovat amid concerns over the outlook for economic growth, which is associated with the decision of the US president Donald Trump to increase pressure on China by raising tariffs on Chinese exports worth $ 200 billion. 10% to 25%. This decision will come into force next Friday. Cancel it will only sign a trade agreement, but chances are that it will be able to achieve before the end of this week, tend to zero. Recall that the worsening of relations between the leading countries of the world took place against the backdrop of the fact that China has refused to carry out a number of commitments that have been agreed upon earlier. Uncertainty in foreign trade since the beginning of this week is the main reason for the flight of investors from risky assets, which is also reflected in the negative dynamics of the oil market. The focus today in the US report on oil reserves, which will be published at 17:30 GMT. Recent data from the US Energy Information Administration pointed to record high levels of production in the states. As for oil, they have grown for five of the last six weeks and peaked with September 2017. If you save these dynamics, oil prices continue to decline. which will be published at 17:30 GMT. Recent data from the US Energy Information Administration pointed to record high levels of production in the states. As for oil, they have grown for five of the last six weeks and peaked with September 2017. If you save these dynamics, oil prices continue to decline. which will be published at 17:30 GMT. Recent data from the US Energy Information Administration pointed to record high levels of production in the states. As for oil, they have grown for five of the last six weeks and peaked with September 2017. If you save these dynamics, oil prices continue to decline.


UKOIL SellStop 69,90 TP 67,20 SL 70,40


Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author trader analyst Artem Deev company AMarkets.

 

 

 

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