Home / Tag Archives: forex research

Tag Archives: forex research

USDJPY Slides in APAC Trade

But the dollar — which soared in November and December on expectation his big-spending, tax-cutting, deregulation plans would fan inflation — continued to struggle in January. In early trade Monday it bought 113.60 yen, well down from 114.60 yen Friday and more than four percent down from the highs touched late in December. It was also well down against the euro and pound despite ongoing concerns about Britain’s exit from the European Union. “I suspect we’re entering extremely volatile times for the dollar,” Stephen Innes, senior trader at OANDA, said in a note. “There remains a high level of uncertainty about the new administration’s dollar policies, especially following President Trump’s recent remarks on the strong dollar directed at China.” Trump last week said the greenback was too strong against China’s yuan, which he claimed was “killing” the US economy. The stronger yen dragged exporters on Tokyo’s Nikkei, which ended the morning 1.1 percent lower. AFP

Read More »

USD/CAD – Canadian Dollar Lower, Canadian CPI and Retail Sales Ahead

The Canadian dollar is under pressure and has posted losses in the Friday session. On the release front, Canada publishes CPI and Core Retail Sales, so we could see some volatility from USD/CAD during the North American session. In the US, today’s highlight is the inauguration of Donald Trump as president. The sole economic event is a speech from FOMC member from Patrick Harker. It’s Inauguration Day in the United States, as the eyes of the world are on Donald Trump, who will be sworn in as the 45th president. Trump’s stunning victory in November has triggered strong gains for the US dollar and the stock market, and there is no arguing that the US economy is robust. Nonetheless, there is a feeling of unease in the air, as confidence and hope are starting to give way to confusion and uncertainty, as Trump has failed to outline any specifics on his economic policies, while continuing to tangle with the media and fire off controversial Twitter messages. How will the dollar react when Trump rolls up his sleeves and begins work on Monday morning? Earlier on Friday, Oanda’s Stephen Innes provided the following assessment: the downside risk for the USD remains elevated more so from Trump’s inauguration if he fails to underscore economic policy. On the other hand, if Donald comes out firing on all fiscal stimulus cylinders, bond yield will surge, and the greenback would catch an enormous updraft… the President–elect takes centre stage as we begin a new chapter in American politics and global financial markets. Buckle up; we are likely in for a wild ride in the coming 100 days [see the link below for the full article] We begin a new chapter for the US Dollar It’s been a dismal week for the Canadian dollar, which is down 2.5 percent. The currency sagged on Wednesday, after pessimistic comments from the Bank Canada. BoC Governor Stephen Poloz expressed his unease about the new US administration, saying he expected Canada to take a “material” hit from a much more protectionist United States after Donald Trump becomes president. Poloz added that the bank was closely monitoring its southern neighbor and biggest economic partner, and that a rate cut was on the table. The Canadian dollar lost further ground on Thursday and USD/CAD is currently within striking distance of the 1.34 level. BoC Pessimism Sends CAD Sharply Lower USD/CAD Fundamentals Friday (January 20) 8:30 Canadian CPI. Estimate 0.0% 8:30 Canadian Core Retail Sales. Estimate 0.1% 8:30 Canadian Retail Sales. Estimate 0.5% 8:30 Canadian Trimmed Core CPI 8:30 Canadian Core CPI. Estimate 0.2% 9:00 US FOMC Member Patrick Harker Speech Tentative – President Trump Speech *All release times are GMT *Key events are in bold USD/CAD for Friday, January 20, 2017 USD/CAD January 20 at 6:50 EST Open: 1.3321 High: 1.3378 Low: 1.3282 Close: 1.3367 USD/CAD Technical S1 S2 S1 R1 R2 R3 1.3003 1.3120 1.3253 1.3371 1.3457 1.3599 USD/CAD edged lower in the Asian session. In European trade, the pair has reversed directions and posted considerable gains 1.3253 has strengthened in support 1.3371 was tested earlier in resistance and is a weak line Further levels in both directions: Below: 1.3253, 1.3120, 1.3003 and 1.2922 Above: 1.3371, 1.3457 and 1.3599 Current range: 1.3253 to 1.3371 OANDA’s Open Positions Ratio USD/CAD ratio is almost unchanged in the Friday session. Currently, long positions have a slight majority (53%), indicative of slight trader bias towards USD/CAD continuing to move higher. This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Read More »

Trump Readies Executive Actions

Donald Trump is preparing to sign executive actions on his first day in the White House on Friday to take the opening steps to crack down on immigration, build a wall on the U.S.-Mexican border and roll back outgoing President Barack Obama’s policies. Trump, a Republican elected on Nov. 8 to succeed Democrat Obama, arrived in Washington on a military plane with his family a day before he will be sworn in during a ceremony at the U.S. Capitol. Aides said Trump would not wait to wield one of the most powerful tools of his office, the presidential pen, to sign several executive actions that can be implemented without the input of Congress. Reuters We begin a new chapter for the US Dollar Fed Shouldn’t Let Economy Run Too Hot

Read More »

Fed Shouldn’t Let Economy Run Too Hot

With monetary policy still modestly accommodative, the U.S. central bank should continue to raise interest rates slowly to keep jobs plentiful and inflation low, Federal Reserve Chair Janet Yellen said on Thursday. “I think that allowing the economy to run markedly and persistently “hot” would be risky and unwise,” Yellen said in remarks prepared for delivery to the Stanford Institute for Economic Policy Research. While there are no signs as yet that the Fed is behind the curve or the economy is in danger of a sudden surge in inflation, she said, “I consider it prudent to adjust the stance of monetary policy gradually over time.” Reuters Dollar Mixed Ahead of Trump Inauguration WTI/USD – US Crude Shrugs Off Crude Inventories Surplus

Read More »

Race For French Left Candidate Heats Up

France’s divided Left will this weekend narrow its search for a presidential candidate, though opinion polls show whoever emerges victor will struggle to head off humiliation in the April-May election. The candidate must deal with the legacy of President Francois Hollande, whose ratings plummeted with his failure to turn the economy around. It appears a near-certainty that no Left representative will get beyond the April 23 first round. The focus of campaigning — not only for the Socialists but also the election front-runners — is likely to focus on France’s moderate left, a vast electorate spanning factory and office workers, shopkeepers and Paris professional elites. Reuters We begin a new chapter for the US Dollar XAU/USD – Gold Steady at $1200 as US Manufacturing, Job Data Impresses

Read More »

How Was The Collective Mood As Stocks Started A 19-Year Secular Bull Run In 1982?

Stocks Must Overcome 2017 Gloom Even with the backdrop of numerous positive technical developments, it may be difficult to envision the stock market moving higher given skepticism has been lingering for several years. The tone of reporting from this week’s World Economic Forum has had a decidedly pessimistic slant. From the International Business Times: DAVOS, Switzerland — Despite the usual trappings of revelry here in the Swiss Alps at the World Economic Forum, an unfamiliar mood grips the proceedings: gloom. World leaders and people in charge of money are nursing angst over the potentially perilous state of the global economy. They confront an overwhelming array of crises all at once — China’s economic slowdown, the collapse of energy prices, plunging stock markets, confusion over monetary policy, conflict in the Middle East, an attendant surge of refugees into Europe, and the ever-present threat of terrorist attacks. What Can We Learn From History? In this article, we will examine one question and one question only: Is it possible for stocks to successfully hold a breakout from a long-term consolidation pattern when the social mood and news of the day have a pessimistic slant? How Was The Mood Back In 1982? If you followed the news back in 1982, it would have been difficult to imagine the S&P 500 had already started what eventually became an 18-year secular rise. As you scan the bullet points below from the Wikipedia 1982 page, try to imagine the physiological impact of weekly headlines that included wars, bankruptcies, plane crashes, high unemployment, geopolitical strife, a debt crisis, and acts of terror: Unemployment in the United Kingdom increases by 129,918 to 3,070,621, a post-war record number. Mark Thatcher, son of British Prime Minister Margaret Thatcher, disappears in the Sahara during the Dakar Rally; he is rescued January 14. Shortly after takeoff, Air Florida Flight 90 crashes into Washington, D.C.’s 14th Street Bridge and falls into the Potomac River, killing 78. On the same day, a Washington Metro train derails to the north, killing 3 (the system’s first fatal accident). Four Northrop T-38 aircraft of the United States Air Force Thunderbirds Demonstration Squadron crash at Indian Springs Air Force Auxiliary Field, Nevada, killing all 4 pilots. The first computer virus, the Elk Cloner, written by 15-year old Rich Skrenta, is found. It infects Apple II computers via floppy disk. The Hama massacre begins in Syria. Syrian president Hafez al-Assad orders the army to purge the city of Harran of the Muslim Brotherhood. London-based Laker Airways collapses, leaving 6,000 stranded passengers and debts of $270 million. Japan Airlines Flight 350 crashes in Tokyo Bay due to thrust reversal on approach to Tokyo International Airport, killing 24 among the 174 people on board. The oil platform Ocean Ranger sinks during a storm off the coast of Newfoundland, killing all 84 rig workers aboard. The DeLorean Motor Company Car Factory in Belfast is put into receivership. Atlanta murders of 1979–81: Wayne Williams is convicted of murdering 2 adult men and is sentenced to two consecutive life terms. The United States places an embargo on Libyan oil imports, alleging Libyan support for terrorist groups. In Newport, Rhode Island, Claus von Bülow is found guilty of the attempted murder of his wife. The Falklands War begins: Argentina invades and occupies the Falkland Islands. A blizzard unprecedented in size for April dumps 1–2 feet of snow on the northeastern United States, closing schools and businesses, and snarling traffic. British troops retake South Georgia during Operation Paraquet. The nuclear submarine HMS Conqueror sinks the Argentine cruiser General Belgrano, killing 323 sailors. Operation Algeciras, an attempt to destroy a Royal Navy warship in Gibraltar, fails. HMS Sheffield is hit by an Exocet missile, and burns out of control; 20 sailors are killed. The ship sinks on May 10. A Unabomber bomb explodes in the computer science department at Vanderbilt University; secretary Janet Smith is injured. French-Canadian racing driver Gilles Villeneuve is killed during qualifying for the Belgian Grand Prix. Spanish priest Juan María Fernández y Krohn tries to stab Pope John Paul II with a bayonet during the latter’s pilgrimage to the shrine at Fátima. Braniff International Airways is declared bankrupt and ceases all flights. The British Special Air Service launches an operation to destroy three Argentinean Exocet missiles and five Super Étendard fighter-bombers in mainland Argentina. It fails when the Argentineans discover the plot. British landings spark the Battle of San Carlos. HMS Ardent is sunk by Argentine aircraft, killing 22 sailors. HMS Antelope is lost. Iranian troops retake Khorramshahr. KGB head Yuri Andropov is appointed to the Secretariat of the Communist Party of the Soviet Union. British ships HMS Coventry and SS Atlantic Conveyor are sunk during the Falklands War; Coventry by two A-4C Skyhawks and the latter sunk by an Exocet. The 1982 Lebanon War begins: Forces under Israeli Defense Minister Ariel Sharon invade southern Lebanon in their “Operation Peace for the Galilee,” eventually reaching as far north as the capital Beirut. The United Nations Security Council votes to demand that Israel withdraw its troops from Lebanon. British ship RFA Sir Galahad is destroyed during the Bluff Cove Air Attacks. VASP Flight 168, a Boeing 727 passenger jet, crashes into forest Fortaleza, killing 137. The Nuclear Disarmament Rally, an event against nuclear weapon proliferation, draws 750,000 to New York City’s Central Park. The body of “God’s Banker”, Roberto Calvi, chairman of Banco Ambrosiano, is found hanging beneath Blackfriars Bridge in London. British Airways Flight 9 suffers a temporary four-engine flameout and damage to the exterior of the plane, after flying through the otherwise undetected ash plume from Indonesia’s Mount Galunggung. ASLEF train drivers in the United Kingdom go on strike over hours of work. Four Iranian diplomats are kidnapped upon Israel’s invasion of Lebanon. Pan Am Flight 759 (Boeing 727) crashes in Kenner, Louisiana, killing all 146 on board and 8 on the ground. Intruder Michael Fagan breaches Buckingham Palace security as far as into the bedroom of Elizabeth II. Checker Motors Corporation ceases production of automobiles. Geoffrey Prime, a GCHQ civil servant, is remanded in custody on charges under the Official Secrets Act 1911. In New York City, the Reverend Sun Myung Moon is sentenced to 18 months in prison and fined $25,000 for tax fraud and conspiracy to obstruct justice. William Whitelaw, Home Secretary, announces that Michael Trestrail (the Queen’s bodyguard) has resigned from the Metropolitan Police Service over a relationship with a male prostitute. Hyde Park and Regent’s Park bombings: the Provisional IRA detonates 2 bombs in central London, killing 8 soldiers, wounding 47 people, and leading to the deaths of 7 horses. A coroner’s jury returns a verdict of suicide on Roberto Calvi, who was found hanging under Blackfriars Bridge. Torrential rain and mudslides in Nagasaki, Japan destroy bridges and kill 299. On a movie set, the Twilight Zone actor Vic Morrow and 2 child actors die in a helicopter stunt accident. In Beaune, France, 53 persons, 46 of them children, die in a highway accident (France’s worst). Attempted coup against government of Daniel Arap Moi in Kenya. The United Nations Security Council votes to censure Israel because its troops are still in Lebanon. Italian Prime Minister Giovanni Spadolini resigns. Mexico announces it is unable to pay its large foreign debt, triggering a debt crisis that quickly spreads throughout Latin America. Lebanese Civil War: A multinational force lands in Beirut to oversee the PLO withdrawal from Lebanon. French troops arrive August 21, U.S. Marines August 25. Italian general Carlo Alberto Dalla Chiesa is killed in a Mafia ambush. Iowa paperboy Johnny Gosch is kidnapped. Lebanese President-elect Bachir Gemayel is assassinated in Beirut. A Lebanese Christian militia (the Phalange) kill thousands of Palestinians in the Sabra and Shatila refugee camps in West Beirut, the massacre is a response to the assassination of president-elect, Bachir Gemayel four days earlier. The NFL Players Association calls a strike, the first in-season work stoppage in the National Football League’s 63-year history. The Wimpy Operation, first act of armed resistance against Israeli troops in Beirut. In Israel, 400,000 marchers demand the resignation of Prime Minister Menachem Begin. The Chicago Tylenol murders occur when 7 people in the Chicago area die after ingesting capsules laced with potassium cyanide. Helmut Kohl replaces Helmut Schmidt as Chancellor of Germany through a constructive vote of no confidence. John DeLorean is arrested for selling cocaine to undercover FBI agents. Luzhniki disaster: During the UEFA Cup match between FC Spartak Moscow and HFC Haarlem, 66 people are crushed to death. A gasoline or petrol tanker explodes in the Salang Tunnel in Afghanistan, killing at least 176 people. The Dow Jones Industrial Average surges 43.41 points, or 4.25%, to close at 1,065.49, its first all-time high in more than 9 years. It last hit a record on January 11, 1973, when the average closed at 1,051.70. The points gain is the biggest ever up to this point. In Lebanon, the first Tyre headquarters bombing kills between 89 and 102 people. The Minneapolis Thanksgiving Day fire destroys an entire city block of downtown Minneapolis, including the headquarters of Northwestern National Bank. The first U.S. execution by lethal injection is carried out in Texas. The December murders occur in Suriname. The 6.0 Ms North Yemen earthquake shakes southwestern Yemen with a maximum Mercalli intensity of VIII (Severe), killing 2,800. The United Freedom Front bombs an office of South African Airways in Elmont, NY and an IBM office in Harrison, NY. Why 1982? From Yahoo Finance: In the last 81 years, there have been only two “outside years” before 2016: 1935 and 1982. Both of these years were followed by the S&P enjoying double-digit gains — +28% in 1936, and +17% in 1983 — which potentially sets the table for a monster rally into 2017. There are several technical occurrences in the present day that are similar to the early 1980s. For example, the S&P 500 broke out of a consolidation box in 1982 by exceeding the high that was made nine years earlier in 1973. In 2013, the S&P 500 exceeded the highs from both 2000 and 2007, which represents a significant long-term breakout for equities. 2016 also represented a very rare “outside year”, an event that last occurred in 1982. The concept of an outside year was covered in detail on December 30. More Recent History Also Features Consolidation The concept of consolidation followed by a breakout or breakdown applies to all timeframes. The chart above shows a consolidation box that was in play between 1997 and 2013. A more recent view of the S&P 500 also features a consolidation box that dates back to 2014 on a monthly chart. Stocks are currently holding onto a bullish breakout from the 2014-2016 consolidation box. How Vulnerable Is The 2017 Market? This week’s stock market video looks at the longer-term health of the current rally in stocks. Are longer-term cracks starting to appear? After you click play, use the button in the lower-right corner of the video player to view in full-screen mode. Hit Esc to exit full-screen mode. The Broad Market Has Been Consolidating For 19 Years Similar to the multiple-year consolidation that preceded the 1982 breakout in stocks, the present day market also features a consolidation box that started forming back in 1997. As of this writing, the NYSE Composite Stock Index is holding above the orange consolidation box shown below. The View From 30,000 Feet If we double back to the first chart in this article, it is easier to see how the concept of consolidation and breakouts may apply to 2017 and beyond. There were plenty of reasons to be pessimistic in 1982, and yet stocks were able to advance after breaking out. 2017 Is Significantly Different From 1982 Our purpose is not to say 2017 is 1982. In fact, 2017 is a unique year that will be different from every other year in human history. The same can be said for every year; they all follow a different fundamental and technical script. History reminds us that the recent bullish breakouts from long-term stock market consolidation patterns do not necessarily need to be coupled with widespread optimism for stocks to advance over the next several years. Almost no one was expecting an 18-year secular bull run in stocks given the news of the day in 1982, and yet, that is exactly what happened. Before a lot of energy is wasted on the differences between 1982 and 2017, keep in mind our purpose was to examine one question and one question only: Is it possible for stocks to successfully hold a breakout from a long-term consolidation pattern when the social mood and news of the day have a pessimistic slant? Notice the term “possible” is used above, meaning all bearish scenarios also remain in the realm of possibility. This exercise helps us remain open to all outcomes, not just the pessimistic outcomes often covered in the media. Time will tell.

Read More »

WTI/USD – US Crude Shrugs Off Crude Inventories Surplus

US crude is unchanged in the Thursday session. In North American trade, US crude futures are trading at $51.37. Brent crude futures are trading at $54.19, as the Brent premium is steady at $2.82. In economic news, US numbers impressed, as manufacturing and employment reports easily beat expectations. Friday is Inauguration Day in the US, and the markets will be closely monitoring President-elect Trump’s inaugural address to the American nation. US Crude Inventories continues to indicate a large surplus in stockpiles. The indicator recorded a gain of 2.3 million barrels, compared to the forecast of just 0.1 million. Last week, the indicator posted a large surplus of 4.1 million barrels, also much higher than expected. Will the upward trend continue? Higher oil prices have made the market more attractive for US shale producers and on Wednesday, the International Energy Agency predicted a “significant” boost to US output as a result of the OPEC agreement. Meanwhile, OPEC released its monthly production report on Wednesday, which showed that production was slightly lower in December than in November. Markets will be keenly interested in the January data, as the agreement to cut output between OPEC, Russia and other producers took effect on January 1. Saudi Arabia and other producers say they are strictly adhering to the agreement, but experts remain skeptical, as producers have failed to honor their quotas in previous agreements. US numbers impressed on Thursday. The Fed Philly Manufacturing Index improved to 23.6, crushing the forecast of 16.3. This marked the highest reading since November 2014. On the job front, Unemployment Claims dropped to 234 thousand, well below the forecast of 252 thousand. This marked the fourth straight week that jobless claims have come in below the forecast. Unemployment Claims remain close to levels not seen since the 1970s, as the US labor market remains close to capacity. As Donald Trump is about to be sworn in as president, there is a feeling of unease in the air, despite a robust US economy. Trump’s upset election victory in November was warmly received by the markets, as the US stock market and the US dollar have climbed higher. However, confidence and hope are starting to give way to confusion and uncertainty, as Trump has failed to outline any specifics on his economic policies, while continuing to tangle with the media and fire off controversial Twitter messages. Trump’s comments earlier this week about the US dollar helped send the currency lower. In an interview with the Wall Street Journal on Monday, Trump complained that the currency was “too strong”. These sentiments were echoed on Tuesday by Trump advisor Anthony Scaramucci. Speaking at the World Economic Forum in Davos, Scaramucci warned that “we must be careful of a rising dollar.” Trump broke with the unwritten rule that US presidents refraining from commenting on the US dollar, and his comments could be a taste of more to come, as Trump is unlikely to veer from his habit of making controversial comments that could affect market movement. WTI/USD Fundamentals Thursday (January 19) 8:30 US Building Permits. Estimate 1.22M. Actual 1.21M 8:30 US Philly Fed Manufacturing Index. Estimate 16.3. Actual 23.6 8:30 US Unemployment Claims. Estimate 252K. Actual 234K 8:30 US Housing Starts. Estimate 1.19M. Actual 1.23M 10:30 US Natural Gas Storage. Estimate -235B. Actual -243B 11:00 US Crude Oil Inventories. Estimate 0.1M. Actual 2.3M 20:00 US Fed Chair Yellen Speech Upcoming Key Events Friday (January 20) Tentative – President Trump Speech *All release times are EST * Key events are in bold WTI/USD for Thursday, January 19, 2017 WTI/USD January 19 at 12:45 EST Open: 51.49 High: 51.84 Low: 51.32 Close: 51.37 WTI USD Technical S3 S2 S1 R1 R2 R3 33.22 40.57 46.54 52.22 58.32 65.05 WTI/USD is showing limited movement in the Thursday session 46.54 is providing support 52.22 remains a weak resistance line Further levels in both directions: Below: 46.54, 40.57 and 33.22 Above: 52.22, 58.32, 65.05 and 72.99

Read More »

GBP/USD – Pound Pushes Above 1.23, British Retail Sales Next

The British pound is up slightly in the Thursday session. Currently, GBP/USD is trading just above the 1.23 level. On the release front, there was positive news out of the US as manufacturing and employment reports easily beat expectations. Building Permits were within expectations. There are no British events on the schedule. Friday is Inauguration Day in the US, and the markets will be closely monitoring President-elect Trump’s inaugural address to the nation. The UK will release Retail Sales, with the markets braced for a decline of 0.1%. The pound has shown signs of recovery and is poised to have a winning week for the first time in 2017. The currency jumped 2.9% on Tuesday, after Prime Minister’s May landmark speech on Brexit. In her remarks, May confirmed that Britain would no longer enjoy access to Europe’s common market, but would assume full control over its borders and immigration policy. She said that Britain was not looking for a “half-in, half out” relationship with the EU, and Britain would seek free-trade deals with Europe and countries around the world. May intends to begin Brexit negotiations with Europe in March and has set a two-year time frame for an agreement to be reached. Many European leaders were decidedly cool towards the speech, but Germany’s foreign minister acknowledged that May had finally clarified Britain’s stance on Brexit. The pound soared after the speech, mainly on May’s reassurance that any agreement would be subject to the approval of both houses of parliament. The British currency was also buoyed by solid UK inflation data. CPI, the primary gauge of consumer inflation, climbed 1.6%, its highest level since July 2014. On Monday, BoE Governor Mark Carney said that higher inflation the country is experiencing will take a toll on wages and consumer spending. Carney didn’t shed any light on future monetary policy, saying that interest rates could move in either direction in the months ahead. Still, the BoE will want to keep a lid on inflation and could raise rates in order to do so. The bank has projected an inflation rate of 2.7% in 2017, but some experts are forecasting inflation levels closer to 4 percent. As Donald Trump is about to be sworn in as president, there is a feeling of unease in the air, despite a robust US economy. Trump’s upset election victory in November was warmly received by the markets, as the US stock market and the US dollar have climbed higher. However, confidence and hope are starting to give way to confusion and uncertainty, as Trump has failed to outline any specifics on his economic policies, while continuing to tangle with the media and fire off controversial Twitter messages. Trump’s comments earlier this week about the US dollar helped send the currency lower. In an interview with the Wall Street Journal on Monday, Trump complained that the currency was “too strong”. These sentiments were echoed on Tuesday by Trump advisor Anthony Scaramucci. Speaking at the World Economic Forum in Davos, Scaramucci warned that “we must be careful of a rising dollar.” Trump broke with the unwritten rule that US presidents refraining from commenting on the US dollar, and his comments could be a taste of more to come, as Trump is unlikely to veer from his habit of making controversial comments that could affect market movement. May Warns of Momentous Change For Britain GBP/USD Fundamentals Thursday (January 19) 8:30 US Building Permits. Estimate 1.22M. Actual 1.21M 8:30 US Philly Fed Manufacturing Index. Estimate 16.3. Actual 23.6 8:30 US Unemployment Claims. Estimate 252K. Actual 234K 8:30 US Housing Starts. Estimate 1.19M. Actual 1.23M 10:30 US Natural Gas Storage. Estimate -235B. Actual -243B 11:00 US Crude Oil Inventories. Estimate 0.1M. Actual 2.3M 20:00 US Fed Chair Yellen Speech Upcoming Key Events Friday (January 20) 4:30 British Retail Sales. Estimate -0.1% Tentative – President Trump Speech *All release times are EST * Key events are in bold GBP/USD for Thursday, January 19, 2017 GBP/USD January 19 at 11:20 EST Open: 1.2259 High: 1.2341 Low: 1.2250 Close: 1.2308 GBP/USD Technical S1 S2 S1 R1 R2 R3 1.1943 1.2111 1.2272 1.2351 1.2471 1.2579 GBP/USD has posted slight gains in the Asian and European sessions. The pair has ticked lower in North American trade 1.2272 has switched to a support role following gains by GBP/USD in the Thursday session 1.2351 is the next resistance line Further levels in both directions: Below: 1.2272, 1.2111, 1.1943 and 1.1844 Above: 1.2351, 1.2471 and 1.2579 Current range: 1.2272 to 1.2351 OANDA’s Open Positions Ratio GBP/USD ratio has reversed directions and is showing gains toward long positions. Currently, long positions have a majority (63%), indicative of trader bias towards GBP/USD continuing to move upwards. This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Read More »
error: Content is protected !!