TODAY’S FOREX BUZWORD MAJOR CURRENCY PAIR 2.23.17

TODAY’S FOREX BUZWORD MAJOR CURRENCY PAIR 2.23.17

A DAILY SOCIAL TRADING EVENT

Buz Investors MAJOR CURRENCY PAIR 2.23.17 This morning, the greenback is trading lower against most of the major currencies, ahead of US weekly jobless claims and house price index, scheduled to release in a few hours.

Buz Investors MAJOR CURRENCY PAIR 2.23.17 This morning, the greenback is trading lower against most of the major currencies, ahead of US weekly jobless claims and house price index, scheduled to release in a few hours.

The EUR is trading lower against the USD. In economic news, data indicated that German economy accelerated as initially estimated in the final quarter of 2016, driven by robust government spending and buoyant construction investments. On the other hand, the nation’s GfK consumer confidence index showed that mood among German consumers declined to a 4-month low in March, hurt by rising inflation and fear of economic risks associated with the policies of US President, Donald Trump.

Yesterday, the greenback traded lower in the New York session, against the key currencies, after minutes of the Federal Reserve’s (Fed) latest monetary policy meeting pointed towards uncertainty over a lack of clarity on President Donald Trump’s economic policies. However, policymakers believed it might be appropriate to hike interest rate “fairly soon” considering an improving US economy. Meanwhile, the Fed Governor, Jerome Powell, stated that an interest rate hike at the Fed’s next meeting is on the cards, provided the economy remains on the growth-track.

In other economic news, existing home sales in US grew at its fastest pace in nearly a decade in January, while the nation’s MBA mortgage applications declined last week.



  MAJOR CURRENCY PAIR 2.23.17

EURUSD Euro Remains Rangebound on Mixed German Data

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0549 against the USD, 0.06% lower from the New York close. On the economic front, Germany’s seasonally adjusted final GDP grew 0.4% QoQ in the fourth quarter of 2016, confirming the preliminary print. This morning, the pair traded at a high of 1.0572 and a low of 1.0536. The Euro traded 0.4% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.0555. The pair is expected to its find support at 1.0503 and its first resistance at 1.0584.

 

GBPUSD Pound Jumps on Bullish UK Retail Sales Report, Weak US Jobless Claims

GBPUSD

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At 10:40 GMT, the pair is trading at 1.2462, with the Pound trading 0.1% higher against US Dollar from the New York close. Amid a lack of major economic releases in UK today, investor sentiment would be governed by global macroeconomic events. The pair witnessed a high of 1.2481 and a low of 1.2425 during the session. Yesterday, the Pound traded 0.06% higher against the US Dollar in the New York session and ended at 1.2449. Immediate downside, the first support level is seen at 1.2428, while on the upside, the first resistance level is situated at 1.2488.

 

USDJPY downside momentum amid risk aversion

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 113.16 against the Yen, 0.1% lower from the New York close. Earlier today, data showed that Japan’s final leading economic and coincident indices came in weaker than initially estimated in December. During the session, the pair traded at a high of 113.45 and a low of 113.05. Yesterday, the US Dollar traded 0.17% higher against the Yen in the New York session and ended at 113.27. The pair is expected to its find support at 112.81 and its first resistance at 113.57.

 

USDCHF Fails Breakout Above Resistance

USDCHF

The US Dollar is trading at 1.0098 against the Swiss Franc at 10:40 GMT this morning, a tad lower from the New York close. Macroeconomic data indicated that Switzerland’s industrial production declined on an annual basis in 4Q 2016. The pair traded at a high of 1.0117 and a low of 1.0090 this morning. Yesterday, the USD traded 0.2% lower against the CHF in the New York session and ended at 1.0102. The pair is expected to its find support at 1.0075 and its first  resistance at 1.0131.

 

USDCAD Canadian Dollar Improves, Canadian CPI Looms

USDCAD

The pair is trading at 1.3147 at 10:40 GMT this morning, with the USD trading 0.11% lower against CAD from the New York close. The pair traded at a high of 1.3170 and a low of 1.3129 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing marginally lower at 1.3162. Data revealed that Canada’s retail sales unexpectedly eased on a monthly basis in December. The pair is expected to its find support at 1.3114 and its first resistance at 1.3194.

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AUDUSD off lows, Fed minutes cap losses

AUDUSD

The pair is trading at 0.7690 at 10:40 GMT this morning, with the Australian Dollar trading 0.16% lower against US Dollar from the New York close. Looking ahead, traders would focus on the Reserve Bank of Australia Governor, Philip Lowe’s testimony to the Parliament Committee, scheduled tonight. This morning, the pair traded at a high of 0.7705 and a low of 0.7662. The Australian Dollar traded 0.3% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7702. The pair is expected to its find support at 0.7663 and its first resistance at 0.7715.

 Gold prices held back by strong dollar headwinds

Gold

Gold is trading at $1238.50 per ounce at 10:40 GMT this morning, marginally higher from the New York close. This morning, the precious metal traded at a high of $1239.60 per ounce and a low of $1236.40 per ounce. Yesterday, gold traded 0.07% lower in the New York session and closed at $1238.20 per ounce, as the recent FOMC minutes hinted that an interest rate rise might be just around the corner. Immediate downside, the first support level is seen at $1232.70 per ounce, while on the upside, the first resistance level is at $1243.10 per ounce.

 

Silver Prices Hold Steady After FOMC Minutes

Silver

The precious metal is trading at $18.05 per ounce at 10:40 GMT this morning, 0.11% lower from the New York close. During the session, silver traded at a high of $18.10 per ounce and a low of $18.00 per ounce. In the New York session yesterday, silver rose 0.11% and closed at $18.07 per ounce. Immediate downside, the first support level is seen at $17.98 per ounce, while on the upside, the first resistance level is at $18.12 per ounce.

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Exxon revises down oil and gas reserves by 3.3 billion barrels

Oil

The commodity is trading at $54.30 per barrel at 10:40 GMT this morning, 0.8% higher from the New York close. Crude oil witnessed a high of $54.46 per barrel and a low of $53.87 per barrel during the session. In the New York session yesterday, crude oil fell 0.15% to close at $53.87 per barrel. However, losses in crude prices were trimmed, after the API reported that US crude oil inventories surprisingly fell 0.9 million barrels to 512.7 million barrels last week. Immediate downside, the first support level is seen at $53.61 per barrel, while on the upside, the first resistance level is at $54.72 per barrel.

 

Economic Snapshot

 

German GfK consumer confidence index fell in March

The consumer confidence index in Germany dropped to 10.00 in March, compared to a reading of 10.20 in the prior month. Market expectation was for the consumer confidence index to ease to a level of 10.10.

 

German GDP advanced as expected in 4Q 2016

On a quarterly basis, the seasonally adjusted final gross domestic product (GDP) rose 0.40% in 4Q 2016, in Germany, at par with market expectations. GDP had registered a revised rise of 0.10% in the prior quarter. The preliminary figures had also recorded an advance of 0.40%.

 

Swiss industrial production declined in 4Q 2016

Industrial production fell 1.20% on a YoY basis, in 4Q 2016, in Switzerland. In the previous quarter, industrial production had climbed by a revised 0.20%.

 

Japanese coincident index dropped in December

The final coincident index in Japan fell to a level of 114.80 in December. In the previous month, the coincident index had registered a level of 115.00. The preliminary figures had recorded an advance to 115.20.

 

Japanese leading economic index rose in December

The final leading economic index in Japan recorded a rise to 104.80 in December. In the previous month, the leading economic index had recorded a level of 102.80. The preliminary figures had indicated a rise to 105.20.

 

 

 




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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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