Gold prices surged past the key $1,600 level after Iran retaliated to the killing of General Qasem Soleimani in Iraq. It fires over twelve ballistic missiles at two Iraqi military bases housing US troops. Gold reversed after the initial spike, as no casualties were reported. Traders hope for a calm response out of the US, prompting profit-taking in this precious metal. How will price action trade into the weekend? Today’s fundamental analysis will take a look at price action in both directions. Tensions in the Middle East are...
US economic data has been soft since December and all eyes will be on today’s ISM Non-Manufacturing Index. Last Friday, the ISM Manufacturing Index came in well below expectations, showing the recession in the manufacturing sector is worse than priced in. Economists expect a rebound in the ISM Non-Manufacturing Index while factory orders are anticipated to post a contraction. How will this influence price action in the USDJPY? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade. Final Japanese...
Yesterday’s upbeat CPI data across the Eurozone failed to lift the Euro as forex traders are focused on developments in the Middle East. The EURCHF remained stuck in its horizontal support area, awaiting more details. Today’s Eurozone CPI is expected to show tame inflationary pressures, an ongoing headache for the ECB. On the bright side, retail sales are anticipated to post a healthy increase. How will this impact price action in this currency pair? Today’s fundamental analysis will take a look at price action in both...
Australian PMI data this morning showed a minor slowdown in the pace of contraction, while the services and composite PMI reports were revised slightly higher. The Hong Kong manufacturing PMI surprised to the upside, while Chinese PMI data came in slightly below expectations. The AUDUSD stabilized at a minor horizontal support area, how will US data impact this currency pair? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade. Final services and composite PMI data out of the US marks the sole economic...
Forex traders will get a broad selection of PMI data across the Eurozone to start the first full trading week of 2020. Economists are looking for slight improvements in the services sector. German retail sales were released this morning and came in significantly better-than-expected, suggesting a strong holiday shopping season. The EURGBP failed to capitalize on the report and remained in a holding pattern inside of its horizontal resistance area. How will price action react to today’s PMI data? Today’s fundamental analysis will...