Here are the key factors to keep in mind today for Euro trades: German Trade Balance: Germany posted a bigger than expected trade surplus in December, but the Euro has not moved on it yet which means forex traders have time to position their entries accordingly. Economists expected a trade surplus of €16.0 billion for December, but the reported figure came in at €21.8 billion which can be compared to a trade surplus of €17.9 billion reported in November. Exports rose 3.4% in December and imports plunged 0.8%. Economists expected an...
Here are the key factors to keep in mind today for Euro trades: German Factory Orders: Factory orders rose 4.2% in December month-over-month and 3.4% year-over-year. This has helped the EURUSD rally above the 1.1400 as the Euro has enjoyed overall strength. Economists expected an increase of 1.5% and 0.7% respectively. The powerful performance in December has reversed the contraction of 2.4% and 0.4% which was reported in November. Strong economic reports out of Germany have lifted overall Eurozone data over the past few weeks. Eurozone...
Here are the key factors to keep in mind today for British Pound trades: UK Markit/CIPS Composite PMI: Despite the better than expected UK Markit/CIPS Composite PMI for January which rose to 56.7 the British Pound was unable to amount a strong rally. The UK Markit/CIPS Composite PMI came in much better than the 55.5 economists expected. December’s UK Markit/CIPS Composite PMI was revised higher to 55.3. UK Markit/CIPS Services PMI: The service sector was also unable to rally the British Pound as the UK Markit/CIPS Services PMI was...
Should price action for the USDCHF remain inside the 0.9250 to 0.9300 zone the following trade set-up is recommended: Timeframe: H1 Recommendation: Short Position Entry Level: Short Position @ 0.9250 Take Profit Zone: 0.8850 – 0.8900 Stop Loss Level: 0.9375 Here is the key factor to keep in mind today for Swiss Franc trades: Swiss Trade Balance: Economists expected a decrease in the trade surplus for December, but the contraction was much bigger than expected. The trade surplus shrank to 1.52 billion Swiss Francs in December. This...
Larry Summers has decided not to fight for the post of the head of the U.S. Federal Reserve and thereby not to provoke a fierce battle in the Senate. Summers strongly stands for the deregulation of the financial sector. Former U.S. Treasury Secretary has withdrawn his candidacy for the post of chairman of the U.S. Federal Reserve System a few days ago. In a letter to U.S. President Barack Obama, Summers notes that the process of approval of his nomination would pass in a "severe and acrimonious atmosphere" that would not serve the...