Forex traders will pay close attention to this morning’s German as well as Eurozone ZEW data. Economists expect a sharp contraction across the board, how will this impact the EURGBP which is grinding at a strong double resistance level? Analysts will also await the Eurozone trade balance in order to gauge how much of an impact the US-China trade war is having on the export dependent Eurozone economy. Today’s fundamental analysis will take a look at the downside potential of the this currency pair as well as the possibility for a breakout....
The new trading week began today with a large Asian session: China’s GDP for the 2nd quarter, industrial output in June, investment in fixed assets and retail sales outside China raised the mood for investors and set the tone for the Australian and New Zealand currencies. Investments in China’s fixed assets rose by 5.8% in June compared with the same period last year, after rising 5.6% in May. Economists had forecast growth of 5.6%. Industrial production increased by 6.3% in June, after rising by 5.0% in May. Economists had forecast growth...
While New Zealand reported a further slowdown in its services sector, all attention today is on Chinese data. The second-quarter GDP decreased to the lowest level on record which took the headlines, but June economic data out of Asia’s largest economy pointed towards a rebound in economic activity despite the trade war the US started. The NZDUSD pressured resistance, but do bulls have the power for a breakout? Subscribe to the PaxForex Daily Fundamental Analysis where you will grow your account balance trade-by-trade. Here are the key factors...
Forex traders received more economic data this morning out of Asia which confirms that the economic slowdown is steeper than expected. The second-quarter GDP out of Singapore slumped by 3.4% quarterly, almost reversing the 3.8% quarterly gain reported in the first-quarter. Eurozone industrial production will now be in focus as economists anticipate a small monthly increase for May, partially reversing the decrease reported in April. Will data come in stronger than expected and extend the recovery in the EURUSD or will it follow data out of...
The dollar weakened on Thursday after Federal Reserve Chairman Jerome Powell paved the way for a rate cut later this month, promising to "act appropriately" so that the world's largest economy could sustain its ten-year growth. In his speech to Congress, Powell pointed to a “broad” global weakness that clouded the US economic outlook against the backdrop of uncertainty over the consequences of the Trump administration’s trade dispute with China and other countries. Economists believe that the speech of the head of the American regulator was...
