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Daily Forex Outlook

Euro Under Pressure Ahead of FOMC Statement

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Currencies

  • The euro (EUR) continues its bearish trend against the US dollar (USD). The pair crashed yesterday towards 1.3409, while reaching a new 8-month low. The single currency is under pressure as US ADP Non-Farm Employment Change and FOMC Statement is coming ahead today.
  • The US dollar (USD) climbed to 102.07 against the Japanese yen (JPY) as the US CB Consumer Confidence data was better than expected at 90.9. After last week’s US Unemployment claims, where data was at the lowest for the last three years, the dollar strengthened while the FOMC Statement will be announced today.

Equities

  • US equities fell yesterday as the President of the US, Barack Obama, announced new sanctions against Russia while he warned Russia for their actions against Ukraine. The US 500 (SPI) fell to 1964, the US 30 (DOW) went to 16858 and the US Tech (NDQ) to 3956.

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Kiwi is under pressure

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Currencies

  • The euro (EUR) remains range bound near its 8-month low against the US dollar (USD) at around 1.3458. The pair remains under pressure, ahead of the US Unemployment claims due at 12:30 GMT and better than expected figures might move the pair lower.
  • The US dollar (USD) gained yesterday against the Japanese yen (JPY) with its high at 101.51. The pair might be volatile ahead of today’s announcements, with the US New home sales expected to be at 485K and tonight the yearly Tokyo Core CPI will be announced with expectations at 2.7%.

Equities

  • China 50 (CNX) reached 3-month high at 7009 as China’s Manufacturing increased to its strongest reading for the last 18 months.

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US CPI near its inflation target

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Currencies

  • The euro (EUR) crashed yesterday while it reached its 8-month low against the US dollar (USD) at 1.3458. The single currency dropped after the yearly US CPI announcement which was near the target inflation that Fed set. This means that Fed might increase interest rates earlier than expected.
  • The US dollar (USD) climbed towards 101.59 against the Japanese yen (JPY). The monthly US CPI and the US Existing Home Sales were near expectations, as US might be the first country raising interest rates.

Equities

  • US equities gained yesterday. The US 500 (SPI) advanced to 1980, the US 30 (DOW) went to 17067 and the US Tech (NDQ) to 3958.

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Corn near 4-year low as good weather in the US increases supply

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Currencies

  • The euro (EUR) dropped yesterday down to 1.3512 against the US dollar (USD). The single currency has formed its resistance at 1.3545 and support at 1.3500 while edging lower.
  • The US dollar (USD) rose from 101.19 towards 101.50 against the Japanese yen (JPY). The monthly US CPI and the US Existing Home Sales are coming ahead with expectations of at 0.2% and 4.98M respectively.

Equities

  • Asian equities advanced earlier today as investors believe that the tensions in Ukraine won’t hurt the global economic growth. The Hong Kong 40 (HSX) recorded 7 months high at 23608, the Japan 225 (NKI) went up to 15407, China 50 (CNX) to 6790 and India 50 (IND) towards 7743.

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