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Daily Forex Outlook

Gold Retreats on FOMC Minutes

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Currencies

  • The euro (EUR) continued its bullish trend for a second consecutive day reaching as high as 1.2599 against the US dollar (USD) yesterday after the Federal Reserve Market Committee (FOMC) released the Meeting Minutes in public. The Fed is worrying about investors and the public losing their confidence in the ability of keeping the prices stable, resulting into a fall in inflation rates. Today the German and French Flash Manufacturing PMI will be announced with expectations at 51.5 and 48.9 respectively.
  • The US dollar (USD) continued climbing against the Japanese yen (JPY) and is currently trading at 118.56 as the Prime Minister Shinzo Abe of Japan postponed a sales-tax hike, while started making plans for increasing fiscal stimulus measurement. The Governor of Bank of Japan (BOJ) Haruhiko Kuroda, spoke at the Press Conference that was held yesterday, putting the blame on Abe for the delay of the sales-tax hike. Today the US monthly CPI with expectations at -0.1%, while the US Philly Fed Manufacturing Index and the US Unemployment claims will be announced and are expected to be at 18.9 and 286K respectively.

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The Yen Records a New 7-Year Low, Trades Above 117.00

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Currencies

  • The euro (EUR) advanced by 100 pips yesterday and is now trading around 1.2520 against the US dollar (USD). The German ZWE economic sentiment came out much better than expected and helped the currency to gain back some of its losses. The FOMC meeting minutes are due tonight at 19:00 GMT and a hawkish statement may push the pair higher.
  • The US dollar (USD) recorded a new 7-year high at 117.41 against the Japanese yen (JPY). The yen continues the bearish momentum as Japan’s Prime Minister, Shinzo Abe, postponed a sales-tax increase and called for early elections.

Equities

  • The Japan 225 (NKI) rebounded from 16914 all the way up to 17510 and is near its record high, as Shinzo Abe called for early elections.

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The European Indices on a Rally

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Currencies

  • The euro (EUR) collapsed from 1.2577 all the way down to 1.2442 against the US dollar (USD). The single currency declined as Mario Draghi stated yesterday that government bonds may be used in order to stimulate the economy.
  • The US dollar (USD) headed for gains against the Japanese yen (JPY), as it is now trading near 116.70. The yen remains under pressure with the BoJ Press Conference due tonight. Market participants anticipate that the sales-tax increase will be postpone and we may see the yen weakening even further.

Equities

  • The European Indices rallied yesterday as Mario Draghi stated all necessary measures will be taken in order to support the European economy. The Germany 30 (DAX) rose from 9124 up to 9331 and the UK 100 (FTS) climbed up to 6629.

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Pound Crashed as BOE See Inflation to Drop Even Further

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Currencies

  • The euro (EUR) fell to 1.2418 against the US dollar (USD) yesterday as the German monthly WPI was worse than expected by dropping -0.6%, while the expectations were at 0.2% increase. Today the German monthly CPI and the French monthly CPI will be announced with expectations at -0.3% drop and -0.1% drop respectively.
  • The US dollar (USD) remains near its highest level since October 2007 at 115.58 against the Japanese yen (JPY), as the Prime Minister of Japan Shinzo Abe will call a general election. Today the US Unemployment claims will be announced with expectations at 280K.

Equities

  • Asian equities continued to climb as the sales-tax hike in Japan delayed. The Japan 225 (NKI) climbed to an all-time high 17482, the Hong Kong 50 (HSX) advanced to 24007, the China 50 (CNX) went to 7804 and the India 50 (IND) to 8456.

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