DAILY MARKET OUTLOOK on Major
Update Time: 17 May 2018 05:30 GMT
EUR/USD - 1.1810
Despite yesterday's resumption of recent downtrend to a 5-1/2 month trough of 1.1763 due to market concerns after future Italian govt. had asked for a huge debt forgiveness from the ECB, subsequent rebound on usd's broad-based retreat should bring consolidation, as long as 1.1875 holds, one more fall is still envisaged but reckon daily sup at 1.1718 should remain intact this week.
A daily close above 1.1875 confirms temporary low is in place and risk would increase for a stronger retracement towards 1.1938 later.
The euro area countries will relesase a slew of eco. data staring with Italy's trade balance, then the same from the EU, EU construction output. The out-going ECB Vice President will be making speaking in Frankfurt at 10:30GMT n then 12:00GMT.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.