Austria Production Index Falls In November

Austria’s production index declined in November on weaker industrial output, data from Statistics Austria showed on Friday. The production index decreased 2.1 percent year-on-year in November, following a 0.8 percent fall in October. Industrial output fell 4.5 percent annually in November, while construction rose 5.1 percent. On a month-on-month basis, production index dropped 1.7 percent in November, after a 0.8 percent rise in the prior month. On a monthly basis, industrial and construction output declined 1.8 percent and 1.4 percent, respectively. The material has been provided by InstaForex Company – www.instaforex.com…

January 24, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

On December 6, a bullish swing was initiated around 1.1040 allowing another bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted short-term bullish channel.Initial Intraday bearish rejection was expected around the price levels of (1.1175).On December 20, bearish breakout of the depicted short-term channel was executed. Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.Shortly-after, another bullish pullback towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.However, the Key-Level around 1.1110 has provided some bullish demand. This was followed by a bullish pullback towards 1.1140 and 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.Recently, evident signs of bearish rejection were demonstrated around 1.1175. That’s why, quick bearish decline was executed towards 1.1110.As expected in a previous article, bearish persistence below 1.1110 enabled further bearish decline towards 1.1060 then 1.1040 where some bullish rejection may be expressed.Currently, the EURUSD pair has a recently-established Supply Level around 1.1080-1.1090 to be watched for new SELL entries if any bullish pullback is expressed.Trade recommendations :Few days ago, Intraday traders were advised to…

Finland Producer Prices Fall In December; Jobless Rate Rises

Finland’s producer prices dropped in December and the jobless rate rose from the previous month, figures from Statistics Finland showed on Friday. The producer price index fell 0.8 percent year-on-year in December, the same pace of decline as seen in November. On a monthly basis, producer prices decreased 0.7 percent in December, following a 0.2 percent drop in the preceding month. Data also showed that the import prices rose 1.3 percent annually in December, while export prices declined 0.5 percent. On a month-on-month basis, import prices increased 0.3 percent, while export prices fell 0.6 percent. Another data showed that the jobless rate rose marginally to 6.0 percent in December from 5.9 percent in November. In the same month last year, the unemployment rate was 5.4 percent. The number of unemployed persons increased to 164,000 in December from 146,000 in the same month last year. At the same time, the employment rate advanced to 73.0 percent in December from 71.7 in the prior month. The seasonally adjusted jobless rate held steady at 6.7 percent in December. The material has been provided by InstaForex Company – www.instaforex.com…

Euro Pulls Back Despite Strong German, Eurozone PMIs

The euro came off from its early highs against its most major rivals in European deals on Friday, despite strong flash PMI readings from Germany and Eurozone. Survey data from IHS Markit showed that the euro area private sector grew at the same moderate pace as seen in the final month of 2019. The composite output index held steady at 50.9 in January. A score above 50 indicates expansion in the sector. The score was expected to rise to 51.1. Separate data showed that Germany’s private sector gained momentum in January as services activity grew at the fastest pace in five months amid a slower decline in manufacturing. The flash composite output index rose more-than-expected to 51.1 in January from 50.2 in December. This was the highest score in five months and above forecast of 50.5. The euro has been under pressure after ECB President Christine Lagarde struck a slightly dovish tone than some had expected. Lagarde reiterated hat risks surrounding the euro area growth outlook remain tilted to the downside. The euro fell to near a 2-month low of 1.1032 against the greenback, from a high of 1.1062 hit at 3:30 am ET. The next possible support for the…

BoJ Should Watch Impact Of Slowdown In Global Economies, Sales Tax Hike: Minutes

The Bank of Japan should closely watch the effects of the slowdown in overseas economies and the sales tax hike on the Japanese economy, according to the minutes of the policy meeting held on December 18 and 19. A few members expressed the view that signs of a pick-up having started to be seen in overseas economies and the new economic measures having been established by the government were positive factors that likely would support future economic expansion. Exports were projected to continue showing some weakness for the time being, the minutes said. “Considering the risk that overseas economies could recover only to a small extent or slow further, the outlook for exports could not be viewed optimistically, and therefore it was necessary to continue to pay close attention to developments in overseas economies,” a few members said. At the December meeting, the bank had left its massive monetary stimulus unchanged. Data released earlier in the day showed that inflation accelerated in December but it remained well below the 2 percent target. Overall consumer price inflation increased to 0.8 percent in December from 0.5 percent a month ago and core inflation rose to 0.7 percent from 0.5…

Gold Edges Lower As Virus Worries Ease

Gold prices edged lower on Friday after the World Health Organization (WHO) stopped short of calling the virus outbreak in China a global emergency and data showed a modest upturn in business activity across Germany’s private sector. Spot gold edged down 0.1 percent to $1,561.53 per ounce, while U.S. gold futures were down 0.3 percent at $1,560.75. The WHO on Thursday declined to designate the ongoing outbreak of a novel virus in China a global health emergency, saying that, for now, health officials have enough resources to combat the outbreak there and in other countries. At least 25 people, who were infected by the coronavirus, have died so far as the disease continues to spread. A firmer dollar also weighed on gold prices. The euro held near a seven-week low after the European Central Bank held rates steady, as widely expected, and signaled loose monetary policy would continue at least until the end of the year. ECB President Christine Lagarde said that risks surrounding the euro area growth outlook remain tilted to the downside. The material has been provided by InstaForex Company – www.instaforex.com…

January 24, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

On December 13, the GBPUSD pair looked overpriced around the price levels of 1.3500 while exceeding the upper limit of the newly-established bullish channel.On the period between December 18 – 23, bearish breakout below the depicted channel followed by initial bearish closure below 1.3000 were demonstrated on the H4 chart.However, earlier signs of bullish recovery were manifested around 1.2900 denoting high probability of bullish pullback to be expected.Thus, Intraday technical outlook turned into bullish after the GBP/USD has failed to maintain bearish persistence below the newly-established downtrend line.That’s why, bullish breakout above 1.3000 allowed the recent Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where bearish rejection and another bearish swing were suggested for conservative traders in previous articles.Intraday technical outlook was supposed to remain bearish as long as the pair maintains its movement below 1.3120 (recently established descending high).However, recent bullish breakout above 1.3100-1.3120 is being demonstrated Today. This hindered the intraday bearish scenario. Thus, further bullish advancement was expected towards 1.3200.In the Meanwhile, Intraday traders can watch any bullish pullback towards the depicted price zone (1.3170 – 1.3200) for bearish rejection and another valid SELL entry with intraday bearish targets projected towards 1.3000 and…

Oil Prices Extend Slide On Demand Concerns

Oil prices fell on Friday to extend losses from the previous session, though the downside remained limited after the World Health Organization (WHO) stopped short of calling the virus outbreak in China a global emergency and data showed a modest upturn in business activity across Germany’s private sector. Benchmark Brent crude slid 0.2 percent to $61.92 per barrel, after having tumbled 1.8 percent on Thursday. U.S. crude futures were down 0.15 percent, at $55.51, after having closed 1.9 percent lower the previous day on concerns that the spread of coronavirus could weigh on global growth and lower fuel demand. The WHO on Thursday declined to designate the ongoing outbreak of a novel virus in China a global health emergency, saying that, for now, health officials have enough resources to combat the outbreak there and in other countries. At least 25 people, who were infected by the coronavirus, have died so far as the disease continues to spread. Data showing a drop in U.S. crude stockpiles also helped limit overall losses to some extent. Data released by the Energy Information Administration (EIA) showed that crude oil inventories in the U.S. fell by 405,000 barrels in the week ended January 17. The…

UK Private Sector Returns To Growth In January

The UK private sector returned to growth in January driven by a sharp rise in new work, survey results from IHS Markit and Chartered Institute of Procurement & Supply showed Friday. The composite output index rose to a 16-month high of 52.4 in January from 49.3 in December. The headline reading registered above the crucial 50 score for the first time since August 2019. The score was also above the forecast of 50.7. The service sector expanded at the fastest pace in more than a year and the manufacturing sector moved closer to stagnation. The services Purchasing Managers’ Index advanced more-than-expected to 52.9 in January from 50.0 a month ago. The expected level was 51.1. At the same time, manufacturing PMI improved to 49.8 from 47.5 in the previous month and above the forecast of 48.8. The new work grew the most since September 2018. There were widespread reports that reduced political uncertainty following the general election had a positive impact on business and consumer spending decisions at the start of the year. The material has been provided by InstaForex Company – www.instaforex.com…

Pound Retreats After U.K. PMI Data

At 4.30 am ET Friday, the UK CIPS/Markit composite PMI survey results have been released. The pound retreated from its early highs against its major rivals after the data. The pound was trading at 1.3138 against the greenback, 144.06 against the yen, 1.2747 against the franc and 0.8406 against the euro around 4:33 am ET. The material has been provided by InstaForex Company – www.instaforex.com…