Dollar Mixed Ahead Of ISM Manufacturing, Construction Spending

U.S. ISM manufacturing PMI for March and construction spending for February are set for release at 10.00 am ET Wednesday. Ahead of the data, the greenback traded mixed against its major rivals. While the greenback dropped against the pound and the yen, it held steady against the euro. Against the franc, it rose. The greenback was worth 107.21 against the yen, 0.9667 against the franc, 1.2421 against the pound and 1.0926 against the euro as of 9:55 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

U.S. Private Sector Employment Edges Lower Ahead Of Full Impact Of Coronavirus

Reflecting a significant loss of jobs at small businesses, payroll processor ADP released a report on Wednesday showing a modest decrease in private sector employment in the U.S. in the month of March. ADP said private sector employment fell by 27,000 jobs in March after jumping by a downwardly revised 179,000 jobs in February. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was much smaller than expected but still reflects the first decrease in private sector employment since September of 2017. ADP also noted its national employment report, or NER, only utilizes data through the 12th of the month, which is the same period the Labor Department uses for its more closely watched monthly jobs report. “As such, the March NER does not fully reflect the most recent impact of COVID-19 on the employment situation, including unemployment claims reported on March 26, 2020,” said Ahu Yildirmaz, co-head of the ADP Research Institute. The drop in private sector employment came as small businesses cut 90,000 jobs, more than offsetting an uptick of 7,000 jobs at midsized businesses and the addition of 56,000 jobs…

Dollar Little Changed Following ADP Private Payrolls Data

U.S. ADP private payrolls data for March has been released at 8:15 am ET Wednesday. After the data, the greenback changed little against its major rivals. The greenback was trading at 107.50 against the yen, 0.9657 against the franc, 1.2365 against the pound and 1.0937 against the euro around 8:20 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

April 1, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March the 2nd when transient bearish consolidation below 1.2780 took place within the depicted wide-ranged slightly bearish channel.Shortly after, significant bullish rejection was demonstrated around 1.2780 on March 4. Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.2780, 1.2500 then 1.2260 via quick bearish engulfing H4 candlesticks.Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.Recently, the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.Next bullish targets around 1.2520 and 1.2680 are expected to be addressed if sufficient bullish momentum is maintained.On the other hand, H4 Candlestick re-closure below 1.2265 hinders further bullish advancement and enhances the bearish momentum on the short term.If so, Initial Bearish target would be located…

April 1, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Since December 30, the EURUSD pair has trended-down within the depicted bearish channel until few weeks ago, when a new low around 1.0790 was recently established where the EUR/USD pair looked OVERSOLD after such extensive bearish decline.On February 20, recent signs of bullish recovery were demonstrated around 1.0790 leading to the recent steep bullish movement towards 1.1000, 1.1175, 1.1360 and finally 1.1480 where a (123) bearish reversal pattern was initiated around.This turned the short-term technical outlook for the EURUSD pair into bearish when bearish persistence below the Keyzone of 1.1235 was maintained on a daily basis.Moreover, the mentioned intermediate-term bearish Head & Shoulders pattern has achieved all of its projection target levels.Earlier last week, the EURUSD pair has expressed significant bullish recovery around 1.1065The recent bullish engulfing H4 candlesticks as well as the recently-demonstrated ascending bottoms indicated a high probability bullish pullback at least towards 1.0980 and 1.1075 (Fibonacci Level 50%).Key Supply-Levels in confluence with significant Fibonacci levels are located around 1.1075 (50% Fibonacci) and 1.1175 (61.8% Fibonacci) where bearish rejection was highly-expected.Moreover, a Head & Shoulders reversal pattern is being demonstrated around current price levels, of which, the pattern neckline exists near the current supply level around 1.1075.Trade recommendations :Intraday…

Euro Declines As Eurozone Factory Activity Slumps, Coronavirus Fears Mount

The euro lost ground against its major counterparts in the European session on Wednesday, as the death toll from Covid-19 surged in the U.S. and data showed that Eurozone manufacturing activity contracted at the fastest pace in more than seven years in March amid virus outbreak. Final data from IHS Markit showed that the final factory Purchasing Managers’ Index fell to 44.5 from 49.2 in February. The reading was also below the flash estimate of 44.8. The score has remained below 50.0 for fourteen consecutive months and reached its lowest level in 92 months. Sentiment deteriorated as reports of rising numbers of coronavirus cases deepened the gloom over the likely impact on the world economy. The U.S. recorded a big daily jump of 26,000 new cases, bringing the total to more than 189,000. The death toll there leaped to over 4,000, with officials predicting the disease could kill between 100,000 and 240,000 Americans. Data from Eurostat showed that Euro area jobless rate unexpectedly eased to its lowest level since in over a decade in February, just ahead of the announcement of coronavirus pandemic containment measures in several countries in the region. The jobless rate fell to 7.3 percent, while economists…

Evening review 04/01/2020. EURUSD Market decline somewhat delayed but not reversed

EUR USD
Markets were waiting for the first reports for March – waiting with horror and interest, as the European coronavirus tragedy unfolded in mid-March.
But the news came out surprisingly calm: the ADP report on employment in the US showed just -27,000 jobs (this is surprising, given that weekly unemployment benefits jumped to 3.28 million last week).
The ISM index came out at 49 – clearly not matching the negative economy.
Markets will wait for US employment reports on Thursday and Friday.
We are following the new data on coronavirus – in the US first of all.
On the morning of April 1, there were 188,000 infected in the US, already 4,000 deaths and 900 deaths per day.
EUR USD:
Buy at the breakout to the top of 1.1150.
We sell from 1.0635.
The material has been provided by InstaForex Company – www.instaforex.com…

Eurozone Unemployment Rate Lowest Since March 2008

Euro area jobless rate unexpectedly eased to its lowest level since in over a decade in February, just ahead of the announcement of coronavirus pandemic containment measures in several countries in the region. The jobless rate fell to 7.3 percent, data from Eurostat showed Wednesday, while economists had expected it to remain unchanged at January’s 7.4 percent. That was the lowest rate since March 2008, the agency added. In February 2019, the unemployment rate was 7.8 percent. The EU unemployment rate was 6.5 percent, unchanged from February. A year ago, it was 6.9 percent. The latest rate is the lowest recorded in the EU since the start of the monthly unemployment series in February 2000, Eurostat said. In February, a total 13.984 million people were unemployed in the EU, of whom 12.047 million were in the euro area. The number of persons unemployed decreased by 62,000 from the previous month in the EU and by 88,000 in the euro area. Compared to the same month last year, unemployment fell by 784,000 persons in the EU and by 663,000 in the euro area. Among the Member States, the lowest unemployment rates in February were recorded in the Czech Republic, the Netherlands…

Eurozone Manufacturing Activity Shrinks On Covid-19 Outbreak

Eurozone manufacturing activity contracted at the fastest pace in more than seven years in March as the outbreak of coronavirus, or covid-19 weighed on orders, output, employment and confidence, final data from IHS Markit showed on Wednesday. The final factory Purchasing Managers’ Index fell to 44.5 from 49.2 in February. The reading was also below the flash estimate of 44.8. The score has remained below 50.0 for fourteen consecutive months and reached its lowest level in 92 months. The survey showed that covid-19 related shutdowns pulled down output and orders in March. The deterioration in manufacturing output was the greatest since April 2009.
Similarly, new orders deteriorated to a degree unsurpassed for just under 11 years. Manufacturers continued to face significant obstacles in securing supplies. The average lead times deteriorated to the greatest degree in nearly 23 years of data collection. Firms reduced their holdings of both input and finished goods in order to increase working capital. Further, manufacturers cut their employment levels at the sharpest pace in over a decade. There was a marked decrease in input costs due to fall in raw material prices. Output charges also fell to the greatest degree recorded by the…