Tag Archives: forex economic calendar

Crude Oil Futures Settle Flat

Crude oil futures failed to hold early gains and settled near the flat line on Friday, as traders weighed demand and supply position in the oil market. While data showing that Chinese economy recorded its slowest expansion in almost thirty years, growing just 6.1% in the year 2019, raised concerns about the outlook for energy demand, the signing of the trade deal and buoyant economic data from the U.S. helped ease these concerns. West Texas Intermediate Crude oil futures ended at $58.54 a barrel, gaining 2 cents for the session. Oil futures rose to $58.98 a barrel earlier in the session. For the week, crude oil futures shed about 0.8%. Brent crude futures ended up $0.23 at $64.85 a barrel. On Thursday, the International Energy Agency said in its report that it expects supply from OPEC will exceed demand for its crude, despite compliance with output cuts. OPEC too has said supply from non-OPEC nations too far exceeds demand for crude. According to a report released by Baker Hughes, the number of active U.S. oil rigs increased by 14 to 673 this week. Oil rig count had declined in the previous three weeks. The material has been provided by…

U.S. Housing Starts Skyrocket To 13-Year High In December

After reporting significant increases in new residential construction in the two previous months, the Commerce Department released a report on Friday showing U.S. housing starts saw an even more substantial spike in the month of December. The Commerce Department said housing starts skyrocketed by 16.9 percent to an annual rate of 1.608 million in December after jumping by 2.6 percent to a revised rate of 1.375 million in November. The surge came as a big surprise to economists, who had expected housing starts to rise by 0.7 percent to a rate of 1.375 million from the 1.365 million originally reported for the previous month. With the much bigger than expected increase, housing starts soared to their highest level since hitting a rate of 1.649 million in December of 2006. Single-family housing starts jumped by 11.2 percent to a rate of 1.055 million, while multi-family starts spiked by 29.8 percent to a rate of 553,000. Meanwhile, the report said building permits tumbled by 3.9 percent to an annual rate of 1.416 million in December after climbing by 0.9 percent to a revised rate of 1.474 million in November. Building permits, an indicator of future housing demand, had been expected to slide…

UK Retail Sales Fall Unexpectedly During Festive Season

UK retail sales declined unexpectedly even in festive season in December signaling that weak consumer spending weighed on economic growth in the last quarter of 2019. Retail sales volume, including auto fuel, dropped 0.6 percent month-on-month, following a 0.8 percent decrease in November, data from the Office for National Statistics showed Friday. This was the fifth consecutive month of no growth. Economists had forecast a monthly growth of 0.6 percent. Excluding auto fuel, retail sales fell 0.8 percent, the same pace of decline as logged in November and in contrast to the expected growth of 0.8 percent. Food store sales fell 1.3 percent, which was the largest drop since December 2016. At the same time, non-food store sales slid 0.9 percent in December. Meanwhile, automotive fuel sales advanced 1.6 percent. Annual growth in retail sales volume, including auto fuel, improved marginally to 0.9 percent from 0.8 percent a month ago. However, this was much slower than the expected growth of 2.7 percent. Similarly, excluding auto fuel, retail sales volume increased 0.7 percent after rising 0.6 percent in November. Economists had forecast an annual growth of 3 percent. In the fourth quarter, retail sales declined 1 percent….

Italy Inflation As Estimated; Trade Surplus Rises

Italy consumer price inflation increased in December as estimated, final data from the statistical office Istat showed on Friday. Another report from Istat showed that the trade surplus increased in November, albeit decreases in exports and imports. The consumer price index rose 0.5 percent year-on-year in December, following a 0.2 percent increase in November. The increase was in line with the initial estimate. On a month-on-month basis, consumer prices rose 0.2 percent in December, reversing a 0.2 percent fall in the preceding month, as estimated. On an average, consumer prices increased 0.6 percent in 2019. The rate halved from 1.2 percent logged in 2018, as initially estimated. The core inflation slowed to 0.5 percent in 2019 from 0.7 percent in 2018, as estimated. The EU measure or harmonized index or consumer prices, or HICP, rose 0.5 percent in December, following a 0.2 percent increase in the preceding month. This was in line with preliminary estimate. On a monthly basis, the HICP rose 0.2 percent in December, as estimated. On an average, HICP inflation halved to 0.6 percent in 2019 from 1.2 percent in 2018. Separate data showed that the trade surplus increased…

Evening review for EURUSD for 01/17/2020. The pressure on the euro intensified

Investor sentiment is getting worse and the global economy is getting more negative. The growth rate in China has fallen to +6.1% and the negative is coming. Investment, sales, and the auto market are all slowing down.In Britain, new retail sales data is weak and the Bank of England is likely to cut the rate.Against this background, the US-Europe trade contradictions are intensifying.EURUSD: The euro is falling towards the support of 1.1100.In the case of a break below 1.1085, we sell.Purchases from 1.1180.The material has been provided by InstaForex Company – www.instaforex.com…

Dollar takes revenge on euro

The greased weekend of January 17 does not upset the “bulls” of EUR/USD. For most of the five-day period, euro rose against dollar, thanks to traders’ faith in the signing of the trade agreement by Washington and Beijing, as well as the hopes for the “hawkish” rhetoric of the ECB. In reality though, it was worse than expected. Investors doubted whether China will be able to buy $200 billion goods and services from the States more than before. Moreso, the duties on $360 billion of Chinese imports remain in force, and, according to competent Bloomberg sources, Christine Lagarde and her colleagues from the governing council are not afraid of negative rates.In 2017, American exports to China amounted to $186 billion. According to the latest data for 2019, this figure fell to $160 Billion. Wall Street Journal estimates that in order to fulfill its obligations, China must increase purchases of goods and services from the United States to $262 billion in 2020, and to $309 billion in 2021. Theoretically, the colossal numbers should accelerate US GDP, but Wall Street Journal experts, on the contrary, expect it to slow from 2.3% to 1.9%, as business activity in the manufacturing sector continues to fall,…

Fractal analysis for major currency pairs as of January 17

Hello, dear colleagues.
For the Euro/Dollar pair, we expect the continuation of the upward structure from January 10 after the breakdown of 1.1151. For the Pound/Dollar pair, we follow the formation of an upward structure from January 14 and the level of 1.2994 is the key support. For the Dollar/Franc pair, the price is in the correction of the downward structure from January 10 and the level of 0.9691 is the key support. For the Dollar/Yen pair, we expect the continuation of the downward cycle from January 8 after the breakdown of 110.40. For the Euro/Yen pair, we expect a resumption of the upward movement after the breakdown of 122.70 and the level of 121.80 is the key support. For the Pound/Yen pair, we expect the subsequent development of the upward cycle from January 3 after the breakdown of 144.53.
Forecast for January 17:
Analytical review of currency pairs on the H1 scale:

For the Euro/Dollar pair, the key levels on the H1 scale are 1.1204, 1.1177, 1.1151, 1.1115, 1.1087, and 1.1058. We follow the formation of the upward structure from January 10 as the main trend. We expect the upward movement to continue after the breakout of 1.1151. In this case, the goal is…

Malaysian Ringgit Climbs To 1-1/2-year High Against U.S. Dollar

The Malaysian Ringgit strengthened against the U.S. dollar in Asian deals on Friday, as investor sentiment lifted up after strong Chinese economic data. Official data showed that China’s economy grew in line with expectations. Data released by the National Bureau of Statistics showed that China’s gross domestic product or GDP grew 6.1 percent in 2019, which was well within the target of 6 to 6.5 percent growth. The Malaysian Ringgit advanced to a 1-1/2-year high of 4.0540 against the greenback from yesterday’s closing value of 4.0610. If the Ringgit rises further, 3.8 is seen as its next resistance level. The material has been provided by InstaForex Company – www.instaforex.com…

Bank Of Korea Keeps Rate Steady

The Bank of Korea left its key interest rates unchanged on Friday as sluggishness in the domestic economy eased somewhat. The Monetary Policy Board of the Bank of Korea decided to maintain the base rate at 1.25 percent. The bank had reduced the rate by 25 basis points each in July and October 2019. The board noted that facilities investment has slightly increased and consumption growth has expanded, although construction investment and exports have continued to decline. GDP is forecast to grow at the lower-2 percent level this year, consistent overall with the level projected in November. Due to a smaller decline in agricultural product prices, consumer price inflation has risen to the upper zero percent level. Inflation is forecast to rise to around 1 percent, generally in accord with the path projected in November, and core inflation to run at the upper-0 percent level. Looking ahead, the board said it will conduct monetary policy so as to ensure that the recovery of economic growth continues and consumer price inflation can be stabilized at the target level over a medium-term horizon. The material has been provided by InstaForex Company – www.instaforex.com…