Tag Archives: Forex futures

Short-term Elliott wave analysis on EURUSD

EURUSD is in a corrective phase. Price was expected to move higher as wave B and turn lower towards the 61.8% Fibonacci retracement and wave C. Price did exactly that and now it is important for the bullish scenario to see price reverse to the upside.EURUSD has made a three wave correction this far towards the 61.8% Fibonacci retracement as expected. Now for this bullish wave scenario to be valid, we need to see price reverse to the upside. Another 5 wave upward move is expected to unfold from current levels. Support is at 1.1030 and this scenario will lose its strength if this level is broken downwards. On the contrary, this bullish scenario will increase its chances of success if price breaks above the B wave high. The price action of this week will tell us more of what to expect for EURUSD….1.13 or 1.09?The material has been provided by InstaForex Company – www.instaforex.com…

Dollar Rises On Strong Jobs Data

After exhibiting some weakness early on in the day, the U.S. dollar moved higher on Friday, riding on strong U.S. monthly jobs data and amid optimism the U.S. and China will agree on a phase one trade deal before the next hike in tariffs on Chinese imports come into effect later this month. The dollar index, which eased to 97.36 at the start, rallied to 97.84 by mid morning, and was later seen at 97.70, up nearly 0.3% from previous close. Against the euro, the dollar strengthened to 1.1061, gaining about 0.4%, from previous close of $1.1103. Against pound sterling, the dollar recovered to 1.3133 from a low of 1.3167. The Japanese yen strengthened against the dollar, rising to 108.56 a dollar, after having weakened to 108.91 yen a dollar in early trades. The dollar was down slightly against the Aussie with the AUD-USD pair trading at 0.6841. Against Swiss franc, the dollar rose to 09899, up 0.27% from previous close, while against the Loonie, it rose to 1.3257, adding more than 0.6%. In Canadian economic news, data from Statistics Canada said the Canadian economy lost 71,200 jobs in November of 2019 after shedding 1,800 jobs in the previous month….

Treasuries Move Notably Lower On Better Than Expected Jobs Data

Extending the downward move seen over the two previous sessions, treasuries moved notably lower during trading on Friday. Bond prices came under pressure early in the session and remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.5 basis points to 1.842 percent. The continued weakness among treasuries came following the release of a closely watched Labor Department report showing much stronger than expected U.S. job growth in the month of November. The report said non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month. The Labor Department said notable job gains occurred in healthcare and in professional and technical services, while manufacturing employment also rose as General Motors (GM) workers returned from a strike. With the stronger than expected job growth, the unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged. A separate report released by the University of Michigan showed a…

U.S. Consumer Credit Jumps More Than Expected In October

Consumer credit in the U.S. increased by more than anticipated in the month of October, according to a report released by the Federal Reserve on Friday. The Fed said consumer credit surged up by $18.9 billion in October after climbing by $9.6 billion in September. Economists had expected consumer credit to increase by $16.0 billion. Revolving credit, which largely reflects credit card debt, rose by $7.9 billion in October after edging down by $0.2 billion in September. The report said non-revolving credit, such as student loans and car loans, also jumped by $11.0 billion in October after increasing by $9.4 billion in the previous month. Total consumer credit was up by 5.5 percent compared to the same month a year ago, as revolving credit spiked by 8.8 percent and non-revolving credit surged up by 4.3 percent. The material has been provided by InstaForex Company – www.instaforex.com…

Gold Settles Lower As Riskier Assets Rise On Trade Hopes, Jobs Data

Gold prices drifted lower on Friday as traders went for riskier assets such as equities thanks to upbeat U.S. monthly jobs data and rising optimism about a phase one U.S.-China trade deal. The dollar’s strong uptick contributed as well to the yellow metal’s decline. The dollar index rose to 97.84 and was last seen hovering around 97.70, up more than 0.3% from previous close. Gold futures for February ended down $18.00, or about 1.2%, at $1,465.10 an ounce. On Thursday, gold futures for February ended up $2.90, or 0.2%, at $1,483.10 an ounce. Gold futures shed about 0.5% in the week. Silver futures for March ended down $0.463 at $16.596 an ounce, while Copper futures for March settled at $2.7250 per pound, up $0.0620 from previous close. In trade news, China said it would waive import tariffs for some soybeans and pork shipments from the United States. The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, but didn’t not specify the quantities involved. The waiver of 25% tariffs comes two weeks before a critical decision on the fate of the December 15 tariff increases. On…

*U.S. Consumer Sentiment Index Climbs To 99.2 In December

U.S. Consumer Sentiment Index Climbs To 99.2 In December The material has been provided by InstaForex Company – www.instaforex.com…

U.S. Employment Soars Amid Return Of Striking GM Workers

Job growth in the U.S. showed a substantial acceleration in the month of November, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month. The much stronger than expected job growth was partly due to a rebound in manufacturing employment, which climbed by 54,000 jobs in November after falling by 43,000 jobs in October amid the return of striking General Motors (GM) workers. The Labor Department also pointed to notable job gains in the healthcare and professional and technical services industries. With the stronger than expected job growth, the unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged. The unexpected decrease pulled the unemployment rate back down to the nearly 50-year low originally hit in September. The drop by the unemployment rate came as a muted 83,000-person rise in the household survey measure of employment outpaced an even weaker…

*U.S. Dollar Rises To 2-day High Of 1.1069 Against Euro

U.S. Dollar Rises To 2-day High Of 1.1069 Against Euro The material has been provided by InstaForex Company – www.instaforex.com…