Who will reign? The US dollar or noble metals? Here’s a comprehensive analysis of options for the movement of #USDX vs Gold & Silver (DAILY) in April 2020
Minor operational scale (daily time frame)
US dollar index
The movement of the #USDX dollar index in April 2020 will be determined depending on the development and the direction of breakdown of the boundaries of the equilibrium zone (98.80 – 99.90 – 101.10) of the Minor operational scale forks. We look at the details of movement inside this equilibrium zone on the animated chart.
The upward movement of the dollar index can be continued in case of breakdown of the resistance level of 101.10 on the upper boundary of the ISL61.8 equilibrium zone of the forks of the operational Minor scale and the targets of this movement will be :
– the final Shiff Line Minor (101.80);
– maximum 102.99;
with the prospect of reaching the warning line UWL38.2 (103.50) of the Minuette operational scale forks.
Meanwhile, the downward movement of #USDX will become relevant in the event of a breakdown of the support level 98.80 at the lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks…
The U.S. dollar stayed firm against most of its peers on Wednesday amid fears of an imminent deep recession due to the impact of the rapidly spreading coronavirus pandemic. A report from payroll processor ADP said private sector employment fell by 27,000 jobs in March in the U.S. after jumping by a downwardly revised 179,000 jobs in February. The dollar index rose to 99.84 this afternoon, but gave up much of its gains subsequently and was last seen at 99.41, up 0.35% from Tuesday’s close. 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. The Institute for Supply Management’s report showed a contraction in U.S. manufacturing activity in the month of March. The ISM said its purchasing managers index dipped to 49.1 in March after edging down to 50.1 in February. While a reading below 50 indicates a contraction in manufacturing activity, economists had expected the index to show a steeper drop to 45.0. Against the euro, the dollar strengthened to $1.0964 from $1.1041,…
A report released by the Commerce Department on Wednesday showed an unexpected decrease in U.S. construction spending in the month of February. The Commerce Department said construction spending slumped by 1.3 percent to an annual rate of $1.367 trillion in February after spiking by 2.8 percent to an upwardly revised rate of $1.385 trillion in January. The pullback came as a surprise to economists, who had expected construction spending to climb by 0.6 percent following the 1.8 percent jump originally reported for the previous month. The unexpected drop in construction spending reflected notable decreases in spending on both private and public construction. Spending on private construction tumbled by 1.2 percent to an annual rate of $1.026 trillion, as spending on residential construction slid by 0.6 percent and spending on non-residential construction plummeted by 2.0 percent. The report said spending on public construction also plunged by 1.5 percent to an annual rate of $340.9 billion, with spending on educational and highway construction both showing significant drops. Despite the monthly decrease, the Commerce Department said total construction spending in February was up by 6.0 percent compared to the same month a year ago. The material has been provided by InstaForex Company -…
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.
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…
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 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…
BTC news:Along with decreasing volatility in the spot price of major cryptoassets, trading volumes in both bitcoin (BTC) and ethereum (ETH) futures contracts have also been on the decline across exchanges since the crypto market crash in mid-March.As would be expected, the futures market was most active during the major sell-offs on March 12 and 13, but has since declined steadily. The decline was seen across most marketplaces, although it was most pronounced on the major exchanges OKEx and Bitfinex.Technical analysis: BTC has been trading sideways at the price of $6.300. My bearish analysis from yesterday is still active In the background,here is the gap down tought the bearish flag pattern, which is strong sign of the sellers. My advice is still to watch for selling opportunities. The level at the $6.367 looks like a great sell zone… Downward targets are set at the price of $4.390 and $3.800. MACD oscillator is showing decreasing momentum and the slow line turned to the downside, which is another confirmation for our bearish bias. Resistance levels are set at the price of $7.000 and $7.500 Support levels and downward targets are set at the price of $4.390 and $3.800The material has been provided by…