Following the release of the UK Markit/CIPS final composite PMI for November at 4.30 am ET Wednesday, the pound changed little against its major rivals. The pound was trading at 1.3042 against the greenback, 141.88 against the yen, 1.2900 against the franc and 0.8487 against the euro around 4:35 am ET. The material has been provided by InstaForex Company – www.instaforex.com…
Mozambique Nov PMI 50.7 Vs. 50.3 In October The material has been provided by InstaForex Company – www.instaforex.com…
Technical outlook:EUR/USD is seen to be drifting sideways for last 2 trading sessions after breaking out higher last week and printing highs at 1.1094 levels. It is high probable for the euro bulls to push through 1.1110 and 1.1130 levels which are seen as short-term targets. The current wave structure is pointing towards a bullish EUR/USD in the near term, while a potential bottom seems to have been formed at 1.0981 last week. Until 1.0981 remains intact, bulls are expected to print higher highs and higher lows towards 1.1180, 1,1150 and above. Besides, note that 1.0980 is well supported by fibonacci 0.618 retracement of the previous rally along with the past resistance that turned into the support zone as marked here. On the flip side, if the price drops below 1.0981 lows, it is likely to find support at 1.0940, which is close to the fibonacci 0.786 support/retracement. To sum up, please be aware that prices may drop one last time below 1.0981 before turning bullish.Trading plan:Remain long against 1.0879, the target above 1.1500Good luck!The material has been provided by InstaForex Company – www.instaforex.com…
The services sector in Japan moved back into expansion in November, albeit barely, the latest survey from Jibun Bank showed on Wednesday with a PMI score of 50.3. That’s up from 49.8 and it moves back above the boom-or-bust line of 50 that separates expansion from contraction. Individually, activity rebound in November, although growth was marginal amid soft new order expansion. Input price inflation accelerated but charges rose at a slower rate. The survey also showed that the composite index moved up to 49.8 in November from 49.1 in October. The material has been provided by InstaForex Company – www.instaforex.com…
Trading Recommendation
Entry: 120.0051Reason for Entry: 100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support
Take Profit : 120.6125Reason for Take Profit: Horizontal overlap resistance, 61.8% Fibonacci retracement
Stop Loss: 119.6574Reason for Stop loss::horizontal swing low support, 76.4% fibonacci retracementThe material has been provided by InstaForex Company – www.instaforex.com…
After recovering from an early move to the downside, the price of crude oil fluctuated over the course of the trading day on Tuesday. Crude oil for January delivery eventually ended the day up $0.14 or 0.3 percent at $56.10 after falling as low as $55.35 a barrel. The price of oil initially came under pressure after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China. Trump told reporters at a NATO summit in London there is no deadline to reach a trade deal, adding, “In some ways, I think it’s better to wait until after the election.” “But they want to make a deal now, and we’ll see whether or not the deal’s going to be right; it’s got to be right,” Trump said. Trump claimed a potential trade deal is only dependent on whether he wants to sign it, because the U.S. is “doing very well” and China is “having by far the worst year that they have had in 57 years.” The comments from the president added to rising trade concerns after his administration threatened to impose duties of up to 100 percent on $2.4…
4-hour timeframe
Amplitude of the last 5 days (high-low): 69p – 89p – 52p – 63p – 53p.
Average volatility over the past 5 days: 65p (average).
The GBP/USD currency pair followed the example of the European currency today and made an impressive jump, reaching a psychological mark of 1.3000. It seems that after a lull for a month and a half, traders began to return to the market. However, the time has not yet come for such conclusions. First, market participants continue to ignore any macroeconomic statistics from the United States and the United Kingdom. Secondly, the resistance area of 1.2970–1.3010, from which the pair has bounced several times in the last two months, has not been overcome, which means there may be another rebound from it. Thirdly, it is not clear why a tangible upward movement began today?
An index of business activity in the UK construction sector was released today, which showed a slight improvement (45.3 against 44.2 a month earlier). However, as in the case of business activity in the industrial sector, the construction industry is still experiencing a decline, so the “improvement” is quite formal. There were no more macroeconomic publications today, and we…
4-hour timeframe
Amplitude of the last 5 days (high-low): 19p – 33p – 20p – 47p – 87p.
Average volatility over the past 5 days: 41p (low).
The EUR/USD currency pair, which made an impressive growth on the first trading day of the week, completed it as expected on Tuesday, December 3, and the pair’s volatility again fell to its lowest values. Thus, as we have already said in the morning review, there are no special reasons for bulls to continue buying the euro, whether there were any or not. Yesterday, the upward momentum of the euro/dollar pair, from our point of view, was a mere coincidence of a whole group of factors that pushed the euro currency up. So? And then traders again refuse to buy the euro due to the fact that the European fundamental background remains extremely weak. Yes, business activity in industry showed some signs of recovery, as did inflation, which grew to 1.0% YOY. However, a recession is still observed in the production sector, not weak growth rates, and inflation is at extremely weak values that do not allow us to talk about the recovery of the EU economy. Thus, we believe that several…
WHO: Climate Risks To Human Health Growing, But Prioritized Funding Lacking The material has been provided by InstaForex Company – www.instaforex.com…
South Africa’s economy shrank in the third quarter, defying expectations for further growth, worsening the outlook for the country, preliminary data from Statistics South Africa showed on Tuesday. Gross domestic product decreased a seasonally adjusted and annualized 0.6 percent quarter-on-quarter, after a 3.2 percent growth in the second quarter. Economists were looking for a modest 0.1 percent expansion. In the first quarter, the economy shrunk 3.1 percent. The mining, manufacturing and transport, storage and communication industries were the three largest negative contributors to GDP growth in the third quarter. The three largest positive contributions to GDP growth came from trade, catering and accommodation; finance, real estate and business; and general government, the agency said. Household consumption, state spending, investments and exports increased, while changes in inventories deducted 4.7 percentage points from growth. Net expots added 3.2 percentage points. The weak GDP data suggest South Africa may loose its investment grade rating from Moody’s, the last of the top agencies to review the country’s rating. In November, the South African Reserve Bank cut the growth forecast for this year to 0.5 percent from 0.6 percent and the projection for next year was lowered to 1.4 percent from 1.5 percent. The outlook…