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Treasuries Extend Pullback On Spike In Housing Starts

Extending the pullback seen over the course of the previous session, treasuries moved to the downside during trading on Friday. Bond prices regained some ground after seeing early weakness but remained stuck in the red. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.7 basis points to 1.836 percent. The early drop by treasuries came after a report from the Commerce Department showed a substantial increase in U.S. housing starts 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. Meanwhile, the Federal Reserve released a report showing a modest pullback in U.S. industrial production in the month of December. The Fed…

U.S. Industrial Production Dips Amid Slump In Heating Demand

With utilities output plummeting amid a slump in demand for heating, the Federal Reserve released a report on Friday showing a modest pullback in U.S. industrial production in the month of December. The Fed said industrial production fell by 0.3 percent in December after climbing by a downwardly revised 0.8 percent in November. Economists had expected industrial production to dip by 0.2 percent compared to the 1.1 percent jump originally reported for the previous month. The pullback in production came as utilities output plunged by 5.6 percent in December after surging up by 1.0 percent in November, with unseasonably warm weather leading to a large decrease in demand for heating. Meanwhile, the report said manufacturing output crept up by 0.2 percent in December after spiking by 1.0 percent in November, while mining output jumped by 1.3 percent following a 0.2 percent decrease. The Fed also said capacity utilization for the industrial sector slid to 77.0 percent in December after climbing to an upwardly revised 77.4 percent in November. Economists had expected capacity utilization to slip to 77.1 percent from the 77.3 percent originally reported for the previous month. Capacity utilization in the utilities sector led the way lower, tumbling…

Dollar Rises Vs Most Majors Ahead Of U.S. Industrial Production

Fed’s Industrial production for December will be published at 9.15 am ET Tuesday. Ahead of the data, the greenback traded mixed against its major counterparts. While the greenback held steady against the pound, it rose against the rest of major counterparts. The greenback was worth 110.20 against the yen, 1.1100 against the euro, 1.3044 against the pound and 0.9685 against the franc at 9:10 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

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…

January 17, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Since November 14, the price levels around 1.1000 has stood as a significant DEMAND-Level offering adequate bullish SUPPORT for the pair on two successive occasions.During this Period, the EUR/USD pair has been trapped within a narrow consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.On December 11, another bullish swing was initiated around 1.1040 allowing recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted short-term bullish channel.Initial Intraday bearish rejection was expected around the price levels of (1.1175).Moreover, On December 20, bearish breakout of the depicted short-term channel was executed. Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.The recent bullish pullback towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.As expected, the Key-Level around 1.1110 has provided some bullish rejection. That’s why, the previous bullish pullback was expected to pursue towards 1.1140 and 1.1175 where the depicted key-zone as well as the recently-broken uptrend are located.Recent signs of bearish rejection were demonstrated around 1.1175. That’s…

Swiss Producer And Import Prices Fall In December

Switzerland’s producer and import prices declined in December, data from the Federal Statistical Office showed on Friday. The producer and import prices fell 1.7 percent year-on-year in December. On a monthly basis, producer and import prices edged up 0.1 percent in December. On an average, producer and import prices declined 1.4 percent in 2019, after a 2.4 percent rise in 2018. The latest decline was mainly due to lower prices for pharmaceutical products, scrap, mineral oil products, and metals and semi-finished metal products. The producer prices fell 1.0 percent annually in December and edged up 0.1 percent from the previous month. Likewise, import prices dropped 3.2 percent from last year but rose 0.2 percent on month. The material has been provided by InstaForex Company – www.instaforex.com…

Oil Prices Inch Up On Growth Optimism

Oil prices inched higher on Friday amid optimism that a more conciliatory approach on trade between the United States and China will help revive growth. A raft of Chinese economic data either met or beat analyst estimates, fueling hopes of an uptick in demand. Benchmark Brent crude edged up 0.3 percent to $64.81 per barrel, while U.S. crude futures were up 0.2 percent at $58.62. The formal signing of the Sino-U.S. trade agreement on Wednesday helped remove a degree of near-term uncertainty as U.S. President Donald Trump heads into a re-election campaign. Under the Phase 1 deal, China will purchase $50 billion worth of U.S. energy products over the next two years. In another development, the U.S. Senate on Thursday approved a revamp of the 26-year-old North American Free Trade Agreement that includes tougher rules on labor and automotive content. On the data front, China’s GDP data came in line with expectations and there was growth in industrial output and retail sales, suggesting the world’s second-biggest economy ended the year on a firmer note. In the whole year of 2019, China’s gross domestic product grew 6.1 percent, which was well within the target of 6-6.5 percent. The material…

EUR/USD. January 17. Overbought euro still caused a fall

EUR/USD – 4H.

As seen on the 4-hour chart, the EUR/USD pair performed a reversal in favor of the US currency and resumed the process of falling in the direction of the low level of 1.1086. A new downward trend corridor has been formed, which now points to the “bearish” mood of most traders. The reversal of quotes in favor of the US dollar occurred with some delay, I was waiting for it 1-2 days earlier. However, in this case, it turned out not so bad, and now I expect a fall to the lower line of the corridor – 1.1040 (approximate goal). A bearish divergence was also formed for the MACD indicator, which also worked in favor of the US currency. The report on inflation in the European Union was not weaker than forecasts, but not stronger than them. Inflation was 1.3% y/y in December, which remains far from the ECB’s target level, which is now 2.0% but can be lowered in the future. Now the main thing is that the information background from America does not scare off bear traders from the plan. In the US, the consumer confidence index and the level of industrial production will be released today.
Forecast…