Tag Archives: trend lines

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…

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…

Dollar Stronger On Upbeat U.S., China Economic Data

The U.S. dollar drifted higher against its most major trading partners in the European session on Friday, as solid economic data from China and the U.S. eased concerns about global growth. Official data showed that the Chinese economy expanded in line with expectations in the fourth quarter. Gross domestic product grew 6.0 percent year-on-year in the fourth quarter, the same rate as seen in the third quarter and in line with expectations. Chinese industrial production and retail sales beat forecasts in December, rising 6.9 percent and 8.0 percent, respectively year-on-year. Overnight data showed that U.S. retail sales rose 0.3 percent in December, in line with forecasts. Separate reports showed that weekly jobless claims unexpectedly fell in the week ended January 11 and NAHB housing market index came in near a 20-year high in January. The data reduced the possibility of further interest rate cuts from the Federal Reserve. Investors await U.S. industrial production, consumer confidence index, building permits and housing starts data due in the American session for more direction. The currency traded mixed against its major counterparts in the Asian session. While it rose against the yen and the franc, it held steady against the euro. Versus the pound,…

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…

Nigeria Inflation At 20-Month High

Nigeria’s consumer price inflation rose to the highest level in twenty months in December, figures from the National Bureau of Statistics showed on Friday. The consumer price index rose 11.98 percent year-on-year in December, following a 11.85 percent increase in November. The latest inflation was the highest since April 2018, when it was 12.48 percent. Food prices grew to 14.67 percent annually in December versus 14.48 percent increase in the preceding month. On a monthly basis, food prices rose 0.97 percent in December. On a month-on-month basis, consumer prices rose 0.85 percent in December, slower than 1.02 percent in the previous month. The core inflation rate, which excludes volatile prices of the agricultural produce, increased 9.33 percent in December, following a 8.99 percent in the preceding month. On a monthly basis, the core CPI rose 0.81 percent in December, following a 0.79 percent rise in the previous month. The material has been provided by InstaForex Company – www.instaforex.com…

BTC analysis for 01.17.2020 – Bearish divergence on the 4H time-frarrme, selling opporutnities are preferable

Industry news:It seems that crypto-custody has been kept a secret from institutional investors.Few things have improved in 2019 as much as the custody of cryptocurrency, and the regulators’ attitude towards it. While a Bitcoin Exchange Traded Fund still waits on the doorsteps of the SEC, institutional companies entering the cryptocurrency custody market has grown.Coinbase snapped up custody provider Xapo, Fidelity entered the crypto-storage space, and the Intercontinental Exchange’s digital assets platform Bakkt launched offering both trading and custody. Yet, investors have been kept in the dark.According to a survey by Bitcoin ETF hopeful Bitwise Asset Management, institutional investors have a crypto-custody problem. The problem, however, is a lack of information, not a lack of solutions.Technical analysis:BTC has been trading upside but it found solid supply near the $9.000 level. I found the bearish divergence on the MACD oscillator, which is sign that buyers got exhausted.Watch for selling opportunities on the rallies with the downward targets at the price of $8.590 and $8.445.Major resistance is set at the price of $9.000.Support levels and downward target are set at the price of $8.592 and $8.445.The material has been provided by InstaForex Company – www.instaforex.com…

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…

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…