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Singapore Announces S$5.1 Bln Additional Stimulus On Covid-19 Shock

Singapore announced an additional S$5.1 billion (US$3.6 billion) stimulus to save jobs and protect the livelihoods of people amid the spread of coronavirus, or COVID-19, pandemic. This is the third stimulus package, which was unveiled by Deputy Prime Minister Heng Swee Keat on Monday, and covers wage subsidies and cash payout. With the latest announcement, the government’s response to COVID-19 will total S$59.9 billion or around 12 percent of GDP. The budget deficit is estimated to rise to 8.9 percent of GDP this year. The government obtained President’s in-principle support for a draw of up to S$17 billion from past reserves to finance its second package. The central bank had eased its monetary policy last week as the city-state is expected to enter a deep recession due to the interruptions to economic activity caused by the outbreak of COVID-19. “The primary aim of this Solidarity Budget is to take further steps to save jobs and protect the livelihoods of our people during this temporary period of heightened measures,” Heng said. “We will also help businesses preserve their capacity and capabilities, to resume activities when the circuit breaker is lifted,” he added. The wage subsidy for all firms…

Comprehensive analysis of movement options of #USDX vs EUR/USD vs GBP/USD vs USD/JPY (H4) on April 7, 2020. APLs & ZUP

Minuette operational scale (H4)
Second week of April – where are we going? The development of the movement of major currency instruments #USDX vs EUR/USD vs GBP/USD vs USD/JPY from April 7, 2020 in a comprehensive form.____________________
US Dollar Index
The movement of the dollar index #USDX from April 7, 2020, will be due to the development and direction of the breakdown of the range:
resistance level of 100.75 – the initial line of the SSL fork operating scale Minuette (h1);support level of 100.25 – the lower border of the 1/2 Median Line channel of the Minuette operational scale forks (h4).The breakdown of the support level of 100.25 and the lower boundary of the channel 1/2 Median Line Minute is an option for the development of the downward movement of the dollar index to the borders of the channel 1/2 Median Line (99.35 – 98.85 – 98.45) and the equilibrium zone (98.85-98.05-97.40) of the operational scale Minuette.
If the resistance level of 100.75 is broken on the initial FSL line of the Minuette operating scale forks, the continuation of the upward movement #USDX towards the goals will become relevant:
1/2 Median Line Minute (101.00);upper limit of the channel 1/2 Median Line Minute (102.00);SSL start line (102.20) for…

Gold Prices Rise 1% As Dollar Stays Flat

Gold prices rose on Monday after the U.S. Labor Department’s report on Friday showed that the economy shed 701,000 jobs in March, halting decade-long record of growth. Coronavirus fears also drove investors towards the safe-haven metal. Spot gold rose about 1 percent to $1,634.99 per ounce, while U.S. gold futures were up 1.1 percent at $1,663.00 per ounce. U.S. employment plunged by 701,000 jobs in March after an increase of an upwardly revised 275,000 jobs in February. Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month. The much bigger than expected decrease came as employment in the leisure and hospitality sector plummeted by 459,000 jobs, mainly in food services and drinking places. The jobless rate rose to 4.4 percent from 3.5 percent in February. Meanwhile, the United States on Sunday entered one of the most critical weeks so far in the coronavirus crisis, with government officials warning that the death toll in places such as New York, Michigan and Louisiana was a sign of trouble to come in other states. The material has been provided by InstaForex Company – www.instaforex.com…

Ireland Industrial Production Declines In February

Ireland’s manufacturing output fell in February after rising in the previous month, figures from the Central Statistics Office showed on Monday. Manufacturing output fell 1.1 percent month-on-month in February, after a 5.9 percent increase in January. Industrial production decreased 1.3 percent monthly in February, after a 5.9 percent increase in the previous month. On an annual basis, manufacturing output declined 1.3 percent in February, after a 0.5 percent increase in the previous month. Industrial production fell 1.1 percent year-on-year in February, reversing a 1.2 percent rise in the previous month. Data also showed that the industrial turnover declined 10.0 percent monthly in February and 6.0 percent from a year ago. The material has been provided by InstaForex Company – www.instaforex.com…

Evening review for EUR/USD for April 6th. Market optimism caused by expectations of epidemic decline

As we can see on the chart, S&P500 is moving up.
There is a rise amid expectations of the coronavirus decline in the US.
Coronavirus:
In Europe, the situation is improving. In Italy and Spain, a number of deaths ( around 500 and 700) dropped from the highest level of 1 thousand people a day. A number of infected people is advancing by 6%-7% every day.
In the US, the total number of infected people is 337 thousand. In New York, a number of confirmed coronavirus cases is 123 thousand. Of course, it is too much for such a city. Nevertheless, a number of new cases is below 10% a day (+7%).
Reports on coronavirus from the US are really fresh. The data is expected to be confirmed during the next two days.
This week can become a pivot point for the US.
In Russia, the epidemiological situation is getting worse and worse. A number of new cases grew by 15% a day to 6,346 people. More than 70% of all cases were recorded in Moscow.
EUR/USD
Buy positions can be opened at 1.1040.
Sell positions can be opened at 1.0635.
The material has been provided by InstaForex Company…

*BDI: German Economy To Shrink 3-6% This Year

BDI: German Economy To Shrink 3-6% This Year The material has been provided by InstaForex Company – www.instaforex.com…

April 6, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.That’s when the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.Next bullish targets around 1.2520 and 1.2680 were expected to be addressed if sufficient bullish momentum was maintained.However, early bearish pressure signs have originated around 1.2470 leading to another bearish decline towards 1.2265.That’s why, H4 Candlestick re-closure below 1.2265 is needed to hinder further bullish advancement and enhance the bearish momentum on the short term.If so, Initial Bearish target would be located around 1.1900 provided that quick H4 bearish closure below 1.2265 is achieved.On the other hand, bullish persistence above 1.2265 would probably enhance another bullish pullback movement up to the price level of 1.2470.Trade recommendations :Conservative traders should be waiting either for another bullish pullback towards 1.2350 or another H4 bearish closure below 1.2265 as a valid SELL signal. T/P…

Denmark Industrial Production Rises In February

Denmark’s industrial production grew in February after falling in the previous month, figures from Statistics Denmark showed on Monday. Industrial production rose a seasonally adjusted 2.1 percent month-on-month in March, after a 5.1 percent decline in February. In January, output increased 6.8 percent. The latest increase in production was mainly due to machinery and pharmaceutical industry. Production in metals increased by 13.1 percent monthly in February, and those of mechanical engineering and electronics industry rose by 11.3 percent and 8.7 percent, respectively. In the three months ended January, industrial production fell 0.3 percent from the preceding three months. Industrial turnover declined 2.2 percent monthly in February and fell 0.3 percent in the February quarter. The material has been provided by InstaForex Company – www.instaforex.com…

German Factory Orders Fall Less Than Expected

Germany’s factory orders declined less than expected in February, data from Destatis revealed Monday. Factory orders fell 1.4 percent month-on-month in February after rising by revised 4.8 percent in January. Orders were expected to fall 2.5 percent. Domestic orders grew 1.7 percent, while foreign demand fell 3.6 percent in February from the previous month. On a yearly basis, factory orders grew 1.5 percent, in contrast to a 0.8 percent drop in January. Economists had forecast a marginal drop of 0.2 percent. Data showed that manufacturing turnover edged up 0.1 percent in February but slower than the 1.1 percent increase seen in January. The material has been provided by InstaForex Company – www.instaforex.com…

Ireland Construction Sector Contracts Most In 11 Years On COVID-19 Pandemic

Ireland’s construction sector contracted at the sharpest pace in eleven years in March, amid COVID-19 pandemic, data from the IHS Markit showed on Monday. The Ulster Bank construction Purchasing Managers’ Index fell to 28.9 in March from 50.6 in February. The latest reading signaled the strongest deterioration in eleven years. Any score below 50 indicates contraction in the sector. “The coronavirus outbreak and associated containment measures led to a collapse in Irish construction activity last month,” Simon Barry, chief economist Republic of Ireland at Ulster Bank, said. “The headline PMI index fell to levels that have only previously been seen at the height of the global financial crisis, with the largest monthly drop in the survey’s 20-year history underscoring the extent of the disruptions faced by Irish construction firms last month,” Barry added. Housing activity, civil engineering activity and commercial activity logged steep declines in March. New orders declined at the sharpest pace since April 2009 and decreased after a three months growth. Employment level decreased in Mach as companies shut their operation due to COVID-19 outbreak. The pace of reduction in staffing was the sharpest in over nine years. Purchasing activity declined in March with the reduction…