Tuesday 4th February: Technical Outlook and Review.
The broad dollar index (DXY) observed strong bidding Monday, largely on sterling’s demise, in which the index settled just south of 98.00. Also bolstering the USD was an overall solid ISM Manufacturing PMI reading.
Monday 3rd February: Weekly Technical Outlook and Review.
Friday’s mixed Eurozone data, released in early European hours, was largely overlooked. EUR/USD bulls strengthened their grip on the back of a softer buck. The spread of the coronavirus continues to dominate market sentiment. Downgrades to the Fed’s assessment of private consumption and inflation target also contributed to the US dollar index (DXY) selling.
Friday 31st January: Dollar Index Tests Daily Support at 97.86; Eyes Resistance at 98.45.
The Bank of England left UK interest rates on hold. The Bank also cut its growth forecasts and downgraded its expectations for productivity growth, in a sign that the UK economy has suffered from Brexit uncertainty.
Thursday 30th January: Pound Hesitant Ahead of BoE Rate Decision.
Cable marginally firmed in US trade following the Federal Reserve keeping its benchmark interest rate steady, lifting price north of the key figure 1.30 on the H4, Quasimodo support at 1.2988, as well as a 78.6% Fibonacci retracement at 1.2884.
Wednesday 29th January: Dollar Trades South of 98.00 Ahead of FOMC.
Scoring highs of 98.16, the US dollar index continued to explore higher ground Tuesday, while on the data front we had mixed US durable goods before better-than-expected US consumer confidence.
Tuesday 28th January: Coronavirus Weighs on Risk Sentiment; Increased Demand for Safe-Haven Assets.
Overall risk aversion, coupled with consequences of the Coronavirus, guided AUD/USD lower Monday, erasing more than 60 points and closing towards the bottom of its 0.6818/0.6752 range.
Monday 27th January: Weekly Technical Outlook and Review.
Europe’s single currency glided to a fourth consecutive weekly loss vs. the buck in recent trade, as sellers strengthened their grip south of long-standing channel resistance, drawn from the high 1.1569.
Friday 24th January: Pound Trades North of 1.31 Ahead of Key UK Manufacturing Data.
Relatively subdued, sterling mildly dipped lower Thursday and refreshed daily lows around the 1.31 mark. As the market assesses the possibility of a BoE rate cut, focus shifts to todays UK flash PMI metrics, with consensus forecasting a rise across the board.
Chinese Lunar Year Celebrations and Australia Day Trading Schedule
Please note that with the upcoming Chinese Lunar Year Celebrations, IC Markets' Trading Schedule will see temporary changes.
