Tuesday, February 7, 2023
Forex Broker News
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    VastWealth Review

    Stockscale Review

    Fibinex.io Review

    Homefx-Plus Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    VastWealth Review

    Stockscale Review

    Fibinex.io Review

    Homefx-Plus Review

    StockHome.io Review

    LegacyFX Review

    Crypto Dock Review

    City Index Review

    Forex.com Review

  • Broker Types
  • Forex & Fintech Jobs
  • News
No Result
View All Result
Forex Broker News
No Result
View All Result
Home News Forex Broker News fxpro

Dollar finds support as markets turn to correction

The UK House of Commons gives preliminary approval of the Brexit bill but refused to pass it within three days. This timetable was requested by the Prime Minister, to complete all legislative procedures by October 31. Now, the further passage of the law has stalled until the EU replies with its extension how long the new postponement will last.

Brexit has returned to its normal state: the exit date postponed again, and all scenarios are still possible, although the chances of an exit without a deal are now negligible.

The British government says that if the EU provides a deferral with until January 31, it will be preparing for a new general election. The possibility of a new election and a third extended postponement put pressure on the British pound and provoked a decline in the stock markets, including in the US Indices. GBPUSD declined to 1.2850 in the morning after touching 1.3000 overnight. S&P500 finished the Tuesday session with a 0.4% decline.

However, the stocks are also under pressure because of several weak reports among the largest companies, traditionally considered as health indicators. The shares of McDonald’s, UPS, Texas Instruments declined lost from 3% to 10% overnight on the background of weak earnings reports, which strengthened concerns about the health of the US economy.

McDonald’s is considered by investors as an indicator of consumer sentiments, while UPS and Texas Instruments to a greater extent reflect the business activity. Under these conditions, macroeconomics, and expectations of central bank actions come to the fore.

ADVERTISEMENT

Against this background, the dollar once again strengthens its position. The dollar index against a basket of 6 major currencies turned up this week after touching the 200-day average. EURUSD has been declining for the third day in a row, stumbling upon resistance around 1.1170 and never reaching its 200-day average.

As the FxPro Analyst Team said, the caution of traders before the ECB meeting and business activity data in the Euro-region may well put pressure on the single currency, causing a further correction of the euro against the dollar.

The British pound, as well as the euro, also looks vulnerable in the short term, correcting its previous rally. Corrective rollback to 73.4% of the initial GBPUSD rally suggests the possibility of declining the pair to 1.28. In the case of a deeper correction, the targets of the bears may be levels around 1.27, where the 200-day average is situated, which in recent days has turned from a resistance line to support.

The FxPro Analyst Team

Share197Tweet123ShareSend

Related Posts

fxpro

Ebay Wave Analysis – 18 December, 2019

November 4, 2022
fxpro

EURUSD Wave Analysis – 18 December, 2019

November 4, 2022
fxpro

Christmas and New Year Holiday Trading Schedule

November 4, 2022
fxpro

Bit-comment: Bitcoin bounced after the drop

November 4, 2022
fxpro

US Fed Official Says 50% of Bitcoin Transactions Associated With Illegal Activity

November 4, 2022
fxpro

NTGUSD Wave Analysis – 18 December, 2019

November 4, 2022

Select one of the Best Forex Brokers for your Trading  |  Read the Reviews

VastWealth Review

Stockscale Review

Fibinex.io Review

Homefx-Plus Review

StockHome.io Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. forexbroker.news is an affiliated partner with various Forex brokers and may be compensated for referred Forex traders.

Risk Disclosure: Forexbroker.news assumes no liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and forex signals. Operations in the international foreign exchange market contain high levels of risk. Forex trading may not be suitable for all investors. speculating only the money you can afford to lose. Forexbroker.news remind you that the data contained in this website is not necessarily real-time and may not be accurate. All stock prices, indexes, futures are indicative and not appropriate for trading. Thus, Forexbroker.news assumes no responsibility for any trading losses you might incur as a result of using this data.You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Disclaimer: It is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While ForexBroker.News has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by ForexBroker.News, nor shall it bias our reviews, analysis, and opinions.

  • Privacy Policy
  • Contact US
  • Terms of use,

Copyright © 2020 forexbroker.news

No Result
View All Result
  • Home
  • Forex Broker Reviews
  • Broker Types
  • Forex & Fintech Jobs
  • News

© 2020 https://forexbroker.news - Forex Broker news & magazine