Sunday, March 26, 2023
Forex Broker News
  • Home
  • Forex Broker Reviews
    • All
    • Preferred Brokers
    • Regulated Brokers
    • Unregulated Brokers

    Revisión de VastWealth -español

    XTB Review

    Sollari Review

    VastWealth Review

    Stockscale Review

    Fibinex.io Review

    Homefx-Plus Review

    StockHome.io Review

    LegacyFX Review

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

    Revisión de VastWealth -español

    XTB Review

    Sollari Review

    VastWealth Review

    Stockscale Review

    Fibinex.io Review

    Homefx-Plus Review

    StockHome.io Review

    LegacyFX 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 fxcc blog

Gold and yen rise as investors seek safe havens refuge, European equity indices slump in early trade, as U.S. futures indices indicate a negative open for the USA equity markets.

In the overnight Sydney-Asian sessions, on Thursday night/Friday morning, a raft of data concerning Japan’s economy was published. The majority of the readings came in as forecast by Reuters, with industrial production improving. However, Japan’s retail performance fell, both month on month and year on year, whilst construction output slumped by -19.9%, with housing starts falling by -5.7%. Japan’s main index the NIKKEI 225 closed down -1.63%, reducing the year to date gains in 2019, to 2.93%.

Yen rose sharply versus its peers, as its safe haven appeal for
currency investors re-emerged, in concert with renewed global trade fears; at
8:40am U.K. time USD/JPY traded down -0.70%, in a wide range, at 108.8,
crashing through the second level of support, S2. The major pair is down -1.67%
monthly, indicating the overall bearish sentiment which has enveloped markets
in general, during the month of May. Yen recorded similar gains against the
majority of its peers; rising 0.60% against GBP and 0.40% versus EUR.

Global trade fears have been exacerbated overnight, after President
Trump extended his swingeing tariff programme to Mexico, as an apparent
punishment for increased migrant immigration into the USA. The decision
immediately places the revised North American free trade agreement, into
jeopardy. The immediate chaos was illustrated by Mexico’s peso falling in value
by -2.99% versus the U.S. dollar.

China’s latest manufacturing PMI came in at 49.4 for May, falling
below the critical fifty line, separating contraction from expansion. Analysts
will have concerns that such a reading, reveals the impact the import tariffs
are having, on China’s manufacturing base and export performance.

The risk off market sentiment displayed over recent sessions, is
also evidenced by XAU//USD (gold) rising sharply during New York’s session on
Thursday, continuing into the Sydney-Asian session and the London-European
session. At 8:50am U.K. time, the precious metal finally reclaimed the $1,300
per ounce handle level, as price breached the R1 level, rising by 0.45%. The
Swiss franc also experienced safe haven appeal during the morning sessions;
USD/CHF traded down -0.47% at 1.004, EUR/CHF traded down -0.12%. The U.S.
dollar slipped in value against many of its major peers, as overall global
economic stability is under question; the dollar index, DXY, traded down
-0.20%, slipping back below the 98.00 handle to 97.96.

European equities slumped upon open, as the global trade fears
extended to all markets; at 9:10am U.K. time the DAX traded down -1.48% and the
CAC down -1.09%. The U.K. FTSE traded down -1.08%. The euro experienced mixed
trading fortunes; at 9:15am EUR/USD traded up 0.15%, whilst falling versus JPY
and CHF. The retail sales figures for Germany published on Friday, painted a
confused picture; sales rose 4% year on year up to April, but fell sharply in
the month, down -2.0%.

Analysts and FX traders will begin to focus on Germany’s CPI,
forecast to fall to 1.6% year on year, when the data is published by Destatis
at 13:00pm U.K. time. Italy’s economy has slipped back into technical recession
territory, as annual GDP growth came in at -0.1%, with Q1 growth printing at
0.1%.

ADVERTISEMENT

According to the U.K. Nationwide bank, house prices in the U.K. fell
by -0.2% in May, clipping the year on year rise to 0.6%. However, U.K.
consumers’ appetite for debt, appears to be showing increased demand. Mortgage
approvals rose in April, as did net consumer credit, whilst money supply also
increased, according to the latest data published on Friday morning. Sterling
experienced mixed trading outcomes during the early sessions, as the current
government chaos rolls on, whilst the Brexit spectre still stalks overall
investor sentiment, with regards to projections of U.K. economic performance,
once the country exits the E.U.

At 9:40am U.K. time GBP/USD traded in a tight range, between the
daily pivot point and the first level of resistance; at 1.262, up 0.12% in the
early sessions, the rise owed more to dollar weakness across the board, as
opposed to sterling strength. EUR/GBP traded up 0.14%, as the daily, bullish
price action, threatened to breach R1.

FX analysts and traders concentration will begin to focus on North
American data this afternoon, as the latest GDP growth figures for Canada will
be published, at 13:30pm U.K. time. The Reuters forecasts indicate a rise to
1.2% year on year, with a 0.7% rise in Q1 2019, with the month of March
predicted to show an optimistic 0.3% rise. Such figures if met, could have an
impact on the value of CAD, dependent on how the data is received, in light of
recent dovish statements from Canada’s central bank Governor Stephen Poloz,
after the overnight interest rate was kept at 1.75%.

From the USA the latest personal expenditure and income figures for
USA citizens will be published at 13:30pm; income is forecast to show a rise of
0.3% in April, with spending falling from 0.9% to 0.2%, a possible illustration
that USA consumers are reining in their spending habits. The core PCE reading
is expected to remain unchanged at 1.6%. Later in the afternoon, a slight fall
in the University of Michigan sentiment reading is predicted; falling to 101.0
in May, from 102.4. USA equity market futures were indicating a negative open
for the New York session; at 10:00am the NASDAQ future price traded down
-1.24%, with the SPX down -0.92%.

Share197Tweet123ShareSend

Related Posts

fxcc blog

Defend yourself at all times when trading FX

June 19, 2022
fxcc blog

How fear in its various forms can impact on your trading

June 18, 2022
fxcc blog

Accepting what you can control when trading FX is critical to your progress

June 18, 2022
fxcc blog

How to employ a multi time-frame strategy when trading FX

June 18, 2022
fxcc blog

Some essentials to place in your trading-plan

June 12, 2022
fxcc blog

Focus turns to the latest Q2 GDP growth figures for the USA for clues as to the direction the FOMC monetary policy will take.

June 11, 2022

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

Revisión de VastWealth -español

XTB Review

Sollari Review

VastWealth Review

Stockscale 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