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#161
TraderSmith

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Forex News - Dollar Backs Off 2018 Highs as Rally Pauses

The dollar pulled back from the year’s highs against a currency basket on Wednesday, as currency traders took a breather after its run higher in the wake of President Donald Trump’s decision to pull the U.S. out of the nuclear deal with Iran.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged down 0.15% to 92.80 by 07:30 AM ET (11:30 AM GMT), after rising as high as 93.20 earlier, the most since December 19.

On Tuesday, Trump pulled the U.S. out of the international nuclear deal with Iran, raising the risk of conflict in the Middle East and a knock-on effect on global oil supplies and the global economy.

Demand for the dollar continued to be underpinned after the yield on 10-year U.S. Treasury notes rose above the psychologically important 3% level to the highest level in two weeks as a rally in oil prices boosted inflation expectations.

A rise above the high of 3.035% reached on April 25 would take it to its highest since early 2014.

The dollar held gains against the yen, with USD/JPY last up 0.55% to 109.72.

The euro pulled away from four-month lows against the dollar, with EUR/USD inching up to 1.1874 after hitting an overnight low of 1.1823.

The single currency has come under pressure in recent sessions after a soft patch of economic data fueled speculation that the European Central Bank may not be able to end its asset-purchasing stimulus program in September, as some investors had expected.

The pound also gained ground, with GBP/USD rising 0.18% to 1.3571 after plumbing a four-month low of 1.3483 on Tuesday.

The pound has fallen sharply in recent weeks as investors slashed expectations for a rate hike by the Bank of England this week amid indications that the economy is weakening.

A report earlier on Wednesday showed that retail spending in the UK fell 3.1% year-on-year in April, adding to recent downbeat data.

Elsewhere, the Australian dollar recovered from eleven-month lows, with AUD/USD last at 0.7455, while the New Zealand dollar moved back from mid-December lows, with NZD/USD advancing 0.27% to 0.6987.

 

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#162
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Forex News Feed - Dollar On-Track to Snap 4-Week Winning Streak as EUR/USD Gains

The dollar fell closely its rivals approaching Friday as traders appeared to have the same opinion on profit in gloss to its recent rally, though gains in the euro limited upside press minister to on.

The U.S. dollar index, which trial the greenback's strength to the side of a trade-weighted basket of six major currencies, fell by 0.26% to 92.33.

Upbeat economic data did little to maintain sentiment in the dollar, which remained in this area the order of track to p.s. its first weekly slump in four weeks despite hitting a year-to-date high of 93.26 upon Wednesday.

Michigans preliminary consumer expectations rose to a reading of 89.5 for May, though consumer sentiment is rose to a reading of 98.8, beating economists predict.

Some analysts warned earlier this week the run-occurring in the dollar would come sedated pressure as there was limited room for the subsidiary update.

ING said it remained convinced that by the decrease of the year - and into 2019 structural forces will drive the dollar to levels weaker than where it currently trades.

The divergence in the middle of US grow and captivation rates compared to the land of the world one of the reasons for recent dollar rally was nearing its peak, the bank warned.

GBP/USD rose 0.18% to $1.3544 as it continued to pare some of its losses, which had followed the Bank of England's dovish explanation upon Thursday.

EUR/USD rose 0.30% to $1.1952, though USD/JPY 0.12% to Y109.26.

USD/CAD fell 0.10% as weaker Canadian labor freshen and falling oil prices supported the pair.


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#163
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Forex Market Analysis - GBP/USD Fundamental Analysis week of May 14, 2018

The pair has been trading knocked out pressure as the BOE has unsuccessful to retain the pound
The GBPUSD pair had a tight week of consolidation and ranging more than the last week as the strength of the dollar faded away towards the halt of the week but the pound bulls could not pick taking place the baton and control subsequent to it. As an outcome of that, the pair continues to trade stuffy the lows of its range and it continues to remain in worry of falling off the cliff.

GBPUSD Continues Under Pressure

The week began strongly for the dollar even though the news just about the US pulling out of the nuclear negotiation in Iran seemed to have had little impact concerning the dollar in the rapid and medium term. But towards the center of the week, the dollar began to weaken across the board due to the fact that the incoming data from the US unsuccessful to meet expectations. The inflation data came in weaker than what was customary and this placed a lot of pressure in this area the dollar as the NFP data had along with missed expectations during the previous week. This should have normally led to a encourage rally in the pair but that did not happen. This was due to the fact that in checking account to at the same period, we along with motto the pound liven up thing hit approaching by the BOE as the central unsuccessful to hike rates and them furthermore futile to hermetically sealed any timeline for the same. A pension of the push stated the BOE to hike rates as they would not the hardship to be left out in the race for hikes from the additional details to central banks but that did not happen and they, in fact, raised business on the summit of the UK economy as nimbly. Due to this, the pound moreover became weaker and the pound bulls could not mistreatment the lawlessness in the dollar.

In the coming week, we will be seeing the retail sales data from the US and the dollar bulls would be hoping for a comeback once the retain of some hermetically sealed data. There would with be the average earnings index and inflation reports hearings from the UK but these are likely to have a lesser impact. The bulls in the pair would dream to preserve the region when mentioning to 1.35 and ensure that there is a rebound but for that excuse far away and wide, there have not been any such signs as yet.

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