Research Team at Investec, suggests that yesterday morning we had the second reading of UK 2015 Q4 GDP, managing to survive the revisions the reading remained unrevised at 0.5%.

Key Quotes

“Year-on-year growth was also unrevised, at 1.9%. The Pound has steadily recovered over the last 24 hours against the US Dollar, although remains near its lows against the Euro, ruling out the GDP reading as a catalyst.

The GBP/USD recovery could be attributed either to month end flows, or position square, or potential “risk on” moves ahead of today’s G20 meeting in Shanghai.”

Research Team at Investec, suggests that yesterday morning we had the second reading of UK 2015 Q4 GDP, managing to survive the revisions the reading remained unrevised at 0.5%.

(Market News Provided by FXstreet)

Read More

The yuan closed the final trading day in the red against the US currency, registering the first weekly loss in more than a month on the back of the recent series of yuan devaluation by the Chinese central bank this week, the first time since a run of reductions sparked a global stocks rout in early January. The PBOC lowered its reference rate by 0.23 percent over the course of this week.

As Bloomberg reports, “the currency fell 0.26 percent since Feb. 19 to 6.5371 a dollar in Shanghai, after a 0.85 percent advance last week that marked its biggest gain since March 2015, according to China Foreign Exchange Trade System prices. It declined 0.04 percent on Friday, while the offshore rate traded in Hong Kong lost 0.05 percent to 6.5387.”

The yuan closed the final trading day in the red against the US currency, registering the first weekly loss in more than a month on the back of the recent series of yuan devaluation by the Chinese central bank this week, the first time since a run of reductions sparked a global stocks rout in early January. The PBOC lowered its reference rate by 0.23 percent over the course of this week

(Market News Provided by FXstreet)

Read More

The Canadian dollar keeps alive its march north vs. its American counterpart, with USD/CAD currently testing the 1.3500 neighbourhood.

USD/CAD lower on oil, eyes US data

Crude oil prices remain the exclusive driver behind the upside momentum around CAD, with the barrel of Brent crude and West Texas Intermediate now testing daily highs around $36.00 and $34.00, respectively.

While spot navigates 2-month lows, today’s US docket will include another revision of Q4 GDP, Personal Income/Spending and the Reuters/Michigan index as the main releases.

USD/CAD significant levels

As of writing the pair is down 0.12% at 1.3524 facing the next support at 1.3268 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015). On the upside, a surpass of 1.3647 (100-day sma) would aim for 1.3804 (20-day sma) and then 1.4103 (high Feb.3).

The Canadian dollar keeps alive its march north vs. its American counterpart, with USD/CAD currently testing the 1.3500 neighbourhood…

(Market News Provided by FXstreet)

Read More

Bert Colijn, Research Analyst at ING, notes that the economic sentiment in the Eurozone declined from 105 to 103.8 in February.

Key Quotes

“This was worse than analysts expected (104.3) and reflects the somber mood about the Eurozone economy in the beginning of the year, although the indicator is still above its long-term average. The weak external environment is clearly impacting the business sector, as both manufacturing and services indicated weakening sentiment. Consumers even experienced the largest one-month drop in confidence since 2012. Both businesses and consumers are clearly spooked by concerns about the strength of the global economy and financial markets, geopolitical risks and a looming Brexit.

For manufacturing, the global weakness is impacting current business, as orders, production and exports went down. The service sector indicated in this survey that recent demand was actually better than in January, but that expectations about future demand went down.

As selling price expectations went down in the construction and manufacturing sector in February, while staying flat in services worries about low inflation are intensifying again. As inflation expectations in the market are decreasing significantly and current price developments seem to be deteriorating, all systems are go for the ECB to act next month.

Without any hard data for the first quarter, it is difficult to say how the downbeat survey results translate to output growth. Will consumers and businesses act on their negative sentiment or in other words: are they walking the walk or just talking the talk?

Last summer, consumer confidence declined on the latest leg of the Greek crisis and the Chinese stock market crash, but consumption growth accelerated in the third quarter. With unemployment coming down, oil prices low and a weak euro, quite a few conditions for growth are benign, but large downside risks remain apparent. In a sense, the Eurozone currently resembles a 50-year old overweight smoker: there are a lot of downside risks, but the base case for the short-term remains fairly decent.”

Bert Colijn, Research Analyst at ING, notes that the economic sentiment in the Eurozone declined from 105 to 103.8 in February.

(Market News Provided by FXstreet)

Read More

Dear Clients,

According to your numerous requests we have returned the promo “Change Your Broker 50%” for your friends!

Due to the promo the amount for trading is increased up to 50% — what can be more useful for a successful start?

Get the bonus up to 5 000 USD: this amount can become a reliable support and leave some reserve funds for making brave decisions.

In conjunction with the FreshForex trading conditions, this bonus is a real gift for traders!

Good luck in trading!
FreshForex — fresh view on money!

Read More