Polish equity market closed lower on Tuesday amid commodities slump and ahead of ECB meeting. The broad market benchmark, the WIG Index, declined by 0.66%. Sector-wise, materials (-4.58%) fared the worst, while telecommunication services sector (+1.56%…

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USD/CAD rallied to 4-day highs as oil prices plummeted during the American session in a risk-off environment, with US stocks down and Treasuries up.

USD/CAD climbed more than 100 pips over the last hours and broke above the 1.34 mark to score a high of 1.3410 as WTI rally faltered ahead of $40.00 a barrel and crumbled to $36.60. At time of writing, USD/CAD is trading at 1.3390, up 0.83% on the day.

Investors will be watching API crude inventories report due later on the session and is expected to show a 3 million barrels build last week.

USD/CAD technical levels

In terms of technical levels, USD/CAD could find next resistances at 1.3470/72 (Mar 3 & 4 highs), 1.3490 (10-day SMA) and 1.3653 (100-day SMA). On the other hand, supports are seen at 1.3287 (200-day SMA), 1.3245 (Nov 19 low) and 1.3200 (psychological level).

USD/CAD rallied to 4-day highs as oil prices plummeted during the American session in a risk-off environment, with US stocks down and Treasuries up.


(Market News Provided by FXstreet)

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EUR/USD gained momentum after Wall Street opening bell and climbed to 1.1058, hitting a fresh 1-week high. The pair lost strength below 1.1060 and pulled back as main stock indexes in the US moved off session lows.

It was trading at 1.1035/40 less than 30 pips above yesterday’s closing price; moving slowly away from daily highs but still headed toward the fifth daily gain in a row ahead of the European Central Bank meeting on Thursday.

EUR/USD levels to watch

“The euro has been sold from $1.1375 on February 11 to $1.0825 on March 2. Remembering the disappointment coupled with the sell the rumor buy the fact type of activity at the December ECB meeting, it appears that many have cut exposures, which reinforces the technical significance of the $1.08 area”, said analysts from Brown Brothers Harriman.

They note that EUR/USD has not traded above its 20-day moving average since February 22. “It comes in today near $1.1060. Above there, the next retracement objective is near $1.1100 and then $1.1160.”

EUR/USD gained momentum after Wall Street opening bell and climbed to 1.1058, hitting a fresh 1-week high. The pair lost strength below 1.1060 and pulled back as main stock indexes in the US moved off session lows.


(Market News Provided by FXstreet)

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Analysts at Brown Brothers Harriman explained that China has indicated it will shutter some of its excess capacity, and although officials have said it before, each time they do, many want to believe them. Key Quotes:”The general thrust of the National…

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Gold price rose on a weaker U.S. dollar and as global stocks declined on the Chinese trade data. The Chinese Customs Office released its trade data on Tuesday. China’s trade surplus dropped to $32.59 billion in February from $63.30 billion in January, …

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NZD/USD is all about the RBNZ and commodity prices. Oil has been a dominate factor, while Fonterrra marked down their forecasts yet again for dairy prices. Iron ore has been one hell of a ride to the upside, 16% in a day, on Monday, but has largely hel…

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According to analysts from Danske Bank, today’s report on trade from China, that showed a sharp decline in exports is not as weak as it seems, considering the effects of the Chinese New Year and still shows a moderately rising trend.

Key Quotes:

“Chinese exports grabbed the headlines today, showing a decline of 20.6% y/y in February (…) However, the big decline in the y/y rate is largely the result of the monthly jump of 17% m/m in February last year. The data is notoriously volatile and the distortion caused by the Chinese New Year makes matters worse.”

“We expect the March number to show a rebound in the y/y rate, as exports declined more than 33% m/m in March 2015. This means that if the level of exports is unchanged from February to March this year, the y/y rate will jump sharply to around +10%, which would be the highest number since February 2015.”

“The bottom line is that one should be cautious when looking at one month’s exports growth measured on a y/y basis. When looking at the trend, the picture is far better than meets the eye.”

According to analysts from Danske Bank, today’s report on trade from China, that showed a sharp decline in exports is not as weak as it seems, considering the effects of the Chinese New Year and still shows a moderately rising trend.

(Market News Provided by FXstreet)

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