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The Analytical Overview of the Main Currency Pairs on 2021.02.05
In the light of positive expectations regarding the labor market, the dollar index continued to rise and reached 91.50 on Thursday. The week ends with the biggest gains for the USDX since late October last year. Traders are looking at how the index behaves near 91.80, where the daily moving average SMA100 is. So far, there are no signs of a pullback. The fundamentals in the US are coming out pretty positive. All the available positive data was completed by reports from the industrial sector, claiming a 1.1% increase against the forecast of 0.7%.
The Analytical Overview of the Main Currency Pairs on 2021.02.03
On Tuesday, the dollar index closed slightly higher. It is continuing to rise amid declining European currencies. The biggest bearish pressure is observed in the euro after the release of the GDP data. According to preliminary estimates, the contraction of the European economy was 0.7% in the fourth quarter and 5.1% in annual terms. The industrial output saw a 6.8% decline in 2020. Amid expectations of further economic contraction, the euro broke through the key support level. The dollar index consolidated above the key resistance.
The Analytical Overview of the Main Currency Pairs on 2021.02.02
The dollar index rose on Monday, breaking through the SMA50 daily moving average and consolidating above it. This is the first signal of the beginning of a correction since October last year. Macroeconomic data came out good for the US and moderately negative for the Eurozone. The ISM index for the US manufacturing sector shows growth and it is higher than the indicators of the Eurozone. At the same time, the employment index in the sector is accelerating. Retail trade volume in Europe fell sharply by 9.6% in December, while the annual pace slowed to 1.5%, which served as a bearish driver for the euro.
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The Analytical Overview of the Main Currency Pairs on 2021.01.29
On Thursday, the dollar index slightly weakened its positions but continued its upward trend during the Asian session. The driver of the short-term southern movement was the release of the US GDP data for the third quarter. According to a preliminary estimate provided by the Department of Commerce on Thursday, gross domestic product increased by 4% in the fourth quarter. The median forecast of economists was 4.2%. Retail trade in the GDP slowed down by 3%. Inflation fell to 1.9%. However, the latest report can hardly be called disappointing. The reason for a slowdown is a strong rebound in the third quarter, but the figures are still above the 10-year average.
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📈Here is the list of major and minor currency pairs you should know about.
🟥 Major 🟥
US Dollar
Euro
Japanese Yen
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Australian Dollar
New Zealand Dollar
🟦 Minor/Exotic 🟦
Hong Kong Dollar
Singapore Dollar
Swedish Krona
Turkish Lira
The Analytical Overview of the Main Currency Pairs on 2021.01.22
On Thursday, the dollar index continued to fall behind, as traders positively reacted to the statements of the President of the European Central Bank Christine Lagarde. Germany’s Bond Yield jumped to -0.486% in response to a possible decline in future purchases intraday. As a result, the yield spread between German and American securities increased, and the euro closed the day above the highs of the previous day. Today the market will focus on the preliminary PMI data for the manufacturing sector of the Eurozone and the service sector in the UK.
The Analytical Overview of the Main Currency Pairs on 2021.01.21
On Wednesday, the dollar index closed in the red and continued to fall amid the rising stock market and expectations of additional cash infusion into the US economy in the Asian session on Thursday. The leaders of growth against the dollar among the G10 currencies were the British pound and the Canadian dollar. The Canadian currency was positively influenced by the results of the meeting of the Bank of Canada, which left the monetary policy unchanged. In Britain, a plan on rescuing the economy during the pandemic together with the preservation of workplaces for the coming months is being discussed.
The Analytical Overview of the Main Currency Pairs on 2021.01.20
On Tuesday, the dollar index slowed down, as investors positively evaluated the comments of Janet Yellen, calling for large-scale cash injections into the US economy. At the same time, the ZEW Institute reported an increase in economic sentiment, despite the negative situation with the coronavirus.
The Analytical Overview of the Main Currency Pairs on 2021.01.19
On the first day of the week, the market experienced a calm trading situation amid the absence of significant macroeconomic data. The dollar index made a slight pullback. Traders are preparing for the meetings of the ECB, Bank of Japan, and Canada this week, which may well suggest the beginning of speculative movements in the foreign exchange market. Since the beginning of the year can bring even more damage, investors are assessing the likelihood of increasing the volume of incentives.
The Analytical Overview of the Main Currency Pairs on 2021.01.18
On Friday, the dollar index continued its upward correction and closed the second week in the positive zone. The market ignored the negative data on retail sales in the US. The total retail volume in December decreased by 0.7% compared to the previous month. The November data was revised downward. The final figure was -1.4% in November. The control group of goods decreased by 1.9%. Since this index is often correlated with GDP, expectations for the US economic growth in the fourth quarter slightly decreased.
The Analytical Overview of the Main Currency Pairs on 2021.01.14
On Wednesday, the dollar index regained some of its lost positions and consolidated above the round mark of 90.00. As it turned out, not all FRS members are inclined to the same opinion about the need to keep interest rates at low levels for a long time. Fed Vice Chairman Richard Clarida, one of the committee's voting members, said he did not expect any changes until 2022. The dollar index returned to strengthening.
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The Analytical Overview of the Main Currency Pairs on 2021.02.04
The dollar index continues to rise amid positive macroeconomic statistics. The services index, released by The Institute for Supply Management on Wednesday, accelerated growth to 58.7 from 57.7 in December. The average median forecast in a survey of economists suggested a slowdown to 56.7. Employment reports from both the ADP and the ISM also showed growth. At the same time, the services sector has recorded the largest increase within the last 11 months, which gives positive expectations to the market before the publication of the NFP release on Friday.
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The Analytical Overview of the Main Currency Pairs on 2021.02.01
On Friday, the dollar index remained practically unchanged. In the absence of a news background, quotes remained at the same level and below the moving averages on the daily timeframe. Monday trading began with negative data on the manufacturing sector in China. The January PMI index fell to a 4-month low, signaling a new wave of economic slowdown. This factor can put pressure on the quotes of European currencies since China is one of the main trading partners of Europe.
The Analytical Overview of the Main Currency Pairs on 2021.01.28
On Wednesday, the dollar index started growing but didn’t manage to gain a foothold above the first resistance of 90.69. The outcome of the Fed meeting disappointed investors, as the committee had not claimed the need for additional stimulus for the US economy. In addition, the negative reports of some tech giants, such as Apple, put additional pressure on the stock market.
The Analytical Overview of the Main Currency Pairs on 2021.01.27
On Tuesday, the US dollar index stopped climbing and went into a decline within its range of 90.70 - 90.00, forming a bearish engulfing candle. On the daily chart, the greenback is held back by the moving average SMA 50, below which the index has been since November last year.
The Analytical Overview of the Main Currency Pairs on 2021.01.26
On Monday, the dollar index strengthened its positions, but the movement is taking place within the sideways range. Greenback continues to consolidate in the area of 90.70 – 90.00. Published reports by the IFO Institute showed that German companies' optimism about the economic recovery is starting to decline as tightening the quarantine at home and abroad hold back the activity. The sentiment index for current conditions declined in January, bringing the business climate index down to 90.1. Some expectations for the next six months have also declined.
The Analytical Overview of the Main Currency Pairs on 2021.01.25
On Friday, the dollar index has slightly increased, although this didn’t save it from closing the week in the red. The main events of the day were the PMI data from IHS Markit, which came out disappointing for the British economy and positive for the US. In the UK, the service sector – the most important for Foggy Albion – fell sharply to 38.8. In the US, on the contrary, growth accelerated in both manufacturing and services. The final results for all countries point to the US as the leader in economic recovery during the ongoing pandemic.
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The Analytical Overview of the Main Currency Pairs on 2021.01.15
On Thursday, the dollar index stabilized slightly above 90.00, retreating from the conquered highs. The day ended in negative closing after Fed Chairman Jerome Powell announced that rumors about the possibility of the monetary regulator's withdrawal from the stimulus program were premature. Interest rates will remain low until the committee sees "warning signs of rising inflation," he said.
The Analytical Overview of the Main Currency Pairs on 2021.01.13
On Tuesday, the dollar index showed a pullback from the highs reached on Monday. The decline’s drivers were the FRS members’ statements, indicating that soft monetary policy will remain in any economic development. As a result, Treasury yields fell, and the dollar index returned below 90.00.
The Analytical Overview of the Main Currency Pairs on 2021.01.12
On Monday, the dollar index continued to strengthen in the framework of a deep market correction and reached the first resistance at 90.69, after which a pullback occurred. But so far, there are no visible signs of stopping the correction. No important news background is expected, and the market will be focused mainly on bond yields. Here American Treasuries are demonstrating growth and much faster than their European counterparts. This factor continues to support the greenback.
