Economic News Releases
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Euro weaker against most major currencies during today’s session, dipping to its lowest level since 28th January against the Swiss Franc.
Aussie Dollar weaker across the board, weakening to the lowest level since the 4th January against US Dollar. Trading at around 0.70 towards the end of the European session.
Canadian Dollar strengthening against all major currencies today after some economic data beat expectations. Canada’s Housing Starts came in at 208k against the forecast of 205k. Employment data showed 66.8k new jobs were created in January versus a forecast of 8k, strengthening the Loonie.
EURCHF – Daily
AUDUSD – Daily
CADJPY – Daily
FX Majors Summary
Oil trading higher today after losses yesterday.
US Crude up by 0.23%, trading at $53 per barrel. Brent trading at around $61 level, up by 0.28% towards the end of the European session.
Positive day for metal commodities with both Gold and Silver trading higher.
Gold up by 0.29% at $1,313 level. Silver at $15.74, up by 0.21% on the day.
USOUSD – Daily
All of the major Indices trading lower today due to the news that Donald Trump will refuse to meet Chinese President Xi Jinping later this month, casting doubts over progress in the United States-China trade negotiations.
In Europe, FTSE100 and DAX30 down by 1.42% and 0.39%.
Over in the United States, Dow Jones Industrial Average and S&P 500 trading lower by 0.85% and 0.84% respectively.
Global Indices Summary
Positive day for all major digital currencies today.
Litecoin making the most gains, up by around 17% in the last 24 hours.
It comes after news that Litecoin Foundation and Beam Privacy announced a partnership that will see both companies implement the Mimblewimble protocol, which is designed to improve privacy and scalability.
”We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality”, Beam wrote on Medium, an online publishing platform.
Yesterday was a pretty big day for GBP Crosses given the BoE speech and subsequent Q&A and given the volatility in those crosses today we’re going to be taking a look at EURGBP.
Late January into Early Feb had seen the pair trading higher after a larger sell-off. This rally had been confirmed by the trendline shown in orange, with 3 or 4 touches before rallying higher.
Once EURGBP crossed the 0.8800 handle is when it ran into trouble, with the weekly R1 pivot level sitting at 0.8821 and failed to clear it, it drifted back to the supporting trendline and tried to break again as Sterling dipped during the BoE speech.
As Sterling recovered during the Q&A and rallied as Hedge funds covered their short positions, we saw EURGBP fail to clear highs and aggressively break lower through the trendline.
By Klavs Valters
This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.
Sources: Go Markets MetaTrader 5, Google, Datawrapper, Tradingview, CoinMarketCap, Medium