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EUR
Fundamental Analysis
(27th Mar): Although no major Eurozone economic reports were released on Tuesday and German yields ticked higher, EUR still dipped against most of its G10 peers. The Eurozone’s economic troubles are well known and with negative German 10-year yields, the EURUSD was hit the hardest by the recovery in the greenback. For today’s trading, we could see a slight bounce from the new low. This echoes our technical analysis where our Euro index is likely to rally further before it reaches the 6.9787 resistance level.
(26th Mar): Reuters reported German business morale improved unexpectedly for the first time in six months in March, a survey showed on Monday, suggesting that company executives expect Europe’s largest economy to pick up in the coming months. Meanwhile, the Munich-based Ifo economic institute said Ifo business climate index rose to 99.6 from an upwardly revised 98.7 in the previous month. This beat a consensus forecast for a reading of 98.5. We could see some support for EUR today as the “risk-on” sentiment can also help ease off investors’ concerns on the common currency. This is in line with our technical analysis where our Euro index is likely to steady or rise further after touching the 3.9391 support level.
(25th Mar): Friday’s PMI numbers illustrate how the Eurozone economy has significantly softened in recent months, with Germany and France’s manufacturing industries continuing to deteriorate. The reading confirm that the slowdown in the regions continues, slashing the hope that the economy is picking up after February’s rebound.
After the disappointing Germany PMI, investors will look into Ifo business climate today to double confirm the slowdown, which is not likely to support EUR as the export-dependent economy is hard to escape from the global economic slowdown. This bearish bias is in line with our technical analysis where our Euro dollar index is likely to drop further to 6.8708 support level for this week’s trading.
Technical Analysis
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USD
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Fundamental Analysis
(27th Mar): USD edged higher on Tuesday despite larger than expected declines in housing starts, building permits, and consumer confidence. Tonight is to see the release of trade balance number. The previous trade deficit in 2018 reached a record, with a 12.4% increase as a consequence of trade restraints in China and depreciating… [/blur][/vc_column_text][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column][vc_empty_space height=”35px”][vc_row_inner row_type=”row” type=”full_width” use_row_as_full_screen_section_slide=”no” text_align=”left” css_animation=””][vc_column_inner width=”1/5″][/vc_column_inner][vc_column_inner width=”3/5″][vc_separator type=”normal” color=”#b70909″ border_style=””][/vc_column_inner][vc_column_inner width=”1/5″][/vc_column_inner][/vc_row_inner][vc_empty_space height=”35px”][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column width=”1/5″][/vc_column][vc_column width=”3/5″][kswr_heading head_align=”center” head_subtitle_color=”#333333″ head_title=”ACCESS RESTRICTED” head_title_fsize=”font-size:23px;line-height:2;” head_title_fstyle=”font-family:Inherit;font-weight:700;” head_subtitle_fsize=”font-size:17px;line-height:1.5;” head_subtitle_fstyle=”font-family:Inherit;font-weight:inherit;” head_title_margins=”margin-top:0px;margin-bottom:0px;” head_subtitle_margins=”margin-top:0px;margin-bottom:0px;”]Our comprehensive daily reports covers both technical and fundamental analysis, and are customised to your requirements.
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