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EUR
Fundamental Analysis
(6th Mar): The latest Eurozone data seems to show that a bottom has been reached and the European Central Bank probably won’t panic about the outlook at its meeting this week. The final services readings surprised to the upside, with the Italian reading at 50.4, the French reading revised to 50.2 from 49.8, and German to 55.3 from 55.1, leaving the overall Eurozone Services PMI at 52.8 and the composite at 51.9, versus a preliminary reading of 51.4 versus a 51.0 reading in January. This could strengthen up market’s confidence on EUR and a possible bounce could occur as shown in our technical analysis below where EXY can bounce from the 112.5 monthly low support level.
(5th Mar): ECB policy makers are expected to leave rates unchanged Thursday amid a deteriorating outlook. The eurozone economy is cooling more than investors believe and ECB has only limited tools as its disposal to respond to economic weakness while European government are not prepared to respond with spending. Traders are not likely to take positions before the release of PMI numbers for major Eurozone countries today.
(4th Mar): EUR/USD posted slight gains last week. The key events in this week are the ECB rate decision and Services PMIs.German retail sales were unexpectedly strong, with a gain of 3.3%. Eurozone CPI Flash Estimate came in 1.5%, as inflation levels remain well below the ECB target of 2.0%. The manufacturing sector is struggling ,as eurozone and German manufacturing PMIs came in below the 50-level, pointing to contraction.
The EUR may see limited upside due to weak economy with Euro Index likely to drop to 112.7. With the global trade war weighing on the eurozone and Germany, economic indicators remain lukewarm. The ECB is likely to maintain current monetary policy, with no rate hikes on the horizon.
Technical Analysis
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USD
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Fundamental Analysis
(6th Mar): USD is capturing a broad-based bid thanks to the Aussie. The dollar gained as the February ISM gauge rose to 59.7 vs est. 57.4 from 56.7. New home sales also beat expectations, increasing by … [/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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