Forecast for the new week: September 30 – October 4, 2013 Next week will be filled with key macroeconomic info that can affect major currencies and change situation on the market. On Tuesday, October 1, PMI in the industrial sphere will be published by Institute for Supply Management. Same data from the non-industrial sphere will be published on Thursday, October 3. Last reports showed positive dynamics, so if positive stats is published, then dollar will get additional support. On Wednesday, October 2, ADP Inc. will publish its numbers about the amount of non-farm payrolls in the US, and on Friday, October 4, official data by the US Bureau of Labor Statistics will be published. Also, ECB will conduct its traditional meeting in the beginning of the month. Its results will be published on Thursday, October 3. Mario Draghi will have a traditional press conference on Thursday as well. There should be no surprises or change of the policy, however, Euro is reacting to the slightest news recently, so traders should be ready for the volatility on the market. According to the tech. analysis EURUSD is still in the ascending trend. At the moment 1.3570 is the main resistance level. If pair is able to breach it, then quotations can get to 1.37. As for the British pound, the most important info for it will be traditional PMIs from major sectors of the economy by the Markit Group. On Tuesday, Wednesday and Thursday reports from the industrial sector, construction and service sector will be published. 1.6265 will the main target for the ascending trend, if macroeconomic data appears to be positive. Reserve banks of Australia and Japan will also conduct its traditional meetings on Tuesday and Friday respectively. No serious announcements are expected from any of the regulatory bodies, so movements of Aussie and Yen will most likely depend on the macroeconomic stats from the other countries. Make profit in Forex with MAYZUS.COM - MAYZUS This information is an analytical review of Capital and FX markets. The material presented, and the information contained, is investment research and should in no way be considered as the provision of investment advice for the purposes of Investment Firms Law 144(I)/2007 of the Republic of Cyprus, or any other form of personal advice, which relates to certain types of transactions, with certain types of financial instruments. Market review of the previous week: September 23-27, 2013 After a significant drop after FED’s decision on the previous week, US dollar was under the pressure. Now it seems that currency starts a correction movement. Statistical info couldn’t change an overall picture, most likely because of the uncertainty of the published numbers. Decrease of the number of applications for unemployment benefits became an unexpected surprise – number appeared to be the lowest since 2007. Meanwhile market participants were disappointed with the number of orders for durables. Parliament elections in Germany were not surprising at all. There were no doubts that Angela Merkel’s party will win, so this news was already included in the price and was not able to affect EURUSD’s rate. As for the tech. analysis, we can note that pair was testing a resistance level at 1.3540, and then it started to lower down to 200 hr Moving Average near 1.3470, but was not able to breach it down. EURUSD is traded near 1.35450. As for the British pound, market participants were disappointed with data related to the current trade balance, which registered the record of deficit since 1955. It made investors think about an ability of the British economy for fast recovery that it was recently showing in the future. Pair was able to add 0.7% by the end of the week. It was interesting to observe Japanese Yen as well: it got under a strong pressure of major currencies based on the tax relief that is planned by the Shinzo Abe’s government in order to speed up economy’s growth. USDJPY tried to breach a resistance level at 99.15, but was not able to do so, and got back to 98.25. Make profit in Forex with MAYZUS.COM - MAYZUS This information is an analytical review of Capital and FX markets. The material presented, and the information contained, is investment research and should in no way be considered as the provision of investment advice for the purposes of Investment Firms Law 144(I)/2007 of the Republic of Cyprus, or any other form of personal advice, which relates to certain types of transactions, with certain types of financial instruments.
Posted on: Mon, 30 Sep 2013 07:47:50 +0000
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