Fundamental analysis for March 16, 2016

16 March, 2016

Fundamental analysis for March 16, 2016

The dollar strengthened against the European currencies, still it was unable to continue the recovery against the yen. The yen had strengthened its position with a hope that the BoJ would remain inactive in its further steps.

The US published a block of statistics: NY Empire State Manufacturing Index (0,62 against the forecasted -10,00), Retail Sales (-0,1% against the forecasted -0,2%), Producer Price Index (at the forecasted -0,2%), Business Inventories (0,1% against the forecasted -0,1%), House Price Index (58 against the forecasted 59). The Retail Sales report was the focus of our attention. The index will help traders to form expectations about the Fed's decision on Wednesday.

The yesterday’s growth of the euro put many traders into a dead end. We do not know whether there was a strong demand for the euro, or an attempt to drive the market at high levels to sell it further at attractive prices. We believe that we will receive an answer today when the FOMC meeting will determine the trend of the pair. By the end of the trades the pair EUR/USD slightly strengthened.

The British currency showed a mixed background. On the one hand, the UK government bonds yield increased in relation to their counterparts (USA and Germany) which increased the attractiveness of the British assets. On the other hand, traders fixated profit and closed "black gold" long positions after the four-week growth which played into the sellers’ hands. The trades on the pair GBP/USD closed with a decrease.

The US dollar fell against the Japanese yen after the Bank of Japan's decision to keep the interest rates without changes. The regulator lowered the assessment of the economic situation in the country. The BoJ kept the interest rates on deposits of some commercial banks to -0.1%. The regulator left the amount of asset purchases unchanged at 80 trillion yen a year. The pair USD/JPY fell


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Brent maintained its ask tone

Sellers continued driving the benchmark lower after a brief pause at 50.80 dollars per barrel...

Gold prices remained in green

The bullish market structure remained in place on Thursday...

Gold prices traded in green

The gold recovery stalled around 1235 dollars per ounce on Monday. Buyers did not find any reason to move the price further. The precious metal was slowly declining...


Brent found a solid support after two day decline

Oil prices slightly rose on Friday morning due to the dollar's retreatment. However, Brent further growth was limited on the news that Russian oil production for February did change comparing to January...

Gold prices slightly fell

Gold prices retreated from fresh highs and spent the day in a consolidation. Sellers drove the spot to 1250 where the precious metal stayed in a tight range during the European session...

Oil prices recovered back

Oil prices rebounded from the oversold zone in the Asian session. Sellers failed to regain 55.50 and gave the way to buyers. Buyers took a chance and had reversed all Friday' losses by the Monday's noon...


Gold reached three-month highs

Spot gold remained on strong bullish footing on Friday. After an Asian flat the price got an upward impetus in the European morning...

The euro is under pressure amid growing concerns

The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows...

EURUSD is having difficulties to go any higher

The dollar fell on Friday amid a light market due to US President's Day. Investors are monitoring the US political situation and waiting for a decision on financial aid to Greece...

  


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