Markets in Details: 07 February 2019

7 February, 2019

News

  • The U.S. trade deficit narrowed to $49.3bn in November due to a big drop in imports. Both imports and exports declined, which suggests slower growth.
  • At a confidential meeting, the Department for International Trade told the UK businesses that there was no guarantee that they will be covered by most of EU’s existing trade deals after March 29.

The focus of attention

  • Markets are looking forward to the information on Theresa May’s meeting in Brussels, the EU’s latest economic forecast and the BOE’s interest rate decision.

Expected events. All times GMT.

  • 8:30 UK will release the Halifax House Prices index.
  • 10:00 EC will publish its latest Economic Forecasts.
  • 12:00 BOE will release its interest rate decision and the latest report on inflation.
  • 12:30 BOE governor will hold a press conference.
  • 13:30 U.S. will release the latest Initial Jobless Claims data.

Technical Analysis

  • The EUR/USD pair, which had been growing rapidly, had started a short-term consolidation near the1.1357 level where prices appear to be aligning. However, a decrease in the RSI to a level below 35% could signal a recurrence of a downward momentum.
  • The GBP/USD pair broke the support at 1.2930 on Thursday morning and began to weaken further. As soon as the RSI is showing momentum resistance at the 40% level, the pound is trying to test the 1.2834 support level, which emerged three weeks ago.


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