FXTM information and reviews
OctaFX information and reviews
XM information and reviews
FXCC information and reviews
FxPro information and reviews
HFM information and reviews

RBA Holds Rates Steady

5 March 2019

The US dollar posted strong gains amid a risk on sentiment which saw the safe-haven assets losing ground. Meanwhile, commodities such as gold and silver extended strong declines on the day.

Economic data was relatively quiet on Monday. Eurozone Sentix investor confidence improved, with the index rising to -2.2, beating estimates of -3.1. In the UK, construction PMI fell to 49.5, marking a contraction in the sector.

The NY trading session saw the release of construction spending which posted a decline of 0.6%. This was worse than the forecast of 0.2% and dropped from 0.8% in the month before.

The Reserve Bank of Australia held its monetary policy meeting earlier today. As widely expected, the central bank left interest rates unchanged at 1.50%. The decision to leave rates unchanged comes ahead of key economic reports due later during the week.

The European trading session will kick off today with IHS Markit releasing the monthly services PMI reports. Expectations are for the eurozone services PMI to remain steady at 52.3, but we can expect the Italian and French services sectors to post a contraction.

As for the UK’s services PMI, expectations are for a decline to the 50.0 level on the index. This marks a modest drop in activity from 50.1 in January. Forecasts indicate that retail sales for the eurozone may show an increase of 1.3% after they fell 1.6% in the month before.

The NY trading session will see the release of ISM’s services PMI report. The non-manufacturing activity is expected to rise to 57.4 in February, up from 56.7 in January. Later in the day, the BoE governor, Mark Carney is scheduled to speak.

EURUSD Intraday Analysis

EURUSD (1.1328): The EURUSD currency closed on a bearish note yesterday following the previous two days of consolidation. Price is back near the support level of the 1.1327 region. With the support being tested once again, there is scope for further downside. A break down below 1.1327 – 1.1309 could signal further losses that could send the euro currency lower to the 1.1256 level of support. In the longer term, the EURUSD remains range bound.

USDJPY Intraday Analysis

USDJPY (111.89): The USDJPY traded somewhat muted on Monday. Price action closed bearish, but the overall momentum remains to the upside. The bullish momentum remains in place with the USDJPY likely to target the resistance level at 112.50. A retest of this level to establish resistance will mark the completion to the upside. Alternately, with the recently breached resistance level at 111.21 exposed, the downside could bring the USDJPY to test this level of support.

XAUUSD Intraday Analysis

XAUUSD (1288.35): Gold prices extended declines for the fifth consecutive daily session. Price action closed near intraday lows of 1282.74 before slightly pulling back higher. We expect the bearish momentum to continue pushing gold prices lower toward the 1280 handle where support is most likely to be established. Following the test of support near the 1280 level, there is scope for gold to rebound in the short term. The breached support at 1305.72 remains a key level where resistance could be tested. However, if gold prices exceed the current level, further gains could push prices toward the 1321.60 level which would mark the breakout from the rising median line.

Share: Tweet this or Share on Facebook


USD & Yields higher, Yen, Stocks & Gold sink
USD & Yields higher, Yen, Stocks & Gold sink

A blockbuster NFP on Friday (571k new jobs vs 185k) & strong Services PMI (55.2 vs 50.5) has lifted the Dollar and Yields, sinking Stocks and Gold (the 3 mth Gold rally is over)...

7 Feb 2023

Gold traders appear hesitant
Gold traders appear hesitant

Gold finally broke out of the consolidation after being range bound for nearly 11 days. The correction to the downside was expected as gold traded in the overbought territory...

3 Feb 2023

Do safe haven currencies still exist?
Do safe haven currencies still exist?

At the end of last year, Swiss National Bank (SNB) President Thomas Jordan told news media that both the Swiss franc and the US dollar could be considered safe havens...

3 Feb 2023

USD Index appears bid and approaches 102.00 ahead of Payrolls
USD Index appears bid and approaches 102.00 ahead of Payrolls

The index looks to extend the post-ECB rebound. January Nonfarm Payrolls will take centre stage later. Other key data includes the ISM Non-Manufacturing...

3 Feb 2023

USD Index appears depressed post-Fed, breaches 101.00
USD Index appears depressed post-Fed, breaches 101.00

The index drops to 10-month lows near 100.80. The dollar remains on the defensive post-FOMC event. Initial Claims, Factory Orders next of note in the docket...

2 Feb 2023

Can The GER40 Keep Its Strength?
Can The GER40 Keep Its Strength?

As attention turns to the approaching Fed and ECB announcements, the GER40 index maintains stability near its best level since September last year...

2 Feb 2023

Editors' Picks

FXCM information and reviews
ActivTrades information and reviews
RoboForex information and reviews
MultiBank Group information and reviews
MultiBank Group
Libertex information and reviews
Vantage information and reviews

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.