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FxProUpdates

FxPro Trading Conditions during the 2016 Italian Constitutional Referendum

In the days preceding the 2016 Italian Constitutional Referendum, which will take place on Sunday, December 4, 2016, as well as in the days following the event, market volatility is expected to increase significantly as a result of the impact that the vote may have on the country’s future in the Eurozone. We would like to inform our traders that the margin requirements of the below instruments on all FxPro platforms will change as follows: Spot Indices (European) Margin Required* Germany30 ...

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Crunch time for oil

Today is all about oil prices, which were particularly nervous yesterday ahead of the today’s formal meeting of OPEC members in Vienna. The desire to cut production appears to be there, but it’s all about how it is delivered, with some members more flexible than others. The oil price will remain volatile on this last day of the month. Talk is that they want to freeze production around 32.5m to 33m barrels per day. If we see something towards the lower end or below that range, then oil prices ...

Devata Tseng

GBPUSD Surged, EURGBP Holds Above Major Support

GBP/USD has turned bullish, and been trading above the downside uptrend line support since 25th October, due to the strengthening of the Sterling. This morning we saw the release of the UK Consumer Credit and Mortgage Approvals figures for October, were 1.618 billion and 67.518 K, both better than expectations of 1.5 billion and 65 K. The figures helped GBP/USD surge with a long bullish candle, from the support line at 1.2420, testing the resistance level at 1.2470, yet the selling pressure ...

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Cruising into month end

Since the US election result, many currencies have been one-way traffic, either up or down, rarely sideways. There are signs that we are taking a breather on some of those trends. This is most notable on the yen, where USDJPY has corrected below the 113.00 level, although we’re seeing a steadier tone in the Asia session so far. Given the extent of the move seen over the past 3 weeks, then the fact that we are reversing into month end should not be that surprising, but also offers a level of ...

Devata Tseng

Dollar Correction, Time For USDJPY and EURUSD to Consolidate?

USD/JPY has seen a substantial gain of 7.68% since the US presidential election, due to the firming of the dollar. The price has been moving along the downside uptrends line support from 9th to 25th November, indicating strong bullish momentum. Yet on the 4 hourly chart, the price broke the trend line support on 28th November with a long bearish candle, as a result of the retracement of the dollar. Also the price is nearing the mid-term major resistance at 114.00, the selling pressure above the ...

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Europe’s turn to shine

So this week it’s Europe’s turn. For the single currency, Sunday’s Italian referendum on constitutional reform is not on the same scale as June’s Brexit vote and this month’s US election. In essence, it’s asking whether Italians want to reform the working of both the main and regional assemblies. But in reality it encompasses much wider issues, including the political future of the Italian Prime Minister Renzi. The ‘no’ side has been ahead for most of the past two months in the polls, but as ...

Devata Tseng

Can EURJPY and GBPJPY Break Major Resistances ?

EUR/JPY has turned bullish since the US presidential election date, trading above the uptrend line support, as a result of the weakening of the yen. From 9th to 24th November, the bullish momentum has pushed the price up 3.72%. This morning the price hit a 5-month high of 120.15. Last night we have seen the release of the Japanese National CPI and Core CPI YoY (ex-food and energy) figures for October, were 0.1% and 0.2% respectively, both better than the previous figures of -0.5% and 0.0%. Yet ...

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Crossing the Bridge

The usual bridge day between Thanksgiving and the weekend arrives which will keep volumes light and ranges on the tighter side, all being well. That’s unless you are a retailer, in which case this is known as ‘Black Friday’, a phenomenon that has crossed the Atlantic in recent years. Overnight we’ve seen inflation data from Japan released, which showed prices rising by a firmer than expected 0.1% YoY, although the BoJ’s favoured measure (ex-fresh food) remains firmly in negative territory at ...

Devata Tseng

Nikkei and AUS200 Indices Near Major Resistance

The Nikkei 225 Index has seen a substantial rally of 7.24%, since the US presidential election, as a result of the weakening of the yen, boosting Japanese exports. The price has been trading above the downside uptrend line support post the election date, indicating strong bullish momentum. The trend remains bullish, yet the current price is nearing the long term major resistance level at 18,550, the selling pressure above the level will get heavier. The bullish momentum is likely to be ...