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The FxPro Analyst Team

FxPro Forex Analysis: S&P 500 and Nasdaq 100 Analysis – May 21, 2018

U.S. equities are set to make gains after news that a trade war between the world’s two largest economies is on hold. The Treasury secretary, Steven Mnuchin, reported on Sunday that negotiations with China have progressed saying, “We’re putting the trade war on hold, right now, and we have agreed to put the tariffs on hold while we try to execute the framework”. The two sides are reported to have reached a consensus on taking effective measures to cut the deficit. It is notable that the Russell ...

The FxPro Analyst Team

FxPro Forex Analysis: UK 100 and EURCAD

UK 100 and EURCAD The UK 100 Index has put together a stellar performance, with a breakout higher today to a new high. The pre market high comes in at 7837.5 with support in the area of the 7800.00 level. A continued bullish move would go on to test 7850.00 followed by 7900.00. Ultimately the 8000.00 level remains a major goal for bulls to reach with the possibility of a significant number of shorts waiting at that level. In the near term it is possible that the gap higher over the weekend gets ...

The FxPro Analyst Team

US FOMC Members will be speaking today ahead of the FOMC

At 12:30 GMT, Chicago Fed National Activity Index (Apr) is expected to be 0.14 from a previous 0.10. This data has held above the zero level for 2018 with a spike higher to 0.88 in the February reading. This shows a healthy economy with the 2018 average at a higher level than previous years. Slip under zero can cause a market reaction but is not a worry in itself with the normal range re-establishing itself. USD crosses can see spikes in volatility during this time. At 16:15 GMT, FOMC Member ...

The FxPro Analyst Team

FxPro Forex Analysis: US could tolerate NAFTA deadline in 2019 for the right deal.

US Treasuary Secretary Steve Mnuchin gave an interview on NAFTA over the weekend where he said that President Trump is “more determined to have a good deal than he's worried about any deadline”. He spoke about the US acceptance of the deadline slipping into 2019 once the right deal for the US is achieved. USDCAD is trading around 1.28735 with USDMXN trading around 19.90000. There is an element of “Risk on” this morning as equity markets moved up and USDJPY pushed to new highs. Gold has slipped ...

Alexander Kuptsikevich

FxPro Forex Analysis: Downward Trend Prevails on the Crypto Market

Bitcoin has fallen below $8,000. The major altcoins followed the “benchmark” cryptocurrency, losing between 5% and 10% of their value. Throughout the year, each time market participants have expected growth, the trend has reversed into a decline. Bitcoin in particular, after having experienced growth for 3 weeks and attempted to move above $10,000, is now in a downward trend that has already lasted for two weeks. The positive start to the week was partially attributed to Consensus, the world’s ...

The FxPro Analyst Team

FxPro Forex Analysis: USDMXN and USDTRY Analysis – May 18, 2018

Mexican Peso The Mexican Peso (MXN) has continued to weaken on uncertainty surrounding the North American Free Trade Agreement (NAFTA), where there is still no deal in sight. Even if the government announces an agreement on NAFTA, any recovery may be short-lived, as attention will turn to the country’s election where the favoured candidate, Manuel Lopez Obrador, is expected to reduce efforts to open up the oil industry and generate growth. On the daily chart, USDMXN has again stalled at 19.85 ...

The FxPro Analyst Team

FxPro Forex Analysis: US 30 Index and Gold Analysis – May 18, 2018

The US 30 Index approached 25000.00 this week but has stepped back from that level to support at the 50-period MA. The index looks to be forming a continuation pattern but more data is needed to confirm this. The breakout from the red line was contested by bears a week earlier around 24400.00 and this week has been a struggle. A break above the blue top trend line at 24800.00 is now needed for a retest of 25000.00. A move higher targets 25200.00 and 25500.00. The 2018 high remains a major ...

The FxPro Analyst Team

Canadian CPI and Retail Sales Data in Focus Today

At 07:00 GMT, US FOMC Member Mester is due to speak about monetary policy at the ECB macroprudential policy and research conference, in Frankfurt. Audience questions are expected to follow. USD pairs may be influenced by this event if monetary policy is discussed. At 12:30 GMT, Canadian Consumer Price Index (MoM) (Apr) is expected to be 0.4% against 0.3% previously. BOC Consumer Price Index Core (YoY) (Apr) is expected to be unchanged at 1.4%. BOC Consumer Price Index Core (MoM) (Apr) is also ...

The FxPro Analyst Team

FxPro Forex Analysis: NAFTA Deadline for US Congress Passes Without a Deal

Overnight US Trade Representative Lighthizer issued a statement saying that the U.S., Mexico and Canada are “nowhere close to a deal”. This was counter to the statement by Canadian PM Trudeau yesterday who said “We’re very close” when asked about progress. The US had set a deadline for NAFTA to be agreed on by yesterday, in order to enable Congress to vote on the deal. USDCAD moved higher from 1.27520 up to 1.28213 and extended to 1.28459 early this morning. It has since dropped back a little ...