The dollar is down in the Asian markets awaiting the economic data for the week
The greenback was severely handicapped against its major peers during the Asian trading session, which corrected lower following its one-month high on Friday. The cable and Fiber were leading the way following trading at their weakest against the dollar as its managed to stage a drastic recovery last week.
Last week European session offered little by way of market-moving events, which could pout current sentiment ahead, with a strongly positive lead in FTSE 100 and S&P 500 futures giving way to a risk-on mood ahead.
Asian equities seem to chill down as S&P futures are extending their recovery, though market participants sentiment still remains fragile with the risks looming from US inflation data following last week drastic sell-off.
Following the US market closed in the green last Friday as the government reopened from a brief shutdown, with a bit of a risk on sentiment to be had for the start of this week.
US President Donald Trump ended a brief US government shutdown after Congress passed into law a wide-ranging deal that is ex[ected to push budget deficits into the $1 trillion/year zone.
As for commodities, U.S. West Texas Intermediate (WTI) crude futures for March delivery rose 1.17% to $59.91 a barrel. April Brent crude futures, the benchmark for oil prices outside the US, were last quoted at $63.41.
Inflation and GDP data will be two key focuses this week. The UK and US will release CPI. Japan and Eurozone will release GDP. In addition, Australia employment will also be watched.
GBPUSD is expected to find support at 1.3755, and a fall through could take it to the next support level of 1.3650. The pair is expected to find its first resistance at 1.3980, and a rise through could take it to the next resistance level of 1.4095.
EURUSD: EUR/USD continues to draw support from 1.2225 and recovers today.
GBPUSD: Intraday bias in GBP/USD remains on the downside.
USDCAD: Intraday bias in USD/CAD remains neutral for consolidation below 1.2685 temporary top.
USDCHF: Intraday bias in USD/CHF remains neutral at this point.
USDJPY: Intraday bias in USD/JPY remains mildly on the downside.
Now is your chance to make a profit!
Open an account here!
***Information contained in this newsletter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making but merely provides information from the market for its clients as additional information is made available as per the events occurring in the financial markets.
HIGH RISK WARNING:
Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.
© Copyright 2015 – CM Trading – All rights reserved