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Poland Cuts Key Rate Further On Outlook For Sizable Economic Slump On Covid-19

Poland’s central bank cut its key interest rate for a second policy session in a row as policymakers expect economic activity to fall drastically in the short run due to the containment measures adopted to slow the spread of the coronavirus, or Covid-19, pandemic. The Monetary Policy Council decided to cut the key reference rate by 50 basis points to a fresh record low 0.50 percent, the National Bank of Poland said in a statement on Wednesday. The bank had slashed the rate by 50 basis points in an emergency meeting on March 17. The lombard rate was lowered to 1 percent from 1.50 percent, while the deposit rate was cut to zero. The rediscount rate was slashed to 0.55 percent from 1.05 percent. “In the short run, the scale of activity drop could be very sizable,” the NBP said. “This will be accompanied by a deteriorating situation in the labour market and a fall of disposable income of households.” Policymakers expect the economic activity to gradually recover further ahead, supported by fiscal measures introduced in the country and many other countries as well as strong macroeconomic fundamentals of the Polish economy. They expect inflation to fall below the target…

Euro Lower As Eurogroup Meeting Disappoints

The euro depreciated against its major counterparts in the European session on Wednesday, as Eurozone finance ministers failed to resolve impasse and agree on a package of measures to cushion the economic fallout from the coronavirus outbreak. Ministers were deadlocked on the issue of coronabonds – jointly issued bonds as part of the crisis response. While Italy, Spain, France and some other EU states favour common debt issuance, the Netherlands has rejected this idea. The finance ministers will resume negotiations on Thursday. European stocks fell after Spain’s daily toll of coronavirus deaths rose for the first time in five days and the death toll surpassed 10,000 in France. The German economy will shrink by nearly 10 percent in the second quarter as the coronavirus paralyses the country, six leading research institutes warned today. The euro fell to a 2-day low of 1.0551 against the franc, from a high of 1.0568 set at 1:45 am ET. If the euro declines further, 1.02 is likely seen as its next support level. The euro slipped to 1.0830 against the greenback, after touching as high as 1.0902 at 7:30 pm ET. On the downside, 1.06 is likely seen as its next support level….

Croatia Producer Prices Fall For First Time In Five Months

Croatia’s producer prices dropped for the first time in five months in March, figures from the Croatian Bureau of Statistics showed on Wednesday. The producer price index fell 2.7 percent year-on-year in March, after a 0.9 percent increase in February. prices declined for the first time in five months. Prices for domestic market decreased 1.2 percent annually in March and foreign market declined 4.5 percent. On a month-on-month basis, producer prices declined 2.7 percent in March, following 0.1 percent fall in the previous month. Prices decreased for the second straight month. The material has been provided by InstaForex Company – www.instaforex.com…

EURUSD: Aid of 500 billion euros is delayed. The competition for the darkest forecast of economic contraction continues

There is no news affecting the exchange rate of the European currency or the US dollar today. However, at the beginning of the European session, the euro fell sharply against the US dollar after postponing further negotiations of the Eurogroup on Thursday. During the speech, Eurogroup President Mario Centeno said that the negotiations will continue on Thursday, as at the end of the 16-hour conversation, EU Finance Ministers did not come to a single agreement.

Let me remind you that joint measures and efforts aimed at fighting the coronavirus and supporting the economies of the eurozone member states are now more important than ever before. It is possible that the lack of consensus on a number of issues in such difficult times may even become a turning point for the eurozone as a whole. The new Italian government has repeatedly expressed its dissatisfaction with the current laws and framework within the eurozone in the past year. Let me remind you that in March of this year, when a similar meeting failed, EU leaders instructed Finance Ministers to agree on a package of anti-crisis measures in the next two weeks, the deadline for which expires tomorrow.
We are talking about a number of measures…

Evening review for April 8th for EUR/USD. Euro needs US labor market statistics

Outlook for EUR/USD. A lot of macroeconomic data was unveiled during recent days.
1. In Europe, the epidemic has passed its peak. The epidemiological situation has improved in Italy and Spain.
2. Eurozone finance ministers failed to agree on the region-wide stimulus. The meeting is suspended until Thursday.
3. In the US, the situation is likely to stabilize by the end of the week.
Nevertheless, the market mood is still difficult to predict.
I suppose that the US employment data will be of crucial importance. The data is expected to be published on April 9th.
EUR/USD:
Buy positions can be opened from the level of 1.1040.
Sell positions can initiated from 1.0765.The material has been provided by InstaForex Company – www.instaforex.com…

Financial markets and indices #SPX, #DAX amid the coronavirus pandemic COVID-19

Dear colleagues.There is no pause in the outpour of shocking scenarios, and Donald Trump has once again managed to surprise the public. According to the calculations of White House analysts, on a light scenario, there is an estimated 150,000 deaths in the US due to the COVID-19 pandemic, while the worst-case scenario draws over 2 million number of infected cases. Despite this, the US citizens seemed to look rather pleased with this announcement.Against this backdrop, the US intelligence sees this better than blaming China for underestimating the number of victims. The underestimation on China’s part is only natural, as they were able to control the spread of the virus immediately although it might have seemed so impossible to do so. The current state of the virus outbreak in the US is none other than due to the collapse of the vaunted American health care system, which is costing the budget a tidy sum of $ 1.3 trillion. This scenario gravely affects the US economy and not in a good way.Massive injections of central banks and the Federal Reserve System led to some stabilization in financial markets, the liquidity of which improved significantly. Thus, for example, from February 25 to March 31,…

Denmark Exports Fall In February

Denmark’s exports and imports declined in February, figures from Statistics Denmark showed on Wednesday. Exports excluding ships, aircraft, fuel fell a seasonally adjusted 2.3 percent year-on-year in February, after a 4.8 percent rise in January. Imports decreased 2.0 percent annually in February, after a 3.7 percent increase in the preceding month. The seasonally adjusted trade surplus excluding ships, aircraft, fuel was DKK 10.5 billion in February. Despite increases in January, both imports and exports have fallen over the past three months, the agency said. The material has been provided by InstaForex Company – www.instaforex.com…

Japan Eco Watchers Current Conditions, Outlook Weaken Sharply

A measure of the public assessment of the Japanese economy fell for the second month in a row in March, survey data from the Cabinet Office showed on Wednesday. The current conditions index of the Economy Watchers’ Survey, which measures the current situation of the economy, decreased to 14.2 in March from 27.4 in February. Economists had forecast a reading of 22.4. The outlook index that signals future activity fell for the second straight month to 18.8 in March from 24.6 in the previous month. Economists had expected a score of 20.0. The material has been provided by InstaForex Company – www.instaforex.com…

EUR / USD: Euro bound to decline below $1.05

The global financial crisis of 2008-2009 is now used as a template for forecasting and developing investment strategies for various assets. However, the nature of the previous and current crisis caused by the outbreak of coronavirus is fundamentally different. The latter is more likely a natural disaster, after which the economy usually recovers quickly. Therefore, it is hardly worth surprising that the number of supporters of the U-shaped growth of US GDP is increasing. If this really happens, then it’s too early to buy American stocks, as well as selling greenbacks.The growth of the S&P 500 index by more than 20% of the March minimum suggests that large-scale measures to support the US economy, proposed by the White House and the Fed, somewhat calmed the financial markets. However, stocks are still in a vulnerable position. Market participants may be scared by the news about the worsening epidemiological situation in the United States, as well as reports that the country government is not able to transfer financial incentives to business quickly enough.The decline in the S&P 500 is fraught with the resumption of sales of EUR / USD. The volatility of the main currency pair in 2020 increased sharply. At the same…