Tag Archives: currencies

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Fed Minutes Show Some Participants Preferred Smaller Rate Cut

Minutes from the Federal Reserve’s emergency monetary policy meetings in March showed a few participants preferred a smaller interest rate cut to slashing rates by a full percentage point at the March 15th meeting. The minutes said some meeting participants favored cutting rates by 50 basis points, noting that such a decision would provide support to the economy in the face of coronavirus outbreak while preserving the Fed’s ability to lower rates again in the event the economic outlook deteriorated further. The participants also noted that cutting rates by 100 basis points less than two weeks after an emergency 50 basis point cut ran the risk of sending an overly negative signal about the economic outlook. Nonetheless, the Fed ultimately voted to slash rates by 100 basis points to a range of zero to 0.25 percent, pointing to the likely near-term decline in economic activity due to the coronavirus outbreak and the extremely large degree of uncertainty about the length and severity of the decline. Cleveland Fed President Loretta J. Mester voted against the action, preferring to reduce the target range for the federal funds rate to 0.5 to 0.75 percent. The minutes noted Mester was fully supportive of all…

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…

Gold price remains in bullish trend but vulnerable to a pullback.

In our previous analysis when Gold price was trading around $1,650 I said that we expect a pull back in Gold price. So far the pull back has been very shallow and so far important support trend lines remain intact.Green line – supportRed line – resistanceGold price continues to make higher highs and higher lows. Price is touching once again the green upward sloping support trend line. As long as this trend line remains intact we remain optimistic and consider each pull back as a buying opportunity. But bulls need to be very cautious as the oscillators have reached overbought levels. We could soon see new short-term higher highs in Gold price and the oscillators to produce a lower high. This is the most probable scenario now. To see some bearish divergence signs. Overall I believe Gold price is very vulnerable to a pull back towards $1,600-$1,570 again. I believe the most probable scenario as long as we hold above $1,638 is to see $1,670-80 before turning lower. If $1,638 fails to hold then I would expect price to move lower right away.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…

Hungary Inflation Lowest In 3 Months

Hungary’s consumer price inflation eased to three-month low in March, data from the Hungarian Central Statistical Office reported on Wednesday. The consumer price index rose 3.9 percent year-on-year in March, slower than 4.4 percent increase in February. Economists had expected a 3.6 percent rise. Price for food grew 7.6 percent and those of alcoholic beverages and tobacco, and services rose by 7.2 percent and 3.8 percent, respectively. On a month-on-month basis, consumer prices rose 0.2 percent in March, after a 0.3 percent increase in the preceding month. Food prices rose at a higher rate in March, which may have been caused by the effects of the coronavirus outbreak, while motor fuel prices declined as a result of significantly falling oil prices, the agency said. Core consumer prices rose 4.3 percent annually in March and increased 0.6 percent from the previous month. Separate data from the statistical office showed that the trade surplus increased EUR 1.118 billion in February versus EUR 775 million in last year. Exports rose 3.9 percent year-on-year in February, following a 2.8 percent increase in January. Imports increased 0.1 percent annually in February, after a 2.4 percent rise in the preceding month. The material has…

Trading plan for Gold for April 08, 2020

Technical outlook:Gold is facing strong resistance at $1,703 levels and the yellow metal is expected to stay lower. The overall structure is looking bearish until prices stay below $1,703 levels; while a break higher would test $1,750. At this point in writing Gold is seen to be trading around $1,647 levels and is expected to drop lower towards immediate support at $1,568. The recent boundary that is being worked upon is between $1,703 and $1,451 respectively. Please note that Gold has retraced up to fibonacci 88% of the earlier drop, carving a lower top around $1,675 levels. If the counter trend rally has completed, prices should reverse sharply lower towards $1,450 support and beyond. Once the counter trend line support is broken, it would confirm that a meaningful top is in place at $1,675, and that Gold could accelerate lower again. Trading point of view, Gold remains good to sell on rallies until prices stay below $1,703.Trading plan:Remain short @ 1,640/50, stop @ 1,703 target @ 1,450 and lower.Good luck!The material has been provided by InstaForex Company – www.instaforex.com…

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…

Philippine Trade Deficit Narrows In February

The Philippine trade deficit declined in February from last year as exports rose and imports declined, data from the Philippine Statistics Authority showed on Wednesday. The trade deficit declined to $1.656 billion in February from $2.733 billion in the same month last year. Data showed that exports grew 2.8 percent year-on-year in February following a 0.5 percent rise in the last year. The shipment of electronic goods gained 3.4 percent in February. Imports logged a double digit decrease of 11.6 percent annually in February, after a 2.9 percent rise in the previous year. The material has been provided by InstaForex Company – www.instaforex.com…