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German new orders drop in December – ING

Carsten Brzeski, Research Analyst at ING, notes that the German new orders dropped in December, bringing a bittersweet end to a rather disappointing year for the German industry.

Key Quotes

“New orders dropped by 0.7% MoM, from an increase of 1.5% MoM in November. On the year, new orders were down by 2.7%. The last months have not been easy for the German industry. Since May, new orders have dropped in five out of eight months. Interestingly, the December drop was driven by falling domestic demand. The increase in foreign orders by 0.6% MoM gives hope that the export channel will not totally dry out in the coming months.

Looking ahead, product expectations have come down significantly since the summer. At the same time, inventories have increased and order books have narrowed. A combination which does not bode well for production in the coming months.

More generally speaking, the German industry is still standing on shaky grounds. While the industry had been able to stomach the cooling of the Chinese economy, the slowdown of emerging markets, the euro crisis and geopolitical risks, it now seems as if extremely low oil prices and the slowdown of the US economy are simply two risks too much.”

Carsten Brzeski, Research Analyst at ING, notes that the German new orders dropped in December, bringing a bittersweet end to a rather disappointing year for the German industry.

(Market News Provided by FXstreet)

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There is no basis for continued yuan devaluation – China SAFE’s Pan

China State Administration of Foreign Exchange’s (SAFE) New Head Pan Gongsheng crossed the wires today, commenting on the yuan exchange rate.

Key Quotes:

Will crack down on illegal fx transactions

Won’t go down path of capital controls

There is no basis for continued yuan devaluation

Yuan rate v basket is basically stable

Chinese economy is in reasonable range

Will step up supply-side reforms

China State Administration of Foreign Exchange’s (SAFE) New Head Pan Gongsheng crossed the wires today, commenting on the yuan exchange rate.

(Market News Provided by FXstreet)

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US NFP to print 170k in January – Goldman Sachs

Research Team at Goldman Sachs, expects a 170k gain in nonfarm payroll employment in January, below consensus expectations of 190k—and a downward revision from our forecast at the start of the week.

Key Quotes

“Labor market indicators were weaker in January, with declines in the employment components of both the ISM manufacturing and nonmanufacturing surveys and rising jobless claims. We also expect some payback from the unusually warm weather and residual seasonality in couriers and messengers’ employment, which boosted payrolls in 2015Q4.

The unemployment rate is likely to remain unchanged at 5.0%. Average hourly earnings are likely to rise at 0.4% month-over-month due mostly to calendar effects and a likely small boost from state-level minimum wage hikes.”

Research Team at Goldman Sachs, expects a 170k gain in nonfarm payroll employment in January, below consensus expectations of 190k—and a downward revision from our forecast at the start of the week.

(Market News Provided by FXstreet)

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USD/CHF could struggle around 1.0035/75 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the pair could find resistance around 1.0035/75.

Key Quotes

USD/CHF has sold off aggressively to the 5 month uptrend at .9925, this together with the .9903 August high should hold the initial test”.

“Intraday dips are indicated to struggle circa 1.0035/75. These guard the 1.0256/95 recent highs”.

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in the pair could find resistance around 1.0035/75…

(Market News Provided by FXstreet)

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Gold offered again at 76.4% fibo level

Gold was offered again at USD 1157.23 (76.4% of Oct high-Dec low), but the bulls remain on control after taking metal way above the weekly 50-MA for the first time after October.

Awaits US data

The metal now awaits the US non-farm payrolls data, which is expected to show the pace of jobs growth slowed in January. Markets will also keep an eye on the possible revisions in the December’s figure.

The latest gold rally is largely due to speculation the Fed may have to delay its rate hike due to financial market turmoil and economic slowdown. As of now, the CME fed fund futures data shows the markets do now expect another rate hike to happen in 2016.

Gold Technical Levels

The yellow metal currently trades around USD 1154/Oz levels. A break above the immediate resistance at 1157.23 (76.4% of Oct high-Dec low), above which the prices could have a go at a major hurdle at 1169.99 (Aug 25 high). On the other hand, a break below hourly 50-MA at 1144.51 could see prices drop to 1136.00 (61.8% of Oct high-Dec low).

Gold was offered again at USD 1157.23 (76.4% of Oct high-Dec low), but the bulls remain on control after taking metal way above the weekly 50-MA for the first time after October.

(Market News Provided by FXstreet)

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AUD/USD sidelined around 0.7200 ahead of Payrolls

The Aussie dollar is following the rest of its peers at the end of the week, with AUD/USD trading on a soft note and waiting for US Payrolls later in the day.

AUD/USD bid post-RBA

Spot has briefly visited session lows in the 0.7170 area in early trade, although an upbeat tone from the RBA’s Statement on Monetary Policy has been collaborating with the current recovery to the boundaries of 0.7200 the figure.

AUD has also met some selling interest after Retail Sales in Oz have missed expectations in December, coming in flat vs. a forecasted 0.5% gain.

Ahead in the session, a consolidative pattern should not be a surprise, as cautiousness is expected to take over sentiment ahead of US Non-farm Payrolls (190K exp.).

AUD/USD key levels

As of writing the pair is losing 0.03% at 0.7196 facing the immediate support at 0.7148 (555-day sma) followed by 0.7017 (20-day sma) and finally 0.6999 (low Feb.3). On the other hand, a break above 0.7246 (high Feb.4) would open the door to 0.7325 (200-day sma) and then 0.7388 (monthly high Dec.4).

Trade Nonfarm payrolls with FXStreet – Live Coverage

The Aussie dollar is following the rest of its peers at the end of the week, with AUD/USD trading on a soft note and waiting for US Payrolls later in the day…

(Market News Provided by FXstreet)

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