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Dukascopy Morning Forex Overview : 25/02/2013
"Europe’s labour market is a serious concern"
- Marco Buti, head of the commission’s economics department
The Eurozone economy is widely expected to shrink for a second year in 2013 due to higher unemployment and the fact that governments, consumers and companies curb their spending, the European Commission said on Friday.
Read more: FULL REPORT - Fundamental Analysis
"The EURUSD remains poised to weaken further over the near to medium term as the fundamental outlook for the euro area turns increasingly bleak"
- DailyFX (based on MarketWatch)
Decline of the price has been halted by a support area at 1.3199/28, which could potentially initiate an upward correction up to 1.3322, a recently breached major trend-line.
Read more: FULL REPORT - Technical Analysis
"We therefore expect that the upward momentum for EUR/USD should pick up again with this week’s data potentially providing the starting point"
- Carolin Hecht, Currency Analyst at Commerzbank, on Eurozone’s economy and EUR/USD
Due to the fact that the Eurozone’s economy shrank 0.6% in the fourth quarter, there is an opinion that Euro bloc might not be over the worst yet. How would you evaluate the Eurozone's recent economic performance?
Eurozone faces continued contraction in 2013
The eurozone faces continued contraction in 2013, with its economic output expected to shrink by 0.3 percent, said the winter forecast released by the European Commission on Friday.
Read more: FULL REPORT - Press Review
Currency Index & Volatility: JPY
The sentiment of market participants towards the Japanese Yen has been completely changed over the weekend, as reflected by the direction of the respective currency index throughout the last five days.
Read more: FULL REPORT - Market Research
Dukascopy Bank Sentiment Index
Global economic outlook
The six-month and three-year global economic expectations improved considerably in January, a Dukascopy Bank SA poll showed. The six-month economic sentiment index climbed 0.05 to 0.58. The three-year economic outlook improved to 0.77, the highest reading since records began in 2011.
Read more: FULL REPORT - Dukascopy Bank Sentiment Index
Global Stock Market Review
Dow Jones Industrial Average
The Wall Street closed in red yesterday amid escalated worries that the Fed is considering stopping its bond-buying program sooner-than-expected. The Dow Jones Industrial Average skidded as much as 0.3%, or 46.92 points, to close at 13,880.62 on Thursday.
Read more: FULL REPORT - Global Stock Market Review
Precious metals except for platinum traded higher on Friday on hopes that the Fed will refrain from ending its bond-buying activities sooner-than-planned amid soft US data. However, solid greenback put pressure on the commodity complex.
Read more: FULL REPORT - Commodity Overview
Trade Pattern Idea
USD/SGD Emerging Pattern: Channel Up
USD/SGD has formed a Channel Up on a 1H chart. And even though it is only 93 bars long, both the upper and lower trend-lines were respected by the market on several occasions, confirming their topicality in shaping the chart of the price.
Weekly USD/CHF Emerging Pattern: Channel Down
USD/CHF has formed a Channel Down pattern on the 1D chart. The pattern has 69% quality and 51% magnitude on in the 70-bar period.
Currency Pair Returns: Risks
The Dukascopy Bank SA research department continues its work on statistical properties of currency pair returns. The previous part of the research marked out relationships amongst returns. It was therefore dedicated to a somewhat determinate aspect of their behaviour. In this issue we look into uncertainty of the movements and investigate the parameters that can help reduce it.
Read more: FULL REPORT - Economic Research
Dukascopy Aggregate Technical Indicator
Dukascopy Bank presents a new research product - the aggregate technical indicator. The new tool will indicate the strongest signals on major currency pairs. Dukascopy Aggregate Technical Indicator for 30 min, 1H, 4H and 1D time frame charts for major pairs for the last 144 periods till 07:00 GMT.
Read more: FULL REPORT - Dukascopy Aggregate Technical Indicator