Tag Archives: currencies

Trading plan for May 29, 2020: EUR/USD – take profit!; Coronavirus updates from around the world.

Coronavirus updates from around the world, as of May 29: the second wave is on the decline, but a third is possible.In the US, the number of new cases jumped to 22 thousand, and the number of deaths arose to more than 1,000 per day. Regions recorded these increases, with New York contributing about 10% of the cases.A record-increase was also observed in Brazil, with new cases jumping to 24 thousand. Developed countries are suggested to help Brazil with doctors and funds.Meanwhile, India will be declared as the new center of the pandemic, if the situation in the country continues to deteriorate (if the growth of new cases accelerate even further).Although there is a decline in deaths around the world (deaths in the US have decreased), new cases are still at a high level (particularly in Brazil and India).In Russia, the situation in Moscow has improved, but the statistics in other regions seem to have increased. In total, Russia records 387 thousand coronavirus cases, of which 224 thousand are “active”.EUR/USD – take profit! Open buy positions from 1.0855. At the time of this writing, the quotes are at 1.1100, so wait for the pair to move about 245 pips before closing….

Malaysia Producer Prices Decline At Faster Pace In April

Malaysia’s producer prices declined at a faster rate in April, figures from the Department of Statistics showed on Friday. The producer price index fell 5.1 percent year-on-year in April, following a 1.9 percent decrease in March. Prices fell for the second straight month. The statistical office said this was the lowest rate of change recorded since November 2015. Among sectors, prices of mining declined 58.3 percent annually in April and water supply decreased 1.0 percent. Meanwhile, prices for agriculture, forestry and fishing grew 8.7 percent. Prices for electricity and gas supply, and manufacturing increased 0.2 percent and 0.1 percent, respectively. On a month-on-month basis, producer prices declined 2.7 percent in April, following a 3.0 percent fall in the preceding month. The material has been provided by InstaForex Company – www.instaforex.com…

European Economics Preview: Eurozone Flash Inflation Data Due

Flash consumer prices from euro area and retail sales from Germany are due on Friday, headlining a busy day for the European economic news. At 2.00 am ET, Destatis is scheduled to issue Germany’s retail sales and import price data. Economists forecast retail sales to fall 14.3 percent on year in April, much bigger than the 2.8 percent drop reported in March. In the meantime, UK Nationwide house price data is due. House prices are forecast to rise 2.8 percent annually in May after climbing 3.7 percent in April. At 2.45 am ET, flash consumer prices, final GDP, producer prices and household consumption reports are due from France. Consumer price inflation is seen unchanged at 0.3 percent in May. At 3.00 am ET, GDP figures are due from Austria, Hungary and Turkey. Turkey’s economy is expected to grow 5.4 percent on year in the first quarter, slower than the 6 percent expansion seen in the fourth quarter of 2019. Half an hour later, Statistics Sweden releases GDP, foreign trade and household lending data. The economy is forecast to grow 2.2 percent on a yearly basis in the first quarter. At 4.00 am ET, Italy’s Istat releases revised GDP data…

Elliott wave analysis of EUR/JPY for May 29, 2020

EUR/JPY has rallied to a high of 119.39 or just above our ideal target at 119.31. This has completed wave iii/ and we should now see a correction in wave iv/. As wave ii/ was a simple deep zig-zag correction, we should expect a complex flat correction, that doesn’t correct more than 38.2% of wave iii/. Then the pair may try to hit 117.84. Wave v/ may climb to at least 120.30 and possibly even closer to 121.16 where we see solid resistance. In the short-term, a break below minor support at 118.45 will confirm that wave iii/ has peaked and wave iv/ is in motion. R3: 120.29R2: 119.65R1: 119.39Pivot: 118.80S1: 118.45S2: 118.20S3: 117.84Trading recommendation: We took profit of 75% of our long EUR position at 119.20 enjoying a nice profit of 355 pips. We will re-buy EUR at 118.00 The material has been provided by InstaForex Company – www.instaforex.com…

*South Korea Industrial Production -6.0% On Month, -4.5% On Year In April

South Korea Industrial Production -6.0% On Month, -4.5% On Year In April The material has been provided by InstaForex Company – www.instaforex.com…

Forecast for USD/JPY on May 29, 2020

USD/JPY
The US stock market (S&P 500) lost 0.21% on Thursday due to weak economic data: the volume of orders for durable goods fell by 17.2% in April, the second estimate of GDP for the first quarter was revised down from -4.8 % to -5.0% against an unchanged forecast (i.e. -4.8%). The Japanese Nikkei 225 index is down 0.65% today in the Asian session. The currency pair itself, following the stock market, turned down from the signal level of 107.78 yesterday and approached the support of the embedded price channel line (107.37) this morning, overcoming which will allow the price to fall to the MACD indicator line (107.12), then, in case it leaves the area under the MACD line, to the target level of 106.75.
The price has consolidated below the MACD line on the four-hour chart, the Marlin oscillator is in the negative zone. The probability of the bears’ success, that is, overcoming the support of 107.37 is 62-65%.
The material has been provided by InstaForex Company – www.instaforex.com…

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Italy Producer Prices Fall For Tenth Month; Consumer Confidence Weakens

Italy’s producer prices fell for the tenth straight month in April, data from the statistical office Istat showed on Thursday. The producer price index declined 5.1 percent year-on-year in April, following a 3.7 percent fall in March. On a monthly basis, producer prices decreased 2.6 percent in April, following a 1.1 percent fall in the preceding month. In the domestic market, producer prices fell 3.4 percent month-on-month and declined by 6.7 percent from a year ago in April. Producer prices in the foreign market fell by 0.7 percent monthly in April and decreased 1.0 percent annually. Separate data from the statistical office showed that the consumer confidence decreased to 94.3 in May from 100.1 in March. Economists had expected a score of 88.5. The economic confidence index fell to 71.9 in May from 94.4 in March. The expectations index decreased modestly. The April data was interrupted due to coronavirus emergency, the agency said. The material has been provided by InstaForex Company – www.instaforex.com…

*U.S. Crude Oil Inventories Increase By 7.9 Million Barrels In Week Ended 5/22

U.S. Crude Oil Inventories Increase By 7.9 Million Barrels In Week Ended 5/22 The material has been provided by InstaForex Company – www.instaforex.com…

Poland Cuts Key Rate For Third Time

Poland’s central bank cut its key interest rate for a third policy session in a row as the coronavirus, or Covid-19, pandemic and the lockdown imposed to slow its spread, have had a severe impact on the economy. The Monetary Policy Council decided to cut the key reference rate by 40 basis points to a fresh record low 0.10 percent, the National Bank of Poland said in a statement on Thursday. In April, the bank had slashed the rate by 50 basis points, after a similar reduction in an emergency meeting on March 17. The lombard rate was lowered to 0.50 percent from 1 percent, while the deposit rate was retained at zero. The rediscount rate was reduced to 0.11 percent from 0.55 percent. The material has been provided by InstaForex Company – www.instaforex.com…