Re: Analysis from a European broker Forex.ee
Issue №52 from 13/06/2015
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The European broker Forex.ee analytical department offers you the Analytics.
The Commerce Department reported that the US retail sales increased by 1.2% m/m in May 2015 that coincided with the analysts' forecasts. According to the revised data, sales rose up by 0.2% in April while it was previously reported the zero change. The retail sales rapid growth suggests the consumer sector recovery after a cautious beginning of the year.
The pair euro/dollar bear losses amid the new dollar purchases wave in anticipation of the Greece news. We should remind that the IMF representative said that there were serious disagreements on the most key issues and attempts to reduce them were not successful and therefore the fund delegation decided to break off negotiations and left Brussels. However, the pair increased at the end of the trades on Friday.
In the short term the pair EUR/USD may show a positive dynamics. The price is likely to go downward to the level of 1.1320. Then the pair can decrease to 1.5000.
The pound rose up this week after the UK National Statistics Office reported that the industrial production volume rose up by 0.4%, exceeding the forecast increase by 0.1% after the revised upward rise by 0.6% in March.
Yesterday at the London session closing the spread was -37.3 basis points, such levels were observed the last time on March 31 when the pound was trading below the 49th figure against the dollar. However, traders reacted to the US positive statistics quite sluggish - hence demand for the dollar is low and therefore bulls tested the resistance level of 1.5550.
The pair GBP/USD may show a positive trend. The pair can grow to the resistance level of 1.5600. After breaking 1.5600 the buyers may go to 1.5800.
After the Japanese Central Bank governor Kuroda's verbal intervention about the undesirable further yen decline, it continues strengthening (it is declining, according to the pair USD/JPY schedule) despite the American stock market upward vertical growth.
The yen compensated its recent strengthening in some extent, caused by the Japan bank manager Kuroda's statement about the absence of the Japanese yen further prospects.
The Japanese Finance Minister Amari said that the markets misinterpreted the chief banker words. On Thursday the stock market growth caused the pressure on the yen that has led to the reduced demand for safe assets.
The USD/JPY may show a negative trend. We suppose the pair will go to 123.00 first. Having overcome the first target the price might go downwards to 121.50.
The gold is consolidating after the latest failed growth attempt. The pressure on the gold price is caused by the dollar and the stock indices growth resumption which reduces demand for the safe assets.
If the price fixates below the support 1170.00, it may continue the downward trend in the short term. The potential target is 1160.
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