Trading | 6 months ago
In the weekly market review segment, we discuss about the latest happening in the European, Asian and American market. We also summarize market performance and market moving news from the prior week.
European Market Review
It was a relatively quiet week on the economic calendar for European markets. January trade data and wage growth data were in focus. Trade data showed that European exports of goods to the rest of the world fell by 11.4%. Imports of goods from the rest of the world including China and Japan fell by 14%. As a result, EUR/USD fell by 0.2% this week. At the time of writing, EUR/USD is trading at 1.10926 price level which is an important support zone for EUR/USD. One must look for buying opportunities in EUR/USD at this support.
US Market Review
US Market index hit a 50 year high in this week. According to the surveys and reporting from federal agencies, almost 60% of the firms reported increase in business activity as compared to the previous month. Business orders also jumped to a new high. Employment index of the United states increased from 25.3 to 30%. Due to these improvements in the economy, dollar index rose by 0.11% this week.
UK Market Review
UK Market remained neutral this week. The Bank of England left the interest rate unchanged at 0.1%. As a result, GBP/USD performed neutral as compared to the last week. Bank of England also announced that they will continue to maintain the current pace of asset purchases. This will serve as the additional support to the economy. Currently GBP/USD is consolidating at 1.392 price level. one must look for buying opportunities in GBP/USD after it starts moving in upward direction.
Asian Market Review
The Bank of Japan kept it policy rate unchanged at 10bps. Also, it altered the Exchange Traded Fund (ETF) buying limits. As a result, the USD/JPY fell by 0.20% this week. China maintained a strict control of the yuan’s rate this week. Due to this, USD/CNY performed neutral this week. one must look for buying opportunities in USD/CNY.
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