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Market review for 05.06.14: There were certain fluctuations in currency pair after ECB decision.

Asian and European trading sessions:

Euro: During the European session the rate of euro has sharply decreased after announcement of decision ECB. Predictably, ECB has made a decision to lower the basic rate of refinancing from 0,25 % up to 0,15 % after kept it within last 6 months. Besides, the Central Bank has lowered the rate under deposits on 0.10%. Up to-0,10 %, and also the rate of crediting on 35 Up to 0,40 %. All these innovations will come into force on June, 11th.
Before, the euro has moderately grown against US dollar on a background of data under industrial orders in Germany and to retails in Eurozone. In Germany industrial orders were restored more quickly, than it was expected in April, official data from Destatis have shown on Thursday. Industrial orders have increased for 3,1 percent in April since March. Economists expected growth of orders for 1,3 percent after falling for 2,8 percent in March. Foreign orders have increased for 5,5 percent while internal orders have remained at a level of the last month. Orders from an Eurozone have extended for 9,9 percent in comparison with the last month. At the same time, orders from other countries have grown for 3,1 percent.
In Eurozone retail commodity circulation has increased in April owing to growth of sales of food stuffs, data Eurostat have shown on Thursday. Retails have grown for 0,4 percent in monthly measurement in April after growth for 0,1 percent in March. Sales, predictably, will grow for 0,1 percent in April. Sales of foodstuff, drinks and tobacco products have grown for 0,4 percent, and sales of not food products were reduced to 0,1 percent.
On an annual basis the turn of retail trade has risen for 2,4 percent that is faster than 1 percent increase noted in March. Rates of increase were almost twice above 1,3 percent growth predicted by economists. Sales in 28 EU countries have grown in April for 0,6 percent since March and for 3,4 percent in comparison with the same period of the last year. The EUR/USD pair has grown up to $1.36445 and then has decreased up to $1.35563 during the European session.

British Pound: The British pound has grown in relation to US dollar pending decisions of Bank of England and then has receded from maxima of session. Predictably, the Bank of England has made a decision to keep a discount rate and the program of purchase of actives at former levels.
Support to pound also was rendered by data under the prices for habitation in Britain. The average prices for habitation in the Great Britain have grown for 3,9 percent in monthly measurement in May after two months of decrease. It has occurred because demand exceeds the offer, is spoken in the report widespread Halifax, division Lloyds Banking Group.
Rates of a gain of the prices for habitation were the highest since October, 2002, with average by the house now at a rate of 184 464 pounds. In April and March of the price for habitation were reduced to 0,3 percent and 1,2 percent accordingly.
Halifax has noted: while new inquiries of buyers constantly grew in it to year, number of house owners which expose the property on the market for sale, has decreased the fourth month successively.
Stephen Noks, director under the mortgage in Halifax, has told: “there are attributes of restoration in housing construction which should lead a supply and demand of greater equation and constrain increasing pressure upon the prices in intermediate term and long-term prospect ".
In annual measurement of the price for habitation 8,7 percent in May, what hardly more than April increase at 8,5 percent have grown. The GBP/USD: during the European session the pair has grown up to $1.6792, and has then decreased up to $1.67345.

American trading session:

U.S. Dollar: The US dollar has continued decrease against yen, having lowered up to a sessional minimum that speaks deterioration of appetites to risk before tomorrow's release of data on a labour market of the USA. According to forecasts, the number borrowed in not agricultural branches of economy has grown on results of May on 219 thousand, and the rate of unemployment has raised up to 6,4 % from 6,3 %.

Gold: The prices for gold have sharply grown today, having added about 1 percent and having receded from a four-monthly minimum after the European central bank has lowered interest rates to record-breaking low level and Mario Draghi were promulgated with a package of new measures on stimulation of economy. Cost of the June future for gold on COMEX today has grown up to $1253.35 for ounce.

Oil: The cost of WTI has slightly decreased. The course of the tenders was influenced by yesterday's data on stocks of oil to the USA, and also today's decision ECB under rates. Cost of July futures for the American easy oil of mark WTI has decreased up to $102,55 for barrel on the New York commodity exchange.


Market review for 04.06.14: The yen has continued the decrease against U.S dollar.

Asian and European trading sessions:

Euro: Current of the European session in the market Forex the rate of euro has grown in relation to US dollar, having restored from reached before minima. The course of the tenders was influenced with the published statistics. So, growth of a private sector in Eurozone was slowed down more, than it was originally supposed in May, final data Markit Economics have shown on Wednesday. The final summary index of manufacture has decreased up to 53,5 from almost three-year maximum 54 in April. The index, by estimations, has fallen slightly up to 53,9 in May. Nevertheless, Markit has told: the Eurozone has remained on a way to record of the best economic growth for calendar quarter within three years. The index of managers on purchases in sphere of services has fallen up to 53,2 with 53,1 month earlier. The tentative estimation for May has made 53,5.
Other report has shown: the prices of manufacturers in Eurozone have fallen in slower rate in April, according to expectations of economists. The prices of manufacturers of an industrial output in a home market have decreased for 1,2 % in annual calculation after falling for 1,6 % in March. Last decrease was the smallest since December of the last year when the prices have decreased for 0,7 %. In monthly measurement of the price of manufacturers were reduced to 0,1 % in April after falling for 0,2 % everyone the last two months. The prices have fallen the fourth month successively. Both annual and monthly decreases were according to expectations of economists.
In turn, the economy of an Eurozone has grown the same as it was originally supposed in the first quarter, the second estimation euro stat has shown on Wednesday. The total internal product of 18 countries of an Eurozone has grown for 0,2 % - more slowly reconsidered 0,3 % expansion fixed in the fourth quarter 2013. On an annual basis growth was accelerated up to 0,9 % about 0,5 %. Euro stat has confirmed tentative estimations for the first quarter, published on May, 15th.
As to an account part charges home have grown only for 0,1 % while the State expenditure have grown for 0,3 %. Investments have extended for 0,3 % in comparison with growth for 0,9 % the last quarter. The increase in export has sharply decreased up to 0,3 % about 1,4 %. On the other hand, growth of import has increased slightly up to 0,8 % about 0,7 %. The EUR/USD pair has decreased up to $1.35993 and then has grown up to $1.36265 during the European session.

British Pound: The British pound has grown in relation to US dollar, having receded from minimums of session after an output of data on activity in sector of services. The key sector of economy of the Great Britain - sphere of services-has kept strong rates of growth in May owing to a high share of the organization of new business and creation of workplaces that helps to keep forecasts of economic growth from Bank of England above 3 % in it to year.
The index of business activity in sector of services in May has concerned 58,6 and has remained practically without changes from 58,7 in April, above forecasts of economists 58,3. Value above 50 shows, that the sector grows, while value below - an attribute of reduction.
“The British economy continues strengthening, showing the best figures since 2007 ", - group economist Markit Chris Uilyamson has told. Moods in business-circles remain high in sector that has found reflection in as much as possible high rates of growth of an occupation level for 7 months. The GBP/USD pair has decreased up to $1.6697, and has then grown up to $1.67664 during the European session.

Japanese Yen: The yen has continued the decrease against dollar after recent strengthening that has been connected with growth of profitableness under 10-years bonds to 2.60 % and to unexpectedly strong data ISM in non-productive sphere.
The course of the tenders was affected also by the data presented earlier on a labour market. After the message on strong restoration in sphere of employment in a private sector of the USA in April companies ADP has published the report which has shown, that rates of growth of number of workplaces were a little slowed down in May. ADP has informed: employment in a private sector has grown on 179 000 workplaces in May after the increase reconsidered with downturn at 215 000 workplaces in April. Economists expected increase approximately on 217 000 workplaces in comparison with addition of 220 000 workplaces on which it was originally informed the last month.

American trading session:

Canadian dollar: The Canadian dollar has decreased against US dollar after the Bank of Canada has left the key interest rate at a level of 1,00 %, however has specified weaker, than it was expected growth of economic which has attached greater significance to reasoning of the Central bank about decreasing risks. The bank of Canada has noted: the general inflation has come nearer to a target level in 2 % more quickly, than it was supposed, because of “time influence from increase of the prices for energy carriers and a rate of exchange (Canadian dollar) ". The bank also has declared that base consumer price index steadfastly traced by it remains below an intermediate term target level. Nevertheless, the Central bank has declared that though the Canadian economy grew the constrained rates in 1-st quarter, for inflationary prospects are kept essential decreasing risks.

Gold: The prices for gold have not changed almost today, having remained near to a four-monthly minimum that has been connected with an output of the American data on employment and care of investors before session of the European central bank. The cost of the June future for gold on COMEX today has fallen up to $1244.25 for ounce.

Oil: Cost of oil has moderately grown today, that has been connected with an output of data on stocks in the USA and expectations of tomorrow's session ECB, Cost of July futures for the American easy oil of mark WTI has grown up to $103,36 for barrel on the NYMEX.


Market review for 03.06.14: The Euro has grown despite of weak data on inflation in Eurozone.

Asian and European trading sessions:

Euro: During the European session the rate of euro has grown in relation to US dollar despite of weak data on inflation in Eurozone.
Inflation in the countries of Eurozone was slowed down more, than it was expected in May that causes concern in occasion of deflationary pressure.
Inflation has decreased up to 0,5 % in May about 0,7 % in April, according to the tentative estimations published by Euro stat on Tuesday. Under forecasts inflation should remain at a former level.
Inflation remains below a target level of the European central Bank " below, but is close to 2 % " the sixteenth month successively.
Without taking into account food stuffs, alcohol and tobacco base inflation was slowed down up to 0,7 % from 1 % one month ago.
The prices for energy carriers have not changed after decrease for 1,2 % in April. Cost of services has added 1,1 %, but more slowly, than growth for 1,6 % which saw the last month. The prices for food stuffs, alcohol and tobacco products have grown only for 0,1 %.
Some support of euro was rendered by data on a labour market. In an Eurozone the rate of unemployment has unexpectedly decreased in April, but has remained at a high level, data euro stat published on Tuesday have shown.
In view of seasonal fluctuations the rate of unemployment has decreased up to 11,7 % about 11,8 % in March. Economists expected, that the parameter remains at a former level of 11,8 % the fourth month successively. In the same month one year ago the rate of unemployment was 12 %.
The number of unemployed has made 18,751 million in April that is less on 76 000 person since March. The parameter has decreased on 487 thousand in comparison with a year back.
The rate of unemployment among youth which concerns to age group till 25 years, also was reduced in April, having decreased up to 23,5 % about 23,6 % the last two months.
In 28 EU countries the rate of unemployment has decreased up to 10,4 % in April about 10,5 % the last month. The EUR/USD pair has decreased up to $1.3585 and then has grown up to $1.3645 during the European session.

British Pound: The British pound has decreased, having receded from maxima of session after an output of data on activity in building sector. The building sector of the Great Britain has sharply extended in May, but the impulse has continued to decrease from post crisis maxima which saw earlier in it to year.
In view of seasonal fluctuations the index of building managers on purchases from Markit and Charter Institute on purchases and deliveries has fallen up to 60,0 in May with 60,8 in April.
The index was above a neutral level 50,0 thirteenth month successively, but last reading signals about the slowest rate of growth since October, 2013.
Rise of manufacture in building branch has been connected about improvement of economic conditions and growth of the basic demand. Higher levels of production and acting new orders promoted growth of number of the personnel.
Data have shown, that the expenses raised by subcontractors, have increased the strongest rates from the moment of the beginning of inspection more 17 years ago. At the same time, the building companies have noted, that inflation of procurement prices was reduced the third month successively up to the lowest level since July, 2013.
The GBP/USD pair has grown up to $1.6782, and has then decreased up to $1.6742 during the European session.

American trading session:

U.S. Dollar: Small support to dollar was rendered by data across the USA which has shown: new orders of the American factory goods have grown the third month successively in April, specifying on force in a manufacturing industry and in economy as a whole. The Ministry of Trade has declared: new factory orders have increased for 0,7 %. March orders have been reconsidered with increase up to 1,5 % instead of earlier sounded growth for 0,9 %. Economists predicted growth of new industrial orders for 0,6 %. Orders without taking into account volatily a transport category in May have grown for 0,5 % while orders of primary metals, electric equipments, devices, components and the capital goods have grown. The report also has shown: orders for the goods of long using, which service life it will be prolonged three years and more, have grown for 0,6 % after strengthening for 0,8 % the last month. Orders for the goods of long using except for transport have grown for 0,3 % after strengthening for 0,1 % earlier.

Gold: The prices for gold have decreased today, having reached thus of a four-monthly minimum and having fixed the sixth seasonal recession successively, that has been connected with an output of optimistically data across the USA. Cost of the June future for gold on COMEX today has fallen up to $1243.95 for ounce.

Oil: The prices for oil of mark Brent have decreased today, having lowered thus below a mark $108.5 for barrel, reflecting weak European demand. Meanwhile, cost of oil WTI has moderately grown. Cost of July futures for the American easy oil of mark WTI has grown up to $102,69 for barrel on the New York commodity exchange.


Market review for 02.06.14: The dollar exchange rate has grown despite of an output of the mixed data across the USA.

Asian and European trading sessions:

Euro: During the European session the rate of euro has decreased on a background of data about industrial activity in Eurozone. Restoration in industrial sector of Eurozone was more slowly, than it was originally supposed in May; final data Markit Economics on Monday have shown.
In view of seasonal fluctuations the final industrial index of managers on purchases from Markit has fallen up to 52,2 with 53,4 in April. The Tentative estimation for May was up to standard 52.5. “of Research PMI specify, that gross national product in the second quarter will raise for nearby 0,5 % ", Chris Uilyamson, group economist Markit has told.
Easing PMI reflects slower rates of expansion in the manufacture, new orders and employment. Data have shown: in Eurozone industrial cost prices have increased for the first time for three months. The EUR/USD pair has decreased up to $1.3592 and has receded during the European session.

British Pound: The British pound traded without the certain tendency against US dollar after an output of data about industrial activity and volumes of crediting.
The quantity of the approved applications for mortgage credits in the Great Britain was reduced up to the lowest level since July, 2013, data of Bank of England on Monday have shown. The approved applications have fallen more, than it was expected - up to 62 918 in April (a nine-monthly minimum) from 66 563 in March. The expected level was 64 500.
Crediting on the security of apartment houses has increased up to 1,7 billion pounds sterling since March when it has made 1,8 billion pounds sterling. At the same time, consumer crediting has grown up to 0,7 billion pounds sterling in comparison about 1 billion pounds sterling in March.
The British industrial activity has continued the tendency of expansion in May led by strong growth of volumes of the manufacture, new orders and new export activity, have shown on Monday the given inspections of economy from Markit and Royal institute of purchases and deliveries (CIPS).
The index of managers on purchases from Markit/CIPS has decreased up to 57 from an April five-monthly maximum 57,3. Estimation PMI above 50 testifies to expansion in sector. The sector grew every month since March of the last year.
The GBP/USD pair has grown up to $1.6760, and has then decreased up to $1.67234 during the European session.

American trading session:

U.S. Dollar: The dollar exchange rate has grown against euro, despite of an output of the mixed data across the USA. The index of industrial activity in the USA has decreased in May, 2014 up to 53,2 items about 54,9 items month earlier, data of Institute of management of deliveries (ISM) testify. Analysts predicted growth of an index up to 55,7 items.
At the same time, the great demand on cars and necessity to replace the becoming outdated equipment will not give investments into branches to lower below too strong. Counted ISM the index tracing receipt of new orders in the USA, in May has decreased up to 53,3 items about 55,1 items in April. The indicator of employment has fallen up to 51,9 items in comparison about 54,7 items month earlier.
According to data, the April volume of charges on construction has increased for 0,2 %, having reached thus of a level $953,5 billion, in comparison with increase $951,6 billion in March. Economists expected growth of charges on 0,8 %. The reconsidered data have shown: the moderate increase in April has come after growth of charges on 0,6 % in March and for 0,4 % in February. It was originally informed, that charges on construction in March grew all for 0,2 %, and in February have decreased for 0,2 %.

Gold: The prices for gold have moderately decreased today, having fixed thus the fifth seasonal recession successively (the longest series for seven months) as growth of the share markets has lowered interest to a precious metal. Besides participants of the market wait for announcement of results of session ECB and the publication of key data across the USA. Cost of the June future for gold on COMEX today has fallen up to $1245.55 for ounce.

Oil: Cost of oil has moderately decreased during today's session, having appeared under pressure from strengthening the American dollar. Cost of July futures for the American easy oil of mark WTI has fallen up to $102,43 for barrel on the NYMEX.


Market review for 29.05.14: The dollar traded without the certain tendency on a background of the mixed American statistics.

Asian and European trading sessions:

Euro: The rate of euro has moderately grown against dollar pending the today's publication of data on employment from the Ministry of work of the USA. According to the average forecast of economists, the number of primary references on reception of the unemployment benefit on results of the week which have come to the end on May, 24th, has decreased up to 321 thousand with 326 thousand earlier. The given positive statistics will testify to restoration of the largest economy of the world. Small influence was rendered also by data across Spain which have shown, that economic growth was accelerated in the first quarter in comparison with the previous three-monthly period, having confirmed thus initial estimations. According to the report, on results of first three months of this year the total internal product has grown for 0,4 percent after increase for 0,2 percent the last quarter.
Meanwhile, other report which has been let out today by Bank of England and the British Exchequer, has shown: volumes of crediting of the companies the banks participating in program FLS, were reduced to 2,78 billion in 1 quarter of this year. The EUR/USD pair has grown up to $1.36245 during the European session the

British Pound: The rate of pound has decreased against dollar, having returned thus to levels of opening of current session. The course of the tenders was affected by data across Britain. Note, that the volume of manufacture of cars in Britain was sharply accelerated in April, having fixed thus the greatest monthly increase almost for two years. About it it became known from the report which has been presented by the Society of manufacturers and sellers of cars (SMMT). According to data, the last month 133 437 cars have been in total constructed, that on 21,3 % it is more, than for the similar period of the last year. The April growth has appeared the most essential since July, 2012. GBP/USD: during the European session the pair showed mixed dynamics

American trading session:

U.S. Dollar: During the American session the dollar traded without the certain tendency on a background of the mixed American statistics.
The number of the Americans, for the first time the submitted applications for receptions of unemployment benefits, has noticeably decreased last week, having reached thus of pre-crisis levels that speaks about a proceeding improvement on a labour market.
The ministry of work has declared, that for the week which has come to the end of May, 24th, number of primary references behind the unemployment benefit has decreased in view of seasonal fluctuations on 27 000 - up to a level 300 thousand Economists predicted, that value of the given parameter will decrease only up to 321 thousand
Meanwhile the number of references for the last week has been reconsidered aside increases up to 327 thousand with 326 thousand
Besides it became known, that the average of references for last four weeks has decreased on 11 250 last week, having reached thus of a level 311 500 (the lowest value, since August, 2007).
Many economists consider, that number of references below 400 000 - a sign on improvement on a labour market.
In turn, on results of the first quarter economic activity in the USA has noticeably decreased, having surpassed thus forecasts of experts, and having appeared worse the previous value. About it became known from the reconsidered data presented by the Ministry of Trade.
The report has shown, that in view of seasonal fluctuations the total internal product of the country was reduced to 1,0 % annual in first three months of this year that has followed growth on 2,6 % in the fourth quarter. It is necessary to note, that it was the first falling gross national product from first quarter 2011 (then economic it was reduced to 1,3 %).
Let's remind, that in preliminary data it was informed on growth of gross national product on 0,1 %, but since then there were presented new reports which have appeared worse forecasts, as has forced to reconsider change of gross national product aside downturn. Economists expected, that the economy will be reduced to 0,6 %.
One more report has shown, that a parameter, not completed transactions estimating quantity on sale of habitation, has moderately grown in April, but it has appeared it is less, than many experts predicted.
The national association of realtors has declared, that in view of seasonal fluctuations the index of not completed sales of habitation in the secondary market has grown on 0,4 % in April, having reached thus of a level 97,8. It was the second monthly increase after decrease within eight months on end. But last growth was considerably below estimations of experts - at a level of +1,1 %. Besides data have shown: in comparison with the last year not finished sales of habitation have fallen to 9,2 % in April.
In the report it is spoken, that the house market was stabilized after increase of interest rates and unusually cold winter that has slowed down sales in second half of 2013 and in the beginning of this year.

Gold: The prices for gold decrease on a background of strong data on a labour market of the USA which have weakened demand for safe actives. Cost of the June future for gold on COMEX today has fallen up to $1250.9 for ounce.

Oil: Cost of oil of mark West Texas Intermediate has grown after stocks in Cushing, state of Oklahoma, item of delivery of contracts, have fallen in 16-th time for 17 weeks. Cost of July futures for the American easy oil of mark WTI has grown up to $103,38 for barrel on the New York commodity exchange.


Market review for 28 05.14: The rate of pound has sharply decreased, despite of almost empty calendar across Britain.

Asian and European trading sessions:

Euro: The rate of euro has a little decreased against dollar, having got under influence of weak data across Germany. As it became known, German unemployment has unexpectedly grown in May, having fixed the first increase for half a year that strengthened concern of restoration of the largest economy of the Europe. The federal agency of work has declared: in view of seasonal fluctuations the quantity of people without work has grown reaching a level 2,905 million. Many economists predicted decrease on 14 thousand after reduction by 25 thousand in April. But, despite of such change, the corrected rate of unemployment has remained on a mark of 6,7 percent - a minimum for more than two decades. The rate of unemployment in Germany is twice less, rather than on the average on an Eurozone where it makes 11,9 % that is close to a historical record. Data also have shown: the number of unemployed has grown on 16 018 people in the Western Germany and on 7919 person in east part of the country. Somewhat weakness of parameters spoke soft weather in the end of winter and in the beginning of spring which led to earlier set of seasonal workers, than usually, approves department. Also in the ministry noted, that the job demand remains at “a good level ". The EUR/USD pair has decreased up to $1.36035 during the European session.

British Pound: The rate of pound has sharply decreased, despite of almost empty calendar across Britain. Experts mark: the pound has got under pressure in view of some factors - a delay of transaction Pfizer which could provoke reduction of bids, and also weak data under the approved applications for the mortgage, calling into question restoration of the market of habitation. The pair could not overcome resistance on $1.6820 and has lowered below $1.6750 where was not since May, 15th on disappointment of investors. Nevertheless, falling of the price - an excellent opportunity for purchases, therefore any decrease can be accompanied by short-term recoil. If and will occur, the nearest purpose becomes a level of resistance $1.6880.
Small pressure was rendered by today's data on an index of retails from Confederation of the British Industrialists, appeared worse forecasts (the parameter has fallen up to +16 with +30 in April though experts predicted growth up to +36). The GBP/USD pair has fallen up to $1.67405 during the European session.

American trading session:

Swiss Franc: The rate of the Swiss Franc has slightly decreased that has been connected with an output of the report across Switzerland. According to the data of the State secretary published today on economic questions, growth of economy of Switzerland in 1-st quarter was accelerated on 0.5 % in comparison with the last quarter, and on 2,0 % in comparison with the same period of the last year. These results have almost coincided with forecasts of economists which expected growth on 0,5 % in comparison with 4-th quarter, and on 2,1 % - in comparison with 1-st quarter of the last year. The positive contribution to growth of gross national product basically has brought balance of foreign trade in the goods and services, and also investments into construction. Now the secretary predicts growth of gross national product of Switzerland on 2,2 % in it to year and on 2,7 % in 2015. The updated forecasts of secretary under gross national product, inflations and unemployment will leave on June, 17th. The Swiss national bank expects that the national economy in it to year will grow on 2 %.

Gold: The prices for the gold, that were kept in two months range, started to decrease: futures for precious metal in New York have fallen up to a minimum for 15 weeks on a background of growth of the American share market up to record-breaking high levels. Cost of the June future for gold has fallen up to $1257.0 for ounce on COMEX today.

Oil: The prices for oil continued to decrease, as the intensity in Ukraine and in Libya were kept and it put pressure upon the market. Cost of July futures for the American easy oil of mark WTI has fallen up to $103,41 for barrel on the New York commodity exchange.


Market review for 27.05.14: Cost of gold has sharply decreased on a background of strengthening of dollar.

Asian and European trading sessions:

Euro: The euro has decreased against the dollar, having returned thus to levels of opening..
Small influence was rendered with the report across France. As it became known from the message of National institute of statistics Insee, the French index of consumer trust has not changed in May after falling April falling as house facilities looked at the financial situation more positively. According to the report, the indicator of consumer trust has made in May of 85 items, completely having coincided with forecasts of experts. The EUR/USD pair has decreased with $1.3648 during the European session the

British Pound: The rate of pound has sharply decreased against dollar that has been connected with an output of weak data across Britain. The association of the British bankers (BBA) has declared: on results of the last month the number of the approved applications for credits has decreased, having fixed thus the third monthly recession successively. According to the report, the April number of the approved credits has fallen up to a level 42 173, in comparison with the reconsidered parameter for March on a mark 45 045. Nevertheless, value of the given parameter still for 25 % is more, rather than for the similar period of the last year. Many experts predicted, reduction of number of the approved applications up to 45,2 thousand with 45,9 thousand on which it was originally informed. In Association of the British bankers was declared: while annual growth reflects force of revival in the house market of the Great Britain and return to levels of the end of 2007, recession last three months was surprising. The GBP/USD pair has fallen up to $1.6810 during the European session.

Japanese Yen: The yen has fallen under the attitude to all basic currencies before tomorrow's conference of the chapter of Bank of Japan. The meeting will pass in Tokyo and will be organized by Bank of Japan and institute of monetary-economic researches. Yesterday the assistant to the managing director of Central Bank Kikuo Ivata has declared, that the further economic growth of the country of a rising sun cannot be provided exclusively through levers of a monetary and credit policy and is a paramount problem for the government, instead of the Central Bank.

Australian dollar:

U.S. Dollar: The dollar grew on the American session. Support to dollar was rendered by data under orders for the goods of long using in the USA.
Orders for the goods of long using have noticeably grown the last month that was helped by splash in military charges and restoration of economy after severe winter.
The Ministry of Trade has declared: in view of seasonal fluctuations the April volume of orders has grown on 0,8 %, in comparison with increase on 2,9 % in March. Economists expected reduction of value of the given parameter by 0,4 %.
In the report it was spoken: last growth has been caused by 39,3 %-s' jump of defensive orders (the largest one-monthly increase since December, 2012) and increase of orders for the transport equipment on 2,3 %.
Without taking into account a transport category, orders for the goods of long using have grown on 0,1 % in April. Meanwhile, excepting defensive sector, orders have fallen to 0,8 %.
Data also have shown, that orders for not defensive capital goods without taking into account air courts were reduced to 1,2 % after growth on 4,7 % in March.
Experts mark: the volume of orders for the goods of long using can signal about the future of industrial activity as factories increase manufacture for satisfaction of demand or reduce it when orders fall.
In turn, the report published S*P/Case Shiller, has shown, that the prices for habitation in the USA have continued to grow in March, but have slowed down rates in comparison with the previous period.
According to data, the prices for habitation on all country have increased for 0,2 % in the first quarter in comparison with last three months of the last year. In comparison with the similar period of the last year, the national prices for habitation have increased for 10,3 %.
Also the price index on the habitation, covering 10 large cities USA, has grown on 12,6 % for a fiscal year which has ended in March. In the meantime, the price index for 20 large cities has raised on 12,4 % that has followed growth on 12,9 % annual in February. Experts expected, that last parameter will grow on 11,9 %.

Gold: Cost of gold has sharply decreased on a background of strengthening of dollar after an output of strong data under orders for the goods of long using. Cost of the June future for gold has fallen up to $1266.05 for ounce on COMEX today.

Oil: Cost of oil of mark West Texas Intermediate has decreased from a five-week maximum on gamble, that stocks in the USA are sufficient for satisfaction of a growing demand for fuel. Cost of July futures for the American easy oil of mark WTI has fallen up to $103,55 for barrel on the New York commodity exchange.


Market review for 26.05.14: Today the markets of USA and Great Britain were closed in connection with holidays.

Asian and European trading sessions:

Euro: The euro has fallen at the Asian session on a background of fears, that after election in the European parliament the parties which have come to power, will interfere with intentions of the Central bank on strengthening economic restoration of region. Opposition parties in Greece and France have typed many voices. At the same time the block Angels Merckel has received the majority of voices in Germany.
During the European session in the market Forex of euro has grown against dollar on a background of comments of chapter ECB of the Drag and data on confidence of consumers of Germany.
Also it became known, that the index of economic expectations in May has risen on 6,4 items up to 38,5. Higher value has been last time written down in July, 2011 when the given parameter has risen up to 44,6 items.
Meanwhile, the index of the expected income has fallen in May to 4,5 items - up to 47,8 items. Nevertheless, the indicator remains at very high level and still almost on 14 items above value of the corresponding period of the last year. The parameter estimating readiness to buy, has grown on 0,9 items in May - up to 49,5 items. The EUR/USD pair has grown up to $1.3648 during the European session.

Japanese Yen: The yen falls the third day successively pending today's performance of the head of Bank of Japan. Last week session of the Central Bank took place in considering positive statistics on growth to economy in region. The Bank of Japan did not begin to expand the program of quantitative mitigation.

New Zealand dollar: The New Zealand dollar was under pressure after the publication of data on trading balance of the country. The last month the parameter has unexpectedly changed. Today Statistical management of New Zealand has informed: the trading balance of New Zealand in view of seasonal fluctuations has fallen up to 534M with 920M for the last month. Analysts expected, that the parameter will show decrease to 667M.

American trading session:

U.S. Dollar: Today the markets of USA and Great Britain were closed in connection with holidays.

Gold: Gold keeps below $1300 for ounce during the electronic trades in New York on a background of inconsistent signals: an expected reduction of stimulating measures of Federal Reserve System and the Ukrainian conflict. Cost of the June future for gold traded in a range $1290.95 - $1294.85 for ounce on COMEX today.

Oil: The World prices for oil decrease on a background of gamble, that elections of the new president of Ukraine can facilitate months of intensity in attitudes with Russia, the world's largest the exporter of energy. Cost of July futures for the American easy oil of mark WTI has fallen up to $103,93 for barrel on the New York commodity exchange .


Market review for 22.05.14: The euro has grown against a background of data on indexes of business activity of Eurozone.

Asian and European trading sessions:

Euro: The euro has moderately grown against dollar on a background of data on indexes of business activity of Eurozone. As it was informed on Thursday by Markit Economics in Eurozone activity in a private sector has shown the best calendar quarter within three years. The preliminary index of managers on purchases for manufacture and sectors of services was 53,9 in May, having appeared according to expectations, but hardly lesser in comparison with 54 in April.
Nevertheless, last reading was the second on force which saw within last three years, and averages for the second quarter the highest value, since the second quarter 2011.
Preliminary industrial РMI has decreased up to 52,5 with 53,4 in April and has remained below an expected level 53,2. Preliminary PMI for sector of services, in the meantime, has grown more expected - up to 53,5 with 53,1 in April. Value, according to forecasts, should make 53.
In turn, a private sector of Germany has extended strong rates in May (also as well as the last month), that has shown on Thursday preliminary results of interrogation Markit Economics.
The summary index of release has remained constant at a level 56,1 in May. The result was noticeably above a mark 50,0 separating growth from reduction.
The index of managers on purchases for sector of services has reached 35-month's maxima 56,4 in May with 54,7 in April. Economists predicted growth of an index up to 54,8.
Meanwhile, industrial PMI has fallen more, than it was expected: up to 52,9 in May with 54,1 the last month. The prospective account was 54.
Growth of manufacture has been substantially connected with increase in a portfolio of orders. The companies of sector of services have informed on strong growth of activity while manufacturers signalled about weak growth. The EUR/USD pair has decreased up to $1.3654 and then has grown up to $1.3687 during the European session.

British Pound: During the European session the British pound has grown pending data under gross national product and has decreased after an output of statistics. The British economy has grown in the first quarter in faster rate, as well as was originally estimated, the second estimation from Management of national statistics has shown on Thursday. The total internal product has grown for 0,8 percent in relation to the last quarter and has not changed in comparison with an estimation published on April, 29th. Consecutive growth follows 0,7 percent gain in the fourth quarter of the last year.
In annual calculation of gross national product has grown for 3,1 percent, also according to an initial estimation. In total volume of manufacture has grown for 0,7 percent which have been reconsidered aside downturn about 0,8 percent. Growth in sphere of services has been confirmed at a level of 0,9 percent while the increase in volumes of construction has been reconsidered up to 0,6 percent about 0,3 percent.
Other report has shown: total accumulation of a fixed capital has grown in the first quarter for 0,6 percent in comparison with the fourth quarter up to 56,2 billion pounds sterling. Business investments have extended for 2,7 percent up to 32,8 billion pounds sterling. The GBP/USD pair has grown up to $1.69174 and then has decreased up to $1.68615.

American trading session:

Japanese Yen: The Japanese yen decreased having come nearer thus to the minimal values which has been connected with an output of the Chinese data on PMI. As it became known, a May index of managers on purchases (PMI) in China, calculated by HSBC and Markit Economics, has reached record value of 2013. According to preliminary data, the indicator in current month has grown up to 49,7 items. Thus it has remained below 50 items that specifies decrease in activity of a business society in industrial sector of the country. The last month the considered parameter has been fixed on a mark 48,1 items. Experts expected, that value of the indicator in May will make 48,4 items.

Gold: The prices for gold have grown today as yesterday's reports of meeting FOMC have shown: the Federal reserve system of the USA is measured to continue support of the American economy. The cost of the June future has grown up to a level $1298.50 on COMEX today.

Oil: The cost of oil has increased today, having reached thus of a maximum for last 2,5 months that has been connected with an output of the best, rather than it was expected, data across China and the limited export of oil from Libya. Cost of July futures for oil mark WTI has grown up to $103,10 for barrel on the New York Commodity exchange.


Market review for 21.05.14: The British pound has grown on a background of data on retails.

Asian and European trading sessions:

Euro: The rate of euro has decreased against dollar, having receded from reached in the beginning of session maximums on a background of data under the balance of payments. Proficiency of the account of current operations of the euro zone has decreased in March in connection with reduction of balance of trading balance.
Proficiency of the account of current operations was reduced in view of seasonal fluctuations up to 18, 8 billion euro in March about 21.8 billion euro in February.
Proficiency on trade in the goods has decreased up to 13.8 billion euro about 15.5 billion euro. Besides proficiency on services has decreased up to 8, 5 billion euro about 11,6 billion euro.
Meanwhile, the account of incomes has grown up to 5.8 billion euro about 4,8 billion euro in March. At the same time deficiency of current transfers was reduced up to 9,3 billion euro about 10 billion euro.
On not corrected basis proficiency of the account of current operations has increased up to 20,9 billion euro in March about 13,8 billion euro in February. The EUR/USD pair has grown up to $1.3723 and then has decreased up to $1.36703 during the European session.

British Pound: The British pound has grown on a background of data on retails. In the Great Britain retails have increased in the strongest annual rate since May, 2004, it was shown on Wednesday by the given Managements of national statistics.
The volume of retails, including automobile fuel, has extended for 6,9 percent in annual calculation in April that is faster than growth for 4,8 percent which saw in March. It was the highest annual growth of a sales volume since May, 2004, and it has exceeded 5,3 percent of growth expected by economists.
Without taking into account automobile fuel retails have risen for 7,7 percent after growth for 4,9 percent in March. It was also above expected increase at 5,4 percent.
In monthly measurement as a whole growth of volumes of retails has improved for 1,3 percent in April about 0,5 percent in March. In turn, growth of sales without taking into account automobile fuel was accelerated up to 1,8 percent about 0,1 percent.
Besides the report of session of Bank of England from the May, 7-8th, published today, has shown: the Committee has unanimously voted for preservation of the rate at a level of 0,5 % and the size of the program of purchase of actives 375 billion that has been quite expected.
Nevertheless, the report has specified that the opportunity of gradual increase of rates was discussed and that some members MPC can soon start to call for it, however before it they would like to see improvement of a picture on a labour market.
The Central Bank of England also has declared: the rate of inflation should come nearer to a target mark of 2 % the nearest months, and value of the indicator of capacity is expected in area of 1-1.5 %. The Russian-Ukrainian conflict, and also credit growth in China has noted been as risks for the British restoration.
The GBP/USD pair has grown up to $1.69214 during the European session.

Australian dollar: The Australian dollar has fallen by the fastest rates for last two months on a background of an output of negative statistics from region and falling of the prices for iron ore. It became known, that the index of consumer trust in Australia has fallen to the lowest level since August, 2011 (time of carrying out of last stage of mitigation of monetary policy RBA). According to the data published today an index of confidence of consumers from Westpac Banking With. Melbourne Institute has fallen in May to 6,8 % up to 92,9 against a month earlier.

American trading session:

Japanese Yen: The rate of yen has essentially grown against US dollar, having returned thus all earlier the lost positions. Support growth of profitableness of 10-years state bonds of the USA up to a new intraday time maximum of 2,535 % has rendered pair, and also expectations of the publication of the report of meeting FRS.
It is necessary to note, that initial falling of yen has been caused by comments of the chapter of Bank of Japan Kuroda. It has declared, that there are no reasons for strengthening yen. Probably, it is an attribute that the bank is in a condition of alertness after recent increase of a rate of the Japanese currency.
“We shall continue to spend current program quantitative and qualitative mitigation while there are attributes of steady restoration in other countries, in particular, in economy of the USA, - has told Kuroda at press conference, having noted, that the Federal reserve system turns off measures on stimulation of economy considering economic conditions in the country and abroad, movements in the financial markets, I do not see any reasons that the Yen grew ". The USD/JPY pair has lowered up to Y100.80 level.

Gold: The prices for gold have moderately decreased today, that has been connected with strengthening the American currency and expectations of the publication of the report of last meeting of Federal Reserve System of the USA. The cost of the June future for gold has fallen up to a level $1290.10 on COMEX today.

Oil: Cost of oil WTI has grown today, having reached thus of a one-monthly maximum as the governmental report has specified decrease in stocks of oil in the USA on results of the last week. Cost of July futures for the American easy oil of mark WTI has grown up to $103,615 for barrel on the NYMEX.


Market review for 20.05.14: The Australian dollar fell against all major currencies after the publication of minutes of the last meeting of the Reserve Bank of Australia.

Asian and European trading sessions:

Euro: Euro fell against the dollar after a report on producer prices in Germany. The agency Destatis reported on Tuesday that producer prices in Germany fell ninth consecutive month in April. Producer prices fell 0.9 percent year on year - the same rate as it was in March and February. Annual decline also met the expectations of economists. On a monthly basis, producer prices fell 0.1 percent - slightly slower than the 0.3 percent drop in March. Excluding energy, producer prices fell by 0.2 percent compared to April last year and remained unchanged from March. As part of producer prices for intermediate goods prices fell 1.6 percent, while energy prices fell 3 percent. Meanwhile, the costs of durable goods and consumer goods increased by 1.2 percent and 1.4 percent respectively. Prices for capital goods grew by only 0.4 percent. The EUR / USD pair fell to $ 1.36774 and then rose to $ 1.37065 during the European session.

British Pound: The British pound rose amid inflation data, but failed to achieve sustainable growth and retreated. In the UK, inflation accelerated in April, more than expected, due to higher transportation costs, showed on Tuesday, official data Office for National Statistics.
Inflation rose to 1.8 percent in April from 1.6 percent in March - a level which was the lowest since October 2009. Growth rate exceeded the consensus forecast of economists in 1.7 percent. On a monthly measurement of consumer price inflation accelerated to double to 0.4 percent from 0.2 percent in March. Excluding energy, food, alcoholic beverages and tobacco products, core inflation rose to 2 percent in April from 1.6 percent in March.
Another report from the ONS showed that inflation increased selling prices slightly to 0.6 percent from 0.5 percent in March. In monthly terms, producer prices remained unchanged after rising 0.2 percent.
Meanwhile, the purchase prices continued to decline in April. Purchasing prices decreased by 5.5 percent for the year, which is slower 6.3 percent drop in March. Compared with March, the purchase prices were down 1.1 percent. The GBP / USD pair rose to $ 1.6864 and retreated during the European session.

Australian dollar: The Australian dollar fell against all major currencies after the publication of minutes of the last meeting of the Reserve Bank of Australia. The RBA stated that interest rates will continue to remain at a record low due to low inflation and economic weakness. Most economists predict that the RBA will keep monetary policy unchanged until the end of this year. Low borrowing costs are driving the housing prices, which is why the Central Bank reluctant to cut interest rates since late 2011.

American trading session:

Canadian dollar: The Canadian dollar has noticeably decreased against US dollar that has been connected with an output of the Canadian data on wholesales. Wholesale trade in Canada has unexpectedly decreased in March after two consecutive monthly increases, and the sales volume in automobile sector has fallen up to the lowest level for 18 months, has informed Statistical management of Canada on Tuesday. In monthly expression wholesale trade has fallen to 0, 4 % up to 50, 45 billion Canadian dollars ($ 46,47 billion) after 1,1 %-s' gains the last month. The market consensus-forecast was up to standard of increase at 0,5 % of wholesales in March. In terms of volume sales have fallen to 0, 2 %.

Gold: The prices for gold were restored after falling up to an one-week minimum, having risen thus above levels of opening of session. Such dynamics is connected with expectations of performance of two FRC representatives - the head of Federal Reserve Bank of Philadelphia Mr.Charles Plossera and the head of Federal Reserve Bank of New York Mr. William Dadli. Cost of the June future for gold has grown up to a level $1293.75 on COMEX today.

Oil: Cost of oil WTI continued to remain near to a four-week maximum that was connected with expectations of the publication of tomorrow's official data on stocks of oil and mineral oil in the USA. Cost of June futures for the American easy oil of mark WTI traded around $102.46 barrel on the NYMEX.


Market review for 19.05.14: The New Zealand dollar rose against most major currencies against the publication of positive statistics in the country.

Asian and European trading sessions:

Euro: The euro rose slightly against the dollar, disregarding the data of construction of the eurozone. As it was reported by the statistical agency of the European Union (Eurostat) the construction in 18 countries of the eurozone in March decreased and gave another indication that the eurozone economy has completed 1st quarter on a weak note.
Details: in March the construction fell 0.6 % compared to February, but rose by 5.2% compared with the same period last year. Compared with the last quarter of 2013 construction in the 1st quarter as a whole grew by 2.3 %. Nevertheless, the reduction of construction, which was observed at the end of the 1st quarter, a worrisome sign for the eurozone politicians as other previously published data also pointed to a decline in industrial production and export volumes in March. The EUR / USD pair rose to $ 1.37245 during the European session.

British Pound: The British pound rose against the dollar, retreating from the lows reached earlier on the background data on house prices. According to statistics published today by the real estate agency Rightmove, the average asking price for homes for sale increased by the maximum percentage since April 2002 - by 3.6% , or 9,409 pounds ($ 15,813 ) , to a new record high of 272,003 lbs. Compared to May 2013 prices were 8.9% higher. "Capital now needs a program of colossal dimensions to create a flow of housing supply. Larger initiatives on transport, new satellite cities and the release of land for development for both private and social sectors will help to relieve the increasing price pressure ," - said Miles Shipsayd of Rightmove . The survey also showed that the asking prices in London reached a fresh high ownership in 592,763 pounds , almost 20,000 more than in April. The GBP / USD pair fell to $ 1.6804 and then rose to $ 1.6844 during the European session.

New Zealand dollar: The New Zealand dollar rose against most major currencies against the publication of positive statistics in the country, which could push the CB guide New Zealand to further tighten monetary policy. Today, the country's Statistics Department reported that the Producer Price Index Input New Zealand in the first quarter increased by 3.1 % compared to a year earlier, and performance of services in the country has increased the most since 2007 and amounted to 58.9 in April.

American trading session:

Euro: Some support to the euro had the comments of representative of the ECB Ms. Jens Weidmann. Speaking today in Frankfurt, ECB Governing Council member and head of the Bundesbank, J. Weidmann said: "Eurozone inflation will remain low for a long time".

Gold: Gold prices rose today as the dollar and stock markets fell. The cost of the June gold futures rose to a high of $ 1298.55on the COMEX today.

Oil: Prices for WTI crude oil raising on speculation that escalating tension in Libya would further disrupt supplies from the owner of the largest reserves of Africa. The cost of June futures on WTI rose to $ 102.75 a barrel on the New York Mercantile Exchange.


Market review for 15.04.14: The euro fell sharply against the dollar, which has been associated with the release of GDP data for France and the eurozone.

Asian and European trading sessions:

Euro: The euro fell sharply against the dollar, which has been associated with the release of GDP data for France and the eurozone. As it became known , the growth of the French economy became zero , compared with a revised growth of 0.2% over the previous three months, as it was brought by the National Bureau of Statistics today Insee. The median estimate of economists was the growth by 0.4%.
Another report has shown that the eurozone economy expanded remarkably weaker pace in the last quarter, despite a strong recovery in Germany. According to the data, the euro zone’s gross domestic product grew by 0.2 % in the first quarter compared with the last three months of 2013 (then as the economy expanded by 0.2 %). This result was very far from the 0.4 % quarterly growth expected by economists. In annual terms, the economy grew by 0.9 %, compared with an increase of 0.5% in the previous quarter. Annual growth in the region remains weak, given the seriousness of the pair downturns that shook the euro unit since 2008.
It was published also an important inflationary ECB report, which said that the euro zone 's economic recovery continues in line with forecasts, while inflation will remain low for a long time , and only then start a gradual move to around 2%. According to the ECB coming months, annual HICP rate will remain low, and only in 2015 will begin to grow, reaching the end of 2016 the level of 2%. It is expected that in 2015 HICP will rise by 1.3 % versus 1.4 % previously, and in 2016 - 1.5 % versus 1.7 % previously. Adding that long-term inflation outlook was revised from 1.9 % to 1.8 % is also expected that the ratio of debt to GDP will stabilize in 2014 at around 96.0 %, and in 2015 will decrease to 95.4 %. The EUR / USD the pair fell to $ 1.36485 during the European session.

British Pound: The pound fell against the dollar, which was associated with comments of Mr. Ben Broadbent, a member of the Committee on Monetary Policy. He noted that interest rates in the UK will not rise until the economy is ready. Meanwhile, Broadbent believes that when borrowing costs are really starting to grow, but the increase will be "soft."
Judging by the forecasts for GDP and inflation published by the Committee on monetary policy on Wednesday, the central bank may start raising interest rates from a minimum of 0.5 % at the beginning of next year. The leaders of the Bank of England said that the UK economy can accelerate growth without acceleration of inflation, as the availability of unused resources on the roar of labor will inhibit the growth of wages and prices.
Meanwhile, Broadbent said that workers are already beginning to feel the recovery of wages, adding that he expects further productivity growth and reduce unemployment in the coming months. The GBP / USD pair fell to $ 1.67305, but then recovered to $ 1.67505 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar fell against the euro, despite the strong data on the U.S. labor market. The number of Americans who first applied for unemployment benefits dropped sharply last week, reaching a seven-year low at the same time. Latest update was a sign that the labor market is recovering from the changeable spring dynamics. The Labor Department said: for the week ending May 10, the number of initial claims for unemployment benefits fell to a seasonally adjusted 24,000 - to the level of 297 thousand (the lowest level since May 2007, before the recession began) . Many experts predicted that the value of this indicator will add 321 thousand; the number of appeals for the previous week was revised upwards to 321 thousand from 319 thousand
Also, U.S. consumer prices rose in April, and confirmed the experts' forecasts and recorded the highest pace in nearly a year. This was stated in the report of the Department of Labor. According to the data, the April consumer price index rose a seasonally adjusted 0.3 % compared with 0.2 % the previous month. It was the largest increase since June 2013. So -called core prices, excluding food and energy, rose 0.2 % last month. Both changes are in line with economists' expectations. On an annual basis, consumer prices rose by 2.0 % in April, compared with 1.5 % in March. Improvement reflected a steady increase in prices since last spring, when consumer prices fell due to temporary factors - such as the reduction in public spending on health.
Some pressure on the U.S. currency had data provided by the Federal Reserve, which showed that at the end of last month, the volume of industrial production declined significantly despite the forecasts of experts to increase that likely was due to the weather effect. According to the report, industrial production fell by 0.6 % in April, compared with 0.9 % in the previous month (revised from 0.8 %). Economists had expected an increase of 0.4 %. Meanwhile, the indicator assessing capacity utilization fell to 78.6 % from 79.3 % in March (revised from 79.2 %). He was expected to be 79.2%.
In the Fed said: industrial production decline was largely the result of 5.3 % reduction in the utility sector after a significant increase in the previous months. Recall unusually cold weather has caused a surge in demand of Americans for gas and electricity to heat their homes.

Gold: The price of gold fell amid rising dollar after data falling initial claims for unemployment benefits. The cost of the June gold futures on the COMEX today dropped to $ 1290.95.

Oil: The WTI crude oil continued to decline due to increased inventories of fuel terminals in the United States after the rise of production to a 28-year high. The cost of June futures on U.S. light crude oil WTI fell to $ 101.52 per barrel on the NYMEX.


Market review for 15.04.14: The euro fell sharply against the dollar, which has been associated with the release of GDP data for France and the eurozone.

Market review for 15.04.14: The euro fell sharply against the dollar, which has been associated with the release of GDP data for France and the eurozone.


Market review for 14.05.14: The Pound fell sharply after the publication of data on the labor market in Britain.

Asian and European trading sessions:

Euro: Rate of the euro retreated from highs against the dollar reached, thus returning to the opening level. This can provide quite favorable conditions for lowering the refinancing rate and deposit rates, the decline in the last below zero.
As for today's events, the little influence was made by the data on industrial production in the euro area. As it became known, March industrial production in the euro area declined moderately in March, while recalling that the economic recovery remains modest and vulnerable. Statistical agency of the European Union stated that adjusted for the number of working days, industrial production fell in March by 0.1 percent year on year, after rising 1.7 percent the previous month. The economists had expected growth of 0.9 percent. Last fall was the first since August last year, when production decreased by 1.6 percent. Among the components, the biggest drop showed the energy sector (-11.9 percent). On a monthly basis, production declined by 0.3 percent in March, after rising 0.2 percent the previous month. The fall was in line with expectations.
Among the 28 EU countries, industrial production grew by 0.5 percent per year in March, after rising 2.2 percent in February. On a monthly basis, production decreased by 0.2 percent, after a 0.3 percent increase in the previous month. The EUR / USD pair rose to $ 1.37235, but then retreated slightly during the European session.

British Pound: The Pound fell sharply after the publication of data on the labor market in Britain. It is learned that the unemployment rate in the UK in the first quarter fell to its lowest level in more than five years, helped by a record number of people get jobs. I also add that earnings growth faster than inflation for the first time since 2010, but was below forecasts. This was stated in the report of the Office for National Statistics. According to the data, the unemployment rate fell to 6.8 percent in the period from January to March, reaching its lowest level since February 2009, compared with 6.9 percent in the three months to February this year. Latest update appeared in accordance with the expectations of experts.
It was also reported that the number of people in employment rose to a new record level in the first quarter - 30,430 million, helped by the recent increase in the number of people who have registered as self-employed. Increase the number of people who found a job (283 thousand) was the largest quarterly terms since the beginning of statistics in 1971. Overall wage growth, including bonuses, was unchanged - at 1.7 percent in the three months to March. Economists had expected the index to increase by 2.2 percent. Salary increase for the period was greater than the increase in consumer prices in March - at 1.6 percent, which marks the first time since 2010. Excluding bonuses, pay rose by 1.3 percent in the first quarter. In addition, data showed the number of people claiming unemployment benefits fell in April by 25,100 - to 1.12 million, which was less than the forecast of 31.2 thousand
Pound was little support by statements of Mr. Carney. After the release of the quarterly inflation report the Bank of England, in which the Central Bank raised its growth forecasts, the head of Bank Governor Mark Carney said that the UK economy continues to show good results. “The economy began to return to normal”, - assured the head of the Central Bank, adding that "locomotive recovery is likely scope of business investment” rather than consumer spending. However, Carney admitted that “the labor market is still very weak." Bank of England once again promised to keep rates low, but it added that the British economy is approaching “the point at which require a gradual increase in rates ".The GBP / USD pair fell to $ 1.67565 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar fell a bit, which was due to technical factors. The dollar's decline occurred despite the above forecasts published data on producer prices. The U.S. inflation index rose sharply last month, reflecting higher prices for some goods and services after a long period of weakness.
The Labour Department said the producer price index, which measures changes in the prices of firms received for their goods and services, rose a seasonally adjusted 0.6% in April, compared with an increase of 0.5 % in March. We add the latest increase was the highest since September 2012.Excluding volatile components (food and energy) producer prices rose in April by 0.5 % compared to 0.6 % in March. Economists had forecast an increase of 0.2 % in both indexes.
The report says that inflation may depart from historically low levels. Compared with the previous year as a whole, producer prices rose 2.1 % in April, recording the largest annual jump since March 2012.
Federal Reserve System is aimed at a 2% annual inflation rate, measured by a single indicator. The Central Bank believes that a moderate increase in inflation - a sign of a healthy economy, while low or falling prices reflect weakness or instability. On the background of a gradual improvement in the economy and inflation expectations the Fed's policy will gradually reduce monthly bond purchases.
Today's report also showed that the price index for finished goods rose by 0.6 % compared to the previous month and by 2.5 % per annum. Increase compared with last year proved the sharpest since March 2012.

Gold: Gold rose in price on concerns about escalating tensions around Ukraine and expectations expand stimulus measures in Europe. The cost of the June gold futures on the COMEX today rose to a high of $ 1309.25.

Oil: The cost of oil brand West Texas Intermediate rose to three-week high after a government report showed that crude oil inventories fell in the terminal Cushing, Oklahoma. June futures on U.S. light crude oil WTI rose to $ 102.70 per barrel on the New York Mercantile Exchange


Market review for 13.05.14: The euro fell sharply against the release of a weak report on the euro area in Germany.

Asian and European trading sessions:

Euro: The rate of the euro fell sharply which was associated with the release of a weak report on the euro area in Germany. Data presented by institute ZEW, showed that the mood in the business environment in Germany deteriorated significantly in the month of May, against which the corresponding indicator fell by 10.1 points, reaching the level with 33.1 points. However, despite this decline, the index remains above its historical average at around 24.7 points. Many experts predicted that the figure drops to only 41.3 points. We also learned that the index , which reflects the opinion of experts in relation to the current economic situation in Germany improved by 2.6 points in May, reaching the level of 62.1 points. Meanwhile, adding that the mood in the business environment of the eurozone also deteriorated markedly in May - the corresponding figure fell by 6.0 points and now stands at 55.2 points. It was expected that the index would rise to 63.5 points. The figure the current economic situation in the euro area rose by 4.9 percentage points, to 25.6 points.
It should also be noted that the decline of the euro triggered news Bundesbank , from which it follows that Germany's central bank is ready to support easing of monetary policy by the ECB in June. The EUR / USD pair fell to $ 1.36975 during the European session.

U.S. Dollar: The dollar rose to a week high against the yen on the eve of today's publication of data on retail sales in the United States. According to the median forecast of economists, the April figure is likely to increase by 0.5%. Recall that in March, sales grew by 1.2% - the highest value since August 2012.
Little influenced by data from China, which showed that in the last month, industrial production increased by 8.7 % compared with April 2013, retail sales increased by 11.9%. However, the index is not justified forecasts of analysts who had expected industrial production growth will be 8.9%, retail sales - 12.2%. From January to April this year, the growth of industrial production in China was 8.7 %, as previously assumed. In January-March was recorded the same rise. Retail sales from January to April increased by 12%, as in January-March, which coincided with economists' expectations. In January-April fixed-asset investment in China increased by 17.3%, analysts speculated that figure will increase by 17.8%, after rising in January-March to 17.6%.

British Pound: The pound fell against the dollar, despite the absence of significant economic reports from Britain. Most likely, this dynamics associated with the expectations of tomorrow's publication of the report of the Bank of England’s inflation and labor market data the UK. Experts expect that the unemployment rate in March fell to 6.8% from 6.9 %, while the number of applications for unemployment benefits fell in April by 31.2 thousand, after declining by 30.4 million in March.
In addition, the focus will be the speech of the Bank of England's Mark Carney. These comments are always high importance and monitored by market participants, because they can provide signals for further decisions on the monetary policy of the central bank of the British. The GBP / USD pair fell from $ 1.68835 to $ 1.68245 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar strengthened against most currencies despite the weak retail sales data. The U.S. retail sales growth slowed sharply last month, which is a sign of weakness in consumer spending after the disruptions caused by an unusually severe winter.
According to the Ministry of Commerce, the seasonally adjusted volume of retail sales for April increased by 0.1 % compared with the previous month, reaching at this level of $ 434.57 billion, many experts expect an increase in this index by 0.5%. Basic retail sales (excluding cars) remained unchanged in April, compared with forecasts at 0.6 %.
Ministry of Commerce also revised upward the figure for March - up 1.5%. Recall that it was initially reported about the March increase of 1.1%, but later it was upgraded to 1.2% in the annual revision April 30. Given the recent changes in the March increase was the highest in the last four years, and probably reflects the resumption of pent-up demand after the winter months, especially on cars.
Another report showed that prices of imported goods fell in April, indicating a weak inflation in the whole U.S. economy. According to the data, the import price index fell in April by 0.4 % compared with 0.4 % in the previous month (revised from 0.6 %). Economists had expected growth of this indicator by 0.4%. Compared with April last year, import prices decreased by 0.3%. The Department of Labor reported that energy prices are headed decline last month. Excluding all fuels, import prices were unchanged from March. Add that the cost of foreign oil has fallen by 0.7 % in April, and natural gas - by 18.5 %.

Gold: The price of gold rose slightly against the background data on U.S. retail sales. The cost of the June gold futures rose to a high of $ 1298.80 on the COMEX today.

Oil: The cost of oil brand rose to two-week high on speculation that U.S. crude inventories declined a second consecutive week. June futures on U.S. light crude oil WTI rose to $ 101.55 per barrel on the NYMEX.


Market review for 12.05.14: The Yen fell slightly against the influence of today's data on Japan.

Asian and European trading sessions:

Euro: The Euro was trading with a slight increase against the dollar, while remaining near Friday's low. Since the economic calendar today is almost empty, the market followed the comments of representatives of the ECB. ECB Governing Council member Vitor Constancio and Ewald Nowotny , who spoke today at a conference in Vienna, said : too early to talk about the potential actions of the bank in June. Constancio said that he does not expect deflation in the EU, but made it clear that the ECB's decision will depend on the medium-term inflation expectations. He also repeated exchange rate is not the goal of monetary policy, but the ECB will closely monitor the situation with the euro.
Meanwhile, Nowotny made it clear that the Bank considers the probability of the various measures, as the mere lowering interest rates may not be enough. In addition, he stressed that the creation of the eurozone banking union can strengthen the credibility of the financial institutions in the region, but on the other hand, increased regulation is fraught with risks of side effects - such as moving into the informal sector of the important and risk-related banking activities. The EUR / USD the pair rose to $ 1.37665 during the European session.

British Pound: The pound showed a marked increase against the dollar, which was helped by positive outlook for the labor market and the expectations of publishing a quarterly report on inflation in Britain, which will be released this Wednesday. Today CBI revised to increase the GDP forecast for the UK as the economic recovery continues. Nevertheless, the organization warned: elections to be held early next year, may affect the willingness of businesses to invest. The GBP / USD pair rose to $ 1.69015 during the European session.

American trading session:

Japanese Yen: The yen fell slightly, falling under the influence of today's data on Japan. The results of studies presented today by Eco Watchers, showed an index assessing current conditions deteriorated markedly in the last month, while promising index rose compared with March. According to the report, the current situation index fell in April to a level of 41.6 points, compared with 57.9 points in the previous month. Many experts predicted a decline to the level of 45.2 points. Meanwhile, the index: Outlook rose to 50.3 points from 34.7 points in March. It was expected that the figure only to improve the level of 40 points. Meanwhile, the Ministry of Finance in Tokyo reported: current account surplus amounted to 116.4 billion yen (1.14 billion dollars). According to the median forecast of economists figure was supposed to be at the level of 347.7 billion yen. A year earlier, the surplus amounted to 1.28 trillion Yen. In March, Japan's current account surplus shrank faster forecasts made on burst background imports. The USD / JPY pair fell from Y102.04 to Y101.90 during the European session.

Gold: The price of gold rose in price amid tensions in eastern Ukraine, where the weekend went to vote on the establishment of the independent republics. However, neither the authorities of Ukraine, nor the Western countries do not recognize the outcome of the "referendum". The cost of the June gold futures rose to a high of $ 1304.50on the COMEX today.

Oil: The oil rose for the first time in three days, as the vote in Ukraine has increased concern that oil supplies from Russia, the world's largest energy exporter, may be limited. June futures on WTI rose to $ 100.93 per barrel on the NYMEX.


Market review for 08.05.14: The euro exchange rate fell sharply; it was a reaction to the statements of the head of the ECB.

Asian and European trading sessions:

Euro: The euro rose against the dollar on the ECB's decision to leave interest rates unchanged at 0.25%. Note, that the decision coincided with the expectations of most experts. Market participants were waiting for a press conference the head of the ECB.
The euro rose even after weak data on industrial production in Germany. German industrial production unexpectedly fell in March, official data showed by Destatis. Industrial production fell by 0.5 percent in March from February. It was the first decline in five months. Production expanded by 0.6 percent in February and 0.4 percent in January.
Manufacturing industry (excluding construction and energy) fell by 0.4 percent on a monthly measurement in March. Construction volumes decreased by 2.2 percent in March. In the production of capital goods industry showed a decline of 0.2 percent, while the production of intermediate goods fell by 0.9 percent. Manufacturers of consumer goods, however, reported an increase of 0.5 percent compared with the previous month. Furthermore, energy expanded by 1.8 percent.
On an annual basis, industrial output grew by 3 percent in March, but slower than the 4.4 percent growth forecast by economists. The EUR / USD pair rose to $ 1.3959 during the European session.

British Pound: The British pound retreated from session highs after the announcement of the Bank of England that it leaves rates unchanged, and what the market expected. Bank of England after the two-day meeting said its Committee on monetary policy has left its key interest rate at a record low 0.5%, and the total bond portfolio - at 375 billion pounds. Earlier, the pound was up against the background data on the housing market, according to which in the UK house prices fell for the second month in a row in April, and showed a report published by Lloyds Banking Group. Prices fell unexpectedly by 0.2 percent from March, when overall prices dropped by 1.2 percent. It was the second drop in a row, and the third - in the last five months. Economists had forecast an increase of 0.8 percent. Prices in the three months to April were 8.5 percent higher than in the same three months a year earlier. This was slightly below the 8.7 gain, announced in March.
"Despite the fact that the number of mortgage approvals is now down for two consecutive months, and real estate transactions fell in March, on an annual basis, the demand for housing remains strong," said Stephen Knox, director of the mortgage. "Demand for housing continues to be supported by the economic recovery, which is gaining momentum. Growing consumer confidence and low interest rates and wage growth is finally starting to grow consumer prices," he added. The GBP / USD pair rose to $ 1.6974 and then fell to $ 1.6947 during the European session.

Australian dollar: The Australian dollar rose to a two-week high after today's publication of positive data on employment in Australia and the trade balance in China. According to figures released today, the number of employees in the Australian economy for April rose by 14 thousand data was above economists' forecasts, which saw growth of just 7.5 thousand official unemployment rate remained at 5.8%.

American trading session:

Euro: The euro exchange rate fell; it was a reaction to the statements of the head of the ECB. During a press conference following a meeting of the ECB Governing Council which left interest rates unchanged, Mario Draghi hinted that the Central Bank is ready to act in June. His speech did not contain any new information. He noted that the economy is recovering in line with expectations, and inflation will remain low and starts to grow to the target level of 2% in 2016. Central Bank will keep rates low for a long time. Draghi also added that geopolitical tensions could have a negative impact on the outlook for inflation and the ECB will closely monitor the rate of the euro. Strong euro amid falling inflation “is the cause for serious concern," and in this case, the ECB would be “ready to act in June” (i.e., soften the policy if necessary). Nevertheless, the head of the ECB said that the Governing Council is still waiting for the Central Bank forecasts that will be received at the beginning of next month. However, they are ready to take action if the volatility of short-term rates will move to medium.

Canadian dollar: The Canadian dollar has appreciated strongly against the U.S. dollar, which was associated with the release of upbeat data on the housing market. Home Loan Mortgage Corporation and Housing Canada reported that the number of housing starts in April amounted to 195 000 homes a year against 157,000 homes a year in March. It was predicted that in April, the number of bookmarks will be 177,000 homes a year.
Meanwhile, another report showed: Canadian monthly prices for new homes rose 0.2 % in March, the third consecutive increase in the crown of the Calgary, where prices have risen on an annual basis at the fastest pace in nearly seven years. The result corresponds to the forecast of economists. Calgary was one of only five of the 21 municipal districts, where the prices for the month rose. Prices in the oil-rich region of Alberta increased by 0.8% and were 7.5% higher than in March 2013 (it is the largest annual increase since July 2007). Prices fueled by market conditions in the area, the higher the cost of materials, labor and land development, said the statistical agency. From other regions, prices have fallen in five regions and were unchanged in eleven. In annual terms, prices rose by 1.6% from 1.5 % in February, led by gains in Calgary, as well as an increase in the regions of Toronto and Oshawa 1.6%. Annual nationwide increase was the largest in six months.

Gold: Gold prices have stabilized today after yesterday's fall more than 1 percent. Impact on the dynamics of the gold had a speech of the head of the European Central Bank Mario Draghi that the ECB may take action at the next meeting to solve the problem of inflation. To date, the cost of the June gold futures on COMEX rose to a high of $ 1289.10.

Oil: The price of oil fell moderately today, as tensions in Ukraine there were signs of weakness, but the crisis in Libya and the jump in Chinese imports of oil to record levels supported prices. June futures on U.S. light crude oil WTI fell to $ 100.06 a barrel on the New York Mercantile Exchange.


Market review for 08.05.14: The euro exchange rate fell sharply; it was a reaction to the statements of the head of the ECB.

Asian and European trading sessions:

Euro: The euro rose against the dollar on the ECB's decision to leave interest rates unchanged at 0.25%. Note, that the decision coincided with the expectations of most experts. Market participants were waiting for a press conference the head of the ECB.
The euro rose even after weak data on industrial production in Germany. German industrial production unexpectedly fell in March, official data showed by Destatis. Industrial production fell by 0.5 percent in March from February. It was the first decline in five months. Production expanded by 0.6 percent in February and 0.4 percent in January.
Manufacturing industry (excluding construction and energy) fell by 0.4 percent on a monthly measurement in March. Construction volumes decreased by 2.2 percent in March. In the production of capital goods industry showed a decline of 0.2 percent, while the production of intermediate goods fell by 0.9 percent. Manufacturers of consumer goods, however, reported an increase of 0.5 percent compared with the previous month. Furthermore, energy expanded by 1.8 percent.
On an annual basis, industrial output grew by 3 percent in March, but slower than the 4.4 percent growth forecast by economists. The EUR / USD pair rose to $ 1.3959 during the European session.

British Pound: The British pound retreated from session highs after the announcement of the Bank of England that it leaves rates unchanged, and what the market expected. Bank of England after the two-day meeting said its Committee on monetary policy has left its key interest rate at a record low 0.5%, and the total bond portfolio - at 375 billion pounds. Earlier, the pound was up against the background data on the housing market, according to which in the UK house prices fell for the second month in a row in April, and showed a report published by Lloyds Banking Group. Prices fell unexpectedly by 0.2 percent from March, when overall prices dropped by 1.2 percent. It was the second drop in a row, and the third - in the last five months. Economists had forecast an increase of 0.8 percent. Prices in the three months to April were 8.5 percent higher than in the same three months a year earlier. This was slightly below the 8.7 gain, announced in March.
"Despite the fact that the number of mortgage approvals is now down for two consecutive months, and real estate transactions fell in March, on an annual basis, the demand for housing remains strong," said Stephen Knox, director of the mortgage. "Demand for housing continues to be supported by the economic recovery, which is gaining momentum. Growing consumer confidence and low interest rates and wage growth is finally starting to grow consumer prices," he added. The GBP / USD pair rose to $ 1.6974 and then fell to $ 1.6947 during the European session.

Australian dollar: The Australian dollar rose to a two-week high after today's publication of positive data on employment in Australia and the trade balance in China. According to figures released today, the number of employees in the Australian economy for April rose by 14 thousand data was above economists' forecasts, which saw growth of just 7.5 thousand official unemployment rate remained at 5.8%.

American trading session:

Euro: The euro exchange rate fell; it was a reaction to the statements of the head of the ECB. During a press conference following a meeting of the ECB Governing Council which left interest rates unchanged, Mario Draghi hinted that the Central Bank is ready to act in June. His speech did not contain any new information. He noted that the economy is recovering in line with expectations, and inflation will remain low and starts to grow to the target level of 2% in 2016. Central Bank will keep rates low for a long time. Draghi also added that geopolitical tensions could have a negative impact on the outlook for inflation and the ECB will closely monitor the rate of the euro. Strong euro amid falling inflation “is the cause for serious concern," and in this case, the ECB would be “ready to act in June” (i.e., soften the policy if necessary). Nevertheless, the head of the ECB said that the Governing Council is still waiting for the Central Bank forecasts that will be received at the beginning of next month. However, they are ready to take action if the volatility of short-term rates will move to medium.

Canadian dollar: The Canadian dollar has appreciated strongly against the U.S. dollar, which was associated with the release of upbeat data on the housing market. Home Loan Mortgage Corporation and Housing Canada reported that the number of housing starts in April amounted to 195 000 homes a year against 157,000 homes a year in March. It was predicted that in April, the number of bookmarks will be 177,000 homes a year.
Meanwhile, another report showed: Canadian monthly prices for new homes rose 0.2 % in March, the third consecutive increase in the crown of the Calgary, where prices have risen on an annual basis at the fastest pace in nearly seven years. The result corresponds to the forecast of economists. Calgary was one of only five of the 21 municipal districts, where the prices for the month rose. Prices in the oil-rich region of Alberta increased by 0.8% and were 7.5% higher than in March 2013 (it is the largest annual increase since July 2007). Prices fueled by market conditions in the area, the higher the cost of materials, labor and land development, said the statistical agency. From other regions, prices have fallen in five regions and were unchanged in eleven. In annual terms, prices rose by 1.6% from 1.5 % in February, led by gains in Calgary, as well as an increase in the regions of Toronto and Oshawa 1.6%. Annual nationwide increase was the largest in six months.

Gold: Gold prices have stabilized today after yesterday's fall more than 1 percent. Impact on the dynamics of the gold had a speech of the head of the European Central Bank Mario Draghi that the ECB may take action at the next meeting to solve the problem of inflation. To date, the cost of the June gold futures on COMEX rose to a high of $ 1289.10.

Oil: The price of oil fell moderately today, as tensions in Ukraine there were signs of weakness, but the crisis in Libya and the jump in Chinese imports of oil to record levels supported prices. June futures on U.S. light crude oil WTI fell to $ 100.06 a barrel on the New York Mercantile Exchange.


Market review for 07.05.14: The New Zealand dollar fell after the Reserve Bank of New Zealand Graeme Wheeler said that the Central Bank is ready to act in case of increased volatility in the currency.

Asian and European trading sessions:

Euro: The euro rose, recovering from lows reached on weak data on Germany and France. Today the Federal Statistics Office in Wiesbaden said that in March the German factory orders unexpectedly fell by 2.8 %. Since February orders, adjusted for seasonal variations and inflation fell, showing that Europe's largest economy growth remains uneven. It is worth noting that analysts had forecast an increase of 0.3%. In March, domestic orders fell by 0.6 % compared with the previous month, while export orders decreased by 4.6%, today's report showed. Orders in the euro zone dropped by 9.4 %, while outside the region, they lost 1.7%.
German construction sector contracted for the first time this year in April, as the companies reported a decline in new orders and a slowdown in employment growth, showed on Wednesday in the results of a survey Markit Economics. The seasonally adjusted purchasing managers' index for the German construction sector fell to 49.7 from 52.5 in March. Evaluation PMI below 50 indicates a reduction in the sector. Last fall in activity, although modest, was the first since April last year, the study said.
Among the three sub-sectors of housing activity declined for the first time in three months. Civil engineering also declined after rising for four consecutive months. Meanwhile, commercial construction increased the twelfth consecutive month, although the pace of growth was the weakest in the last sequence increases.
Foreign trade deficit in France rose more than expected in March, data showed on Wednesday the French customs. Trade deficit widened to 4.94 billion euros from 3.77 billion euros in February. Economists had forecast a deficit of 4.05 billion euros. A year ago, the trade deficit was 4.66 billion euros.
French industrial production unexpectedly fell in March after rising in the previous month, data showed on Wednesday statistical office INSEE. Manufacturing output fell 0.7 percent in the period from February, when it rose by 0.3 percent. Economists had forecast of 0.1 percent rise in March . The latter decrease ended uptrend that began in October last year. The EUR / USD pair fell to $ 1.3911 and then rose to $ 1.3933 during the European session.

British Pound: Pound traded slightly lower in anticipation of tomorrow's Bank of England decision. At its May meeting, most experts predicted, the Bank of England will leave the parameters of its monetary policy unchanged. At the last meeting, the Committee recognized that the UK’s economic recovery is gaining momentum. All nine members of the committee voted to leave its key interest rate unchanged at 0.5%. However, central bankers have spent some time trying to unravel the essence of recent trends in the UK labor market and their potential impact on inflation. It is expected that the leaders of the Bank of England, headed by managing Mark Carney will raise interest rates early next year. However, they have said that the exact timing and pace of rate increases will depend on how quickly the untapped resources in the economy find a use. According to the leaders of the central bank, the most untapped resources focused on the labor market, even with the reduction of unemployment, as many Britons are working less than they would like. The GBP / USD pair fell to $ 1.6954 during the European session.

New Zealand dollar: The New Zealand dollar fell against most major currencies after the Reserve Bank of New Zealand Graeme Wheeler said that the Central Bank is ready to act in case of increased volatility in the currency. " If the currency will continue to rise amid deteriorating fundamentals - such as the fall in export prices, I will be forced to intervene and use foreign exchange intervention to reduce the New Zealand dollar " - Wheeler said during his speech today.

American trading session:

Canadian dollar: The Canadian dollar fell moderately against the U.S. dollar came under pressure after the publication of weak housing data. As it became known, monthly building permits in Canada unexpectedly fell in March to the lowest level since February 2013, while the planned construction of hospitals and factories in Ontario upstaged the planned construction of condominiums. The total cost of building permits issued for Canadian municipalities declined for the second month in a row, 3% to 5990 million Canadian dollars ($ 5510 million) after a revised decline in February by 11.3 %, said Wednesday by Statistics Canada. Residential permits jumped by 1% after falling 20.8% in the previous month, while non-residential building permits fell by 8.8%. The consensus forecast of economist’s total value of building permits was an increase of 4.2 % from the initial estimate reductions in February by 11.6%.

Gold: Gold prices fell sharply today, while reaching the lowest level since May 5. The words of Russian President Vladimir Putin on willingness to discuss the crisis situation in Ukraine impacted the dynamics of gold. Also, market participants' attention was focused on the performance of the Federal Reserve System Janet Yellen. Today, the cost of the June gold futures on the COMEX fell to $ 1297.50
.
Oil: The price of oil rose moderately after a government report showed that U.S. crude inventories declined for the previous week. June futures on U.S. light crude oil WTI rose to $ 100.66 per barrel on the NYMEX.


Market review for 06.05.14: The British pound demonstrated powerful rally after the publication of statistics pointed to a steady growth of the British economy.

Asian and European trading sessions:

Euro: The euro rose after strong data on the activity of the private sector in the euro area and retail sales . Recovery in the euro-zone economy gained momentum in April as originally anticipated. It showed the final data from Markit Economics. The final composite purchasing managers' index rose to 54, according to the preliminary estimate, from 53.1 in March. The final services PMI also improved in accordance with estimates to 53.1 from 52.2 in March.
Private sector expanded tenth consecutive month and reached its highest level since May 2011. Issue in manufacturing, as well as in the services sector grew at the fastest pace for nearly three years. Eurozone employment grew for the second time in three months in April. Growth prospects were also positive, as new orders and work in progress have continued to grow, contributing to the strengthening of employment.
“Accelerating expansion further reduces the likelihood that the ECB will consider the need to cut interest rates or resort to any other non-traditional incentives," said Chris Williamson, chief economist at Markit.
According to another report, Eurozone retail sales rose for the third month in a row in March, despite the expectations of unchanged level, Eurostat data showed. Retail sales rose by 0.3 % in the period from February, when sales rose 0.1 %. These data are revised 0.4 % gain. Economists had forecast a zero change. In January, sales rose 1 %. In annualized retail sales increased by 0.9 % in March, after a gain of 1 % in February (data revised increase of 0.8 %). The EUR / USD pair rose to $ 1.39445 during the European session.

British Pound: The British pound has demonstrated powerful rally after the publication of statistics pointed to a steady growth of the British economy. In April, the British services PMI exceeded analysts' forecasts. Index adjusted for seasonal factors rose to 58.7 versus expectations of 57.9. In March, the business activity index rose to 57.6 - the maximum increase in the current year. Indicator shows growth for 16 consecutive months, and a considerable part of the researchers reported increase of activity in March.
According to the study Markit, the main driver of growth in activity in April was an increase in the number of new companies and projects. The report showed: in terms of improving economic climate, a growing number of customers willing to sign new contracts. We also learned that already undertaken and implemented at the moment marketing campaigns brought some fruit, and the launch of new products on the market to provide additional support sales figures. The GBP / USD pair rose to $ 1.6980 during the European session.

American trading session:

Canadian dollar: The Canadian dollar has appreciated strongly against its U.S. counterpart on the background of the active dollar sales across the board. Did not prevent it growth of even weak data on Canada. As it became known, Canada recorded a trade surplus in March in the amount of 79 million Canadian dollars ($ 72.13 million) , compared with market expectations at 600 million Canadian dollars . Decline in March , however , was offset by a large upward revision to the previous month's figures , which showed that the February trade surplus of 847 million Canadian dollars - the largest value since December 2011 - as compared to the previous estimate 290 million Canadian dollars surplus. Exports decreased by 1.4 % per month in March to 42.70 billion Canadian dollars, while imports increased by 0.4% to 42.620 billion Canadian dollars.
Meanwhile, the results of the studies presented by the Association of Purchasing Managers Canada and the Richard Ivey School of Business, showed the results of April PMI managers moderately decreased, but continued to remain in the expansion. According to the report, the April PMI dropped to the level of 54.1 compared with 55.2 in March. It is worth noting that many experts expect an increase in this index to 57.3. In addition, more detailed information is shown: the employment sub-index in April rose to 56.2 from 49.7, the sub- index of stocks has improved to 55.8 from 49.2, the sub- price index fell to 70.5 from 72, 2, and the sub-index rose to 46.5 deliveries from 43.8.

Gold: Gold prices fell, losing the position of all previously earned, which was due to concerns about weak physical demand, although tensions in Ukraine and the reduction in the dollar index to 6.5 -month low provided some support. The June gold futures on the COMEX fell to $ 1308.05

Oil: The price of oil rose slightly today, which is associated with the negotiation of the foreign ministers of European countries on resolving the Ukrainian crisis. June futures on U.S. light crude oil WTI rose to $ 100.24 per barrel on the New York Mercantile Exchange.


Market review for 05.05.14: The Euro is traded sideways disregarding the published data and forecasts of the European Commission.

Asian and European trading sessions:

Euro: The Euro is traded sideways against the dollar, disregarding the published data and forecasts of the European Commission. Eurozone producer prices continued to decline in March, although at a slightly slower pace, adding to fears of deflation of the currency bloc, according to Eurostat, released on Monday.
Industrial producer prices down by 1.6 percent year on year, after falling 1.7 percent in February, which was the biggest drop since December 2009. Economists forecast that the rate of decline was 1.8 percent.
Producer prices fell by 4.3 percent per annum in the energy sector and by 1.9 percent in the production of intermediate goods. They rose 0.3 percent on capital goods by 0.5 percent for the production of consumer non-durable goods and 0.8 percent for the production of consumer durables. Excluding energy prices in the industry as a whole fell by 0.5 percent compared to the same month last year.
On a monthly measurement of producer prices fell 0.2 percent in March, as in February. The result coincided with economists' expectations. Prices excluding energy have not changed.
In turn, as shown by the survey results of the analytical center Sentix, investor confidence in the eurozone unexpectedly weakened in May after rising in the previous month, as economic expectations fell sharply . Sentix investor confidence indicator for the euro area fell to 12.8 from 14.1 in April. Economists had expected a slight increase to 14.2. The expectations index fell to 18.3 from 22.8 in April. Measure weakened the third consecutive month. The current conditions index, meanwhile, rose to 7.5 from 5.8 in the previous month.
Today, the Commission has published updated projections for economic growth in the euro zone, reducing the forecast for 2015 and indicating a slowdown in inflation as the main risk to the GDP in the next two years.
According to an official release, at the end of this year, the euro zone economy will grow by 1.2 % , and in 2015 - by 1.7% (compared with the previous estimate of 1.8 %). As for the CPI, the forecast was 0.8 % and 1.2 % for 2014 and 2015, respectively. Both figures were lower than in the February forecast.
Meanwhile, the unemployment rate / p is expected to reach 11.8 % and 11.4 % in 2014/15, respectively against the previous forecast of 12% and 11.7 %. Another reason for optimism was the outlook for Spain's GDP: 2.1 % versus 1.7 % previously (in 2014). The EUR / USD pair traded in a narrow range of $ 1.3867 - $ 1.3882 during the European session.

Japanese Yen: The yen strengthened against all major currencies after data on Manufacturing PMI HSBC in China. PMI from HSBC Holdings Plc and Markit Economics was 48.1, compared with 48 in the previous month, preliminary index of 48.3 and an average forecast of analysts who had expected 48.4. PMI index for the industrial sphere is at the level below 50, indicating contraction. The USD / JPY pair fell to Y101.85 during the European session.
Today, the markets of Japan and the UK closed due to national holidays.

American trading session:

Gold: Gold prices rose sharply today, reaching in this three-week high, as the escalation of tensions in Ukraine boosted demand for safer assets. Furthermore, overcoming the key resistance level is also supported. To date, the cost of the June gold futures on COMEX rose to a high of $ 1311.15.

Oil: The price of oil fell moderately today, as studies have indicated a contraction in activity in the manufacturing sector in China. Meanwhile, signs of progress in the restoration of oil production in Libya outweighed rising tensions in Ukraine. The June futures on U.S. light crude oil WTI fell to $ 99.45 a barrel on the New York Mercantile Exchange.


Market review for 01.05.14: Pound has increased, which was associated with the release of positive data on Britain.

Asian and European trading sessions:

Euro: The euro exchange rose sharply against the dollar in the first half of today's session, but was unable to maintain its position, and returned to the opening level. Experts pointed out that after the recent performances Mario Draghi became clear that during the May meeting of the ECB is unlikely to further easing , and the couple willingly lays such a scenario in the price approaching the important levels of $ 1.39 -$ 1.40 , which is usually monetary authorities begin to exert pressure on rate . The EUR / USD pair rose to $ 1.38903 and then fell to the opening level during the European session.

British Pound: Pound has increased against the dollar markedly, updating the yesterday's high, which was associated with the release of positive data on Britain. It is learned that manufacturing activity in the UK manufacturing sector expanded in April, much larger than expected, helped by the increase in the number of domestic and foreign orders. Data from the firm Markit Economics and the Chartered Institute of Purchasing and Supply showed that the monthly index of purchasing managers in the manufacturing sector rose in April to five-month high and was 57.3 points, compared with 55.8 in March. We add that the March figure was revised upward from 55.3. Economists had forecast that the index will be at 55.5. A reading above 50 indicates expansion in the sector and below this level indicates contraction. Employment rose for the twelfth time in a row, but the rate of increase was about 3 -year high. Purchasing prices fell in the second month in a row, but last fall was more moderate than in the previous month. Selling prices rose for the tenth consecutive month, as the company raised prices due to high demand and efforts to improve operating margins.
Meanwhile, another report showed: April House Price Index UK rose by 1.2 % compared with March, and at 10.9% per annum. This means that the average house price in the UK reached 183,577 pounds in April (3,000 pounds higher than in March and the highest price since November 2007). The cost of homes in the UK has become even closer to the record high average price registered Nationwide in October 2007 - at the level of 186,044 pounds. Recall that in March house prices rose by 0.5% over the month and by 9.5 % per annum. GBP / USD pair rose to $ 1.6923, but later retreated slightly during the European session.

American trading session:

U.S. Dollar: Trading activity in the foreign exchange market during the U.S. session is not high. Investors weighed published macroeconomic data and expect to release reports on the U.S. labor market, the publication of which is scheduled for tomorrow.
Attracted the attention of the American market data on applications for unemployment benefits and personal income / spending consumers’ index of business activity in the manufacturing sector from the ISM and on construction spending. In general, it was a mixed- out performance. A higher number of applications for unemployment benefits, along with weaker data on construction spending were balanced by strong reports on income / expense of consumers and the index of business activity in the manufacturing sector from the ISM.
It should be noted that the publication of weaker data on construction spending has led to a reduction in growth forecast by analysts of the U.S. economy many banks. In particular, the U.S. GDP was revised by analysts from Deutsche Bank, Morgan Stanley, Barclays, Goldman Sachs and JPMorgan. At the same time , forecasts for the first quarter was revised to negative values , although forecasts for the second quarter suggest growth rate at around 3%.

Gold: The gold prices declined on Thursday, they were under pressure on the eve of the announced decision Open Market Committee (FOMC), the Fed lowered the amount of quantitative easing (QE) for another $ 10 billion to $ 45 billion. The June gold futures fell to $ 1282.05 (-0.93 %) on the COMEX.

Oil: The oil brand WTI dropping in price the second day in a row, holding below $ 100 per barrel. June futures on U.S. light crude oil (Light Sweet Crude Oil) dropped to $ 99.26 (-0.48%) per barrel on the NYMEX.


Market review for 30.04.14: The weak data on U.S. economic growth provided some on the U.S. dollar today.

Asian and European trading sessions:

Euro: The euro exchange rate hit a new low against the dollar immediately after the European CPI, but quickly recovered, while setting a new high since the index was released only slightly weaker than forecast, slightly comforted investors. As it became known, the annual inflation rate in the euro zone rose in April, but less than economists had expected, adding to fears that consumer prices are rising too slowly and put pressure on the European Central Bank to lower interest rates to respond or purchase assets. According to the data, consumer prices rose by 0.7% compared with April 2013, after rising 0.5 % in March. Nevertheless, the growth in April was less than expected by experts - at 0.8 % and well below the level of the European Central Bank, “a little less than 2 %." April was the seventh consecutive month in which inflation was below 1.0 %. When inflation fell below this level in October 2013 - a sharp drop from 1.1 % to 0.7 % - the ECB responded quickly decrease its main interest rate.
At Statistics reported that one of the reasons for the weakness of the CPI during April was the fall in energy prices - by 1.2 % per annum after -2.1 % in March. But the prices of other goods and services, which are more sensitive to domestic demand, rose at a slower rate - the price of food, alcohol and tobacco rose by 0.7 % per year, compared with growth of 1.0% in March. Meanwhile, we add that the core consumer price index, which excludes volatile items such as food and energy, rose 1.6 %, compared with 1.1 % in March. The EUR / USD pair fell to $ 1.3773, but then reached $ 1.3858 during the European session.

Japanese Yen: The yen declined during the Asian session after today's announcement of the two-day meeting of the Bank of Japan, but was able to recover almost all the earlier losses after the publication of new forecasts for CPI and GDP. As expected by most analysts, the Bank of Japan confirmed the policy of increasing the monetary base by 60-70 trillion yen per year, thus refraining from new incentives to increase the economy. Nine members of the Central Bank decided unanimously to keep the amount of money that the bank is pouring into the economy. Omission of the Bank of Japan was not a surprise because many economists expect the bank to take action in July or later, when it becomes clearer as increased sales tax impact on the economy and prices. While the Bank of Japan regards as relevant consequences of rising expectations of the sales tax, which was carried out earlier this month. Since a year ago, the Central Bank announced a massive campaign to mitigation policies.
Also today, the Bank of Japan introduced the forecast for economic growth and prices. According to the report submitted by the Bank of Japan, the median forecast for the core consumer price index for 2015 financial year remained at 1.9 %, as the January forecast. The median forecast for real GDP growth for 2014 financial year amounted to 1.1 % vs. the January forecast. The USD / JPY pair dropped to Y102.28 then rose to Y102.65 during the European session.

American trading session:

U.S. Dollar: Pressured the dollar today weak data on U.S. economic growth . The U.S. economy slowed in the first quarter, showing at the same time one of the weakest pace of recovery over five years, which was associated with severe weather conditions, which adversely affected the volume of business investment. This was stated in the report of the Ministry of Commerce. According to the gross domestic product rose a seasonally adjusted 0.1 % in the first quarter. Economists had forecast an increase of 1.1%.
The report noted that the recent slowdown was due to the unusually cold temperatures in most parts of the country. Weather is likely to slow growth in consumer spending on goods - index increased by only 0.4 %. But households spent more on public services , namely, heating their homes , and health care, resulting in the total consumption rose by 3.0 % in the quarter , after +3.3 % in the fourth quarter . However, business spending on items such as equipment, buildings and intellectual property, fell 2.1 % during the first three months of the year, after rising 5.7% in the fourth quarter. Add that it was the first decline in a year. Slowing investment also coincided with weaker pace of hiring during the quarter.
U.S. exports fell by 7.6 % compared with the fourth quarter, registering the largest drop since the recession. The decline in exports shows that the shaky state of the economies in Europe and Asia creates weak demand for U.S. goods and services. U.S. imports fell by 1.4 %, reflecting weak consumer demand for foreign goods.

Gold: Gold price falling on the background better than expected data on employment growth in the private sector of the U.S. economy in April. June futures on COMEX gold fell to $ 1284.90.

Oil: Oil brand West Texas Intermediate dropped in price and traded near its lowest level in almost four weeks after the Energy Information Administration reported that U.S. crude inventories rose to record highs. The June futures on WTI fell to $ 99.41 a barrel on the NYMEX.


Market review for 29.04.14: The euro fell, which was associated with the release of weak data on Germany CPI.

Asian and European trading sessions:

Euro: The euro fell, which was associated with the release of weak data on Germany CPI. It is learned that in April, the German consumer prices fell by 0.2 % on a monthly basis, compared with forecasts at 0.1%. Recall that in the previous month, prices rose by 0.3%. Also, the data showed annualized consumer price index rose by 1.3%, which corresponded to the expectations of analysts. This change followed a rise of 1.0% in March.
Slight pressure on the euro also had data showing: optimism companies in the euro area in April weakened, reflecting the growing tensions between Europe and Russia on the accession of the Crimean peninsula. But consumers were optimistic about the prospects for personal due to the positive assessment of the labor market and expectations of moderate growth rates in the coming months. Economic Sentiment Index, which reflects the level of confidence in a number of business sectors, fell to 102.0 in April from 102.5 in March - the first decline since April 2013. According to the forecast index should rise to 103.0. The EUR / USD pair fell to $ 1.3820 during the European session.

British Pound: Pound fell sharply against the dollar, updating the session low, which was associated with the release of weak data on Britain's GDP. The report showed that the British economy grew slightly more slowly than expected in the first three months of 2014, but year on year growth was the fastest in more than six years. This was stated in the report submitted to the Office for National Statistics. According to the data in the first quarter gross domestic product grew by 0.8 %, compared with 0.7 % in the last three months of 2013. Compared with the first quarter of 2013, GDP grew by 3.1 % (the largest increase in the last quarter of 2007). Economists had forecast growth of 0.9 per cent quarterly and by 3.2 % per annum. In the ONS also said that the growth of the UK economy in the first three months was at 0.6 per cent less than at the peak in the first quarter of 2008. But except for the oil and gas sector, which is in decline, GDP reached 0.3 per cent higher than at the beginning of 2008. The GBP / USD pair showed sharp fluctuations around $1.6816.

Japanese Yen: The yen fell against the U.S. currency in the face of increasing risk appetite ahead of tomorrow's meeting of the FOMC. In addition, market participants expect the outcome of the meeting of the Bank of Japan. According to the median forecast of economists, a two-day meeting of the Bank of Japan will end without any surprises and changes. Central Bank is likely to leave unchanged the goal to expand the monetary base by 60 - 70 trillion Yen (674 billion dollars) a year. However, more than 70 % of economists believe that the Bank of Japan in July this year will be forced to increase the monetary incentive program. In addition, analysts expect the Central Bank of updated projections for inflation and economic growth in the country. Such Analyst caused by the recent increase in the sales tax in Japan. Recall from April 1, the government first time since 1997 increased the sales tax. While tax increased from 5 % to 8%, but if the experiment proves successful, with the October 2015 rate increase to 10%. Thus the Japanese government plans to reduce the growth of public debt. But, of course, such an increase in negative impact on the purchasing power of the population and the economy as a whole. The USD / JPY pair rose to Y102.77 during the European session.

Australian dollar: The Australian dollar fell to a three-week low against the backdrop of a sharp decline in iron ore prices. Cost delivered to the Chinese port of Tianjin iron ore fell yesterday to its lowest level since March 12. Recall export steelmaking products Australia is one of the major revenue sources.

American trading session:

U.S. Dollar: The dollar was supported by the data on house prices in the U.S. and consumer confidence. Report submitted by the S & P / Case-Sheller, showed that house prices across the United States increased for the year ended in February, although the momentum weakened slightly.
According to reports, the house price index for 10 major U.S. cities rose by 13.1% for the year ended in February, while the index for 20 major cities rose by 12.9% , in line with expectations of experts. Recall also that for the full 2013 prices for the 20 largest cities rose 13.4 %.
On an unadjusted basis, both indices ( for 10 and 20 major cities ) have not changed in February compared with January . The seasonally adjusted index for the top 10 cities rose 0.9%, while the figure for the 20 cities increased by 0.8%.
Growth of house prices could help the economy by encouraging the growth of the construction and increasing wealth for existing homeowners. But the rise in prices, which was celebrated throughout the year, gradually begins to wane.
In turn, the data published by the Conference Board, showed that the preliminary index of consumer confidence fell slightly in April - to the level of 82.3 points from 83.9 points in March (final value). Economists were expecting the index to be 82.9 points. In order to assess the current situation, so it fell to 78.3 from 82.5, while the expectations index remained virtually unchanged - 84.9 points, compared with 84.8 in March.

Gold: The June futures gold prices rose to $ 1302.50 on COMEX on continued tensions in Ukraine and the new EU and U.S. sanctions against Russia.

Oil: The cost of oil brands rose after the U.S. and the European Union added to sanctions against Russia in connection with the crisis in Ukraine. The cost of June futures WTI rose to $ 102.25 per barrel on the New York Mercantile Exchange.


Market review for 28.04.14: The Euro has grown, which was associated with positive expectations for economic growth in Europe.

Asian and European trading sessions:

Euro: The Euro has grown significantly against the dollar, reaching a two-week high, which was associated with positive expectations for economic growth in Europe. Also the focus of the market - ECB President Mario Draghi . Investors monitored the development of the geopolitical situation around Ukraine, and expected the April report on inflation in the euro area. The current stability of the euro is somewhat surprising, considering that the escalation of geopolitical tensions was to determine the inflow of capital in the single currency.
For the growth of the euro did prevent disturb even weak report on Germany.The data , which were presented by the Statistical Agency Destatis, showed in March month German import prices fell at the fastest pace since August 2013 , due to a sharp decline in energy prices. According to the report, import prices fell last month by 3.3 % year on year, registering the largest decline in seven months, and exceeded the forecasts of many experts at -2.8 %. Recall that in February, the rates decreased by 2.7 %. Imported energy prices fell by 8.5 % in March. Excluding oil and mineral oil products, import prices fell 2.8 %. On a monthly basis, import prices fell 0.6 %, after falling 0.1 % in February and January. Economists had forecast a 0.1 % drop in March. The EUR / USD pair rose c $ 1.3813 to $ 1.3877, but then retreated slightly during the European session.

British Pound: The pound rose substantially against the dollar, helped by positive data on the housing market in Britain. As it became known from Hometrack, the average asking price for a home in the UK rose in April by 0.6 % on a monthly basis, while showing the same change as in the previous month. This was stated in a report published on the site assessment value of the property. In annual terms, housing prices jumped by 6.0 %, which was slightly more than the increase in the previous month - at the level of 5.7 %. In Hometrack said that record-low interest rates from the Bank of England is likely to have been a major factor in the increase in prices (the rise in price of housing was noted in 48 per cent of the territory). Furthermore, the data showed that the average time to sell real estate since the time of its delivery to the sale was 6.3 weeks in April - the lowest since June 2007. In a densely populated area of London house prices rose by 0.8 % for the month, and time on the market rose to 3.4 weeks from 2.7 weeks. The GBP / USD pair rose to $ 1.6854 during the European session.

Japanese Yen: The yen fell against the dollar in anticipation of the results of the meetings of the Bank of Japan and the Federal Reserve System, which will be held this week. The first, on April 29-30, will meet the Fed. Economists expect the central bank will again reduce the monthly purchase of assets by $ 10 billion to $ 45 billion is likely that Federalnіy reserve will continue to reduce and fully complete the QE program by October. The second (April 30) will meet the Bank of Japan. More than 70 % of economists believe that the Bank of Japan in July this year will be forced to increase the monetary incentive program. In addition, analysts expect the Central Bank of updated projections for inflation and economic growth in the country. Tomorrow, May 5-6 and Japanese markets will be closed due to holidays. The USD / JPY pair rose to Y102.40 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar strengthened against major currencies after a report on the U.S. housing market. Data presented by the National Association of Realtors (NAR), showed that at the end of last month, the number of contracts for the purchase of housing in the secondary market has increased markedly, exceeding forecasts and thus fixing the first increase in the past nine months. Experts noted that the recent improvement - a sign of stabilization in the housing market after the recent fluctuations.
According to data, in the month of March the number of incomplete home sales increased by 3.7% after falling 0.5% in the previous month (revised from -0.8 %). Many experts predicted growth in this index is only 1.0%.
If evaluated in the regional context, it can be seen: the growth observed in the north- east, south and west, and the decrease - in the Midwest.
Meanwhile, it became known that despite the surge in the last month, the number of outstanding transactions is still 7.9% lower than in March last year.

Gold: Gold prices were down by a stronger dollar after a report on the housing market of US. The cost of June futures gold fell to $ 1292.10 on COMEX.

Oil: The oil prices rose amid increasing tensions in Ukraine and the delay in the opening of the oil port in Libya. The June futures on U.S. light crude oil WTI rose to $ 101.53 per barrel on the NYMEX.


Market review for 24.04.14: The yen strengthened in anticipation of tomorrow's release of inflation data in Japan.

Asian and European trading sessions:

Euro: The euro rose against the dollar after strong business confidence data in Germany, and then retreated from highs on the comments of ECB head Mario Draghi . Confidence among German firms improved unexpectedly in April, IFO survey showed on Thursday. Business climate index rose to 111.2 in April from 110.7 in March, while, according to forecasts, it had to come down to 110.5. The index of current conditions at the same time improved less than expected - from 115.2 to 115.3 March. The expected score was 115.3. Expectations among enterprises strengthened unexpectedly to 107.3 from 106.4 . Economists expected the index to fall to 105.9 moderately.
The ECB President Mario Draghi , speaking at an economic conference organized by De Nederlandsche Bank in Amsterdam , said that inflation in the euro area could grow by lowering interest rates . "The growth of the euro reflects the restoration of confidence," - said the head of the Central Bank, adding that this could affect the political course of the Central Bank. ECB may continue to cut rates, as well as provide a higher level of liquidity, if the need arises. Central Bank intends to use both traditional and non-traditional tools to fight a protracted period of low inflation. The Governing Council was considering publication of the minutes of the meeting on monetary policy. ECB chief said that the Governing Council does not mention the risk of deflation in the euro area. "EUR strengthened by the return of investor confidence and increase in capital inflows, which also entails easing financing conditions," said Draghi . The ECB notes the improvement in bank lending in the euro area. The EUR / USD the pair rose to $ 1.3843 and then fell to $ 1.3814 during the European session.

Japanese Yen: The yen strengthened in anticipation of tomorrow's release of inflation data in Japan. Most analysts expect the indicator to increase the maximum values of the last two decades. Probably prices in Tokyo, excluding fresh food, will grow this month by 2.8 % compared with a year earlier, the highest rate since 1992. Such consumer price index may compel the Bank of Japan to abandon further expansion of incentive programs. The USD / JPY pair rose to Y102.47 during the European session.

American trading session:

Swiss Franc: The Swiss franc rose against the dollar, which was associated with the release of weak data on the U.S. labor market.

U.S. Dollar: The U.S. dollar fell after publication of the report saying that the number of Americans applying for first time unemployment benefits rose last week, becoming a sign of increasing the number of layoffs after they touched the seven-year low earlier this month. The number of initial claims for unemployment benefits, a measure of layoffs, increased by 24,000 to a seasonally adjusted 329,000 in the week ended April 19. This was stated by the Ministry of Labour on Thursday. Weekly gain was the biggest since December. Economists had expected 309,000 new claims last week. The number of calls for the previous week was revised higher by 1000 to 305,000. Labor Department said that there were no special factors influencing the latest data.

Gold: Gold prices have risen markedly today returned with all previously lost ground, which was due to the escalation of tension between Russia and Ukraine. The June futures gold rose to $ 1291.35 on COMEX.

Oil: Oil prices rose moderately, as the dispute between Russia and Ukraine on the West increased concerns about oil supplies. The June futures on WTI rose to $ 102.08 per barrel on the NYMEX.


Market review for 23.04.14: The Australian dollar fell against most major currencies after the release of negative inflation data for Australia.

Asian and European trading sessions:

Euro: The euro rose against the dollar after strong data presented by the index of business activity in the euro zone and Germany. In the eurozone, the increased activity in the private sector of the economy accelerated at the fastest pace in nearly three years in April, data showed on surveys conducted by Markit Economics. The composite index of activity rose unexpectedly to 54.0 in April from 53.1 in March. Last reading was the highest since May 2011. Economists expected the index to fall slightly to 53. PMI value is above the neutral level of 50.0 for ten consecutive months, indicating continuous growth in business activity since July last year.
"PMI makes it clear that GDP is on track to increase 0.5 percent in the second quarter, based on the growth of 0.4 percent in the first quarter," said Chris Williamson, chief economist at Markit. Preliminary manufacturing PMI was 53.3 in April, compared to 53 in March. According to forecasts the expected constant value was 53. Moreover, preliminary index of services PMI rose more than expected: up to 53.1 from 52.2 in March. Expected value was 52.7 in April.
Growth of the private sector in Germany has improved in a steady pace at the beginning of the second quarter, preliminary data showed surveys conducted by Markit Economics. The composite index of activity rose to 56.3 in April from 54.3 in March. Last reading was the second largest in nearly three years and extended the current period of growth to 12 months. Respondents said the improved economic environment and growth of incoming orders were the main contributors to the latest extensions.
Preliminary manufacturing purchasing managers' index rose to 54.2 from 53.7 in March. Index, according to expectations, should have grown slightly - to 53.9. In addition, the index of services PMI rose to 55 from 53 in the previous month. Economists believed that the index will show a slight increase to 53.5 in April. "The combination of increased activity, new orders growth and further employment growth in both sectors - manufacturing and services - suggests that companies will remain in expansion mode in the coming months," said Mr. Oliver Kolodseyke economist from the Markit.
The EUR / USD pair rose to $ 1.3856 during the European session.

British Pound: The British pound was down against the U.S. dollar on a background of the published minutes of the meeting of the Bank of England. At the meeting of April 9, members of the Monetary Policy acknowledged: UK economic recovery is gaining momentum. The Bank of England said that in the 1st quarter of 2014 GDP grew by about 1%. This follows from the published minutes of the meeting. According to the protocol, all nine members of the committee voted to leave its key interest rate unchanged at 0.5%.
However, according to the protocols, the leaders of the Central Bank spent some time trying to unravel the essence of recent trends in the UK labor market and their potential impact on inflation.
It is expected that the leaders of the Bank of England, headed by Mr. Mark Carney will raise interest rates early next year. However, they have said that the exact timing and pace of rate increases will depend on how quickly the untapped resources in the economy find a use.
According to the leaders of the Central Bank, the most untapped resources focused on the labor market, even with the reduction of unemployment, as many Britons are working less than they would like.
The minutes of the April meeting of the committee said: one of the “striking features “of data on the labor market was the rapid growth of self-employment. In November and January, the number of self-employed Britons rose by 200,000 people, or about half of the total increase in employment since 2010.
The leaders of the Bank of England do not know exactly whether this increase reflects changes in employment practice, or masks unused resources of the labor market, according to the protocols.
The GBP / USD pair fell to $ 1.67803 during the European session.

Australian dollar: The Australian dollar fell against most major currencies after the release of negative inflation data for Australia. According to published data from the Bureau of Statistics, the consumer price index in the first quarter amounted to only 2.6 % against the same period, but a year earlier. It is worth noting that analysts expect the growth rate to 2.9%

American trading session:

Euro: The dollar strengthened, which was associated with the publication of upbeat data on PMI.
The U.S. currency rose, not even looking at the weak reports. Data from the Ministry of Commerce showed that new home sales in the U.S. fell last month to its lowest level in eight months, suspending the process of restoring the housing market.
According to the report, the seasonally adjusted sales of new homes fell in March by 14.5 percent, reaching an annual rate of 384,000 units, and fixing the second consecutive monthly decline. The figure for February was revised up to 449,000 units from 440,000. Economists expected new home sales to rise to 450,000 units. Compared to March of last year, sales were down 13.3 percent, noting the largest decline since April 2011.
Meanwhile, yet another data showed business activity index from the Markit U.S. industry in April , according to preliminary, the data showed decrease from 55,5 to 55,4 . Index remained at a level that showed the extension activity (above 50). April data indicated the acceleration of growth in output. It was the highest since March 2011. Survey participants mostly indicated an improvement in conditions in the economy and increasing domestic demand. Output growth and confidence in the prospects of the business led to the growth of employment in the industry, which lasts 10 months.

Gold: Gold prices fell, losing the all previously earned position today, which was associated with the recent rise in the dollar and weak demand from investors. The June futures of gold fell to $ 1283.65.on COMEX.

Oil: The cost of oil brand WTI, meanwhile, rose slightly, receiving support from the tense situation in Ukraine and the fear that the Western powers could increase sanctions against Russia. The cost of the June futures on WTI rose to $ 101.82 per barrel on the New York Mercantile Exchange.


Market review for 22.04.14: Support for the U.S. currency was data that showed sales of existing homes declined slightly in March.

Asian and European trading sessions:

Euro: The euro rose against the dollar on the data on construction in the eurozone, according to which the volumes were up just 0.1 percent from January, when they rose 1.6 percent. The decrease was caused by the fall of 0.4 percent in the construction of buildings , while civil engineering grew by 1.1 percent. In annual terms, construction output expanded by 6.7 percent in February, but slower than the growth by 8 percent seen in January. In the EU -28 construction volumes increased by 0.1 percent on a monthly measurement in February and 5.5 percent compared with the same period last year. The EUR / USD pair rose to $ 1.38212 during the European session.

Japanese Yen: The Japanese yen strengthened against the U.S. dollar. As shown by the final survey data of the Cabinet on Tuesday , the index of leading indicators of Japan fell less than expected in February, but remained at six-month low . Leading Index fell to 108.9 in February from 113.5 in the previous month. Nevertheless, the bill was higher than the preliminary estimates of 108.5.
At the same time, the coincident index, which measures current economic situation, fell more than estimated to 113 in February from 114.9 a month ago. Preliminary estimate for February stood at 113.4.
Meanwhile, the index of lagging indicators, which measures the past activities of the Japanese economy, rose to 117 in February from 116.1 in January, and was higher than the original estimates of 116.7. The USD / JPY pair fell to Y102.41 during the European session.

Australian dollar: The Australian dollar rose, departing from the two-week low ahead of tomorrow's publication of inflation data. According to the median forecast of economists, consumer price index in the first quarter is likely to grow at an annualized rate of 2.9 % compared to 2.6 % growth in the previous period. Recall that the inflation target of the Reserve Bank of Australia is 2% -3%.

American trading session:

U.S. Dollar: Dollar against the euro has increased markedly, while returning previously lost ground, but still continues to trade lower. Support for the U.S. currency was data that showed sales of existing homes declined slightly in March, it is a sign that the shaky U.S. housing market continues to face difficulties in the spring, but can be stabilized. Sales of existing homes fell by 0.2 % in February to a seasonally adjusted annual rate of up to 4.59 million, said on Tuesday the National Association of Realtors. Economists had expected sales to fall more, by 0.7% to an annual rate of 4.57 million sales decreased by 7.5% in March compared with a year earlier. The average sale price of homes in March $ 198500 was, which is 7.9 % per annum above.
Meanwhile, the report by the Federal Reserve Bank of Richmond showed that in April manufacturing conditions in the region have improved significantly compared with the previous month. Corresponding index of manufacturing activity rose by 7 points in April against March -7. Economists had expected the index to rise to 0 points. Key components of the index in February showed mixed dynamics : income index in retail trade in April -5 vs. 10 in March , the index of income in the service sector in April 1 to 5, in March , and the index of industrial supplies in April against 6 -9 in March.

Canadian dollar: The Canadian dollar rose slightly against the U.S. dollar, which helped the positive data on Canada. As it became known, Canadian monthly wholesale sales rose a half times faster than expected in February to the highest level in history, led by sales growth in the automotive industry.

Gold: Gold prices fell sharply today, recording 4-sessions fall in a row and reached the lowest level since early April, as the outflow of capital from the physical gold funds have a weak investment appetite. The dynamics also influenced a significant strengthening of the dollar after upbeat U.S. data. June Gold futures on COMEX fell to $ 1281.82 today.

Oil: The May WTI oil futures are traded at around $ 103.50 per barrel (-0.98 %) today on NYMEX.


Market review for 21.04.14: The Yen fell against major counterparts. Europe continued to celebrate the Passover.

Asian and European trading sessions:

Euro: The euro rose against the dollar and then retreated to the opening day. The economic calendar is empty today - Europe continued to celebrate the Passover. Some support to the euro was the news from Italy, the third largest economy in the eurozone. According to recent estimates, its economic growth this year could be higher than 0.8 %.
Third largest EU economy demonstrated a reduction in 2012-2013, managed to return to growth until the end of 2013. The current improvement in the economic situation in Italy was quite a surprise to most experts, who said that the rise of GDP in the current year will not exceed 0.6%.
In addition, the Italian authorities are also given to understand that the introduction of tax cuts for the poor do not become a permanent measure, because, according to them, then it will no longer be necessary to maintain the effect.
Thus, most analysts, as well as the Italian Government believe that the crisis in the country over. As evidence, we compare the yield of the bonds of the United States and Italy. Yield is the first level of 2.7 %, and the second - at the level of 3.1%. Moreover, the market is showing a greater interest in the Italian securities. The EUR / USD pair rose to $ 1.38305 and then retreated during the European session.

Japanese Yen: For reducing the yen helped information on increase the output data of foreign trade deficit Japan in March to a record level for this month. Imports jumped, while export growth remained subdued.
Ministry of Finance of Japan on Monday released data showing that the trade deficit in March reached 1.45 trillion Japanese yen, the highest level ever observed at the end of this month. March became the 21st consecutive month, when it was recorded trade deficit. Published data were far worse than the median forecast of economists who had expected a deficit of 1.07 trillion yen. The USD / JPY pair rose to Y102.69 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar rose to a high of nearly two weeks against the Japanese yen after the data about the deficit of foreign trade in Japan, which rose more than expected, triggering selling yen.
Nevertheless, the initial wave of buying of the U.S. dollar has lost strength due to low liquidity and lack of market participants due to the celebration of Easter. Instead, the market has prevailed caution ahead of key events, expected later this week.

Gold: Gold prices fell markedly today, while reaching its lowest level in more than two weeks, as technical indicators used by some traders as a signal of further decline. June futures on COMEX gold fell to $ 1286.75.

Oil: The price of oil rose moderately today, continuing the rally the previous session, which was associated with increased tension in Ukraine and problems with the return of Libyan oil. June futures on oil WTI rose to $ 103.65 per barrel on the NYMEX.


Market review for 17.04.14: The dollar rose after data on the U.S. labor market, which indicated the improvement of the labor market.

Asian and European trading sessions:

Euro: The euro exchange rate has risen considerably against the dollar on the statements of the Fed and the current data in Germany. Note that yesterday, Federal Reserve Chairman Janet Yellen stressed: Central Bank will retain maximum flexibility in monetary policy and depart from graphs to increase the base interest rate. “We must be prepared for what is happening in the economy and to respond to what might happen, and our vision for the future should not become an obsession," - she said. Most analysts believe that the recent comments of Ms.Yellen - this is another attempt to move away from comments on March 19 debut press conference as chairman of the Federal Reserve System , when she said that the key interest rate of the Central Bank could grow approximately six months after the termination of bond purchases .
As for the data, they showed that the March producer price index fell by 0.9 % (annualized) after a similar change in the previous month. Economists had expected a decline of this indicator only 0.7 %. Add, producer prices declined every month since last August, and the largest decline was seen in January, when they fell 1.1 %. Excluding energy, producer prices fell in March by 0.3 % year on year. Meanwhile, on a monthly basis the producer price index fell in March by 0.3 % after a zero change in the previous month and a decline of 0.1 % in January. Economists forecast were that this figure will grow by 0.1 %. The EUR / USD pair rose to $ 1.3863 during the European session.

British Pound: The pound fell sharply against the dollar, returning to the levels of the opening of the current session. Initially, growth was due to renewed expectations of imminent rate hike by the Bank of England. Recent improvements in the state of the British labor market triggered a surge of expectations, which, in turn , led to rally pound. However, after reaching a pair of four-year high, many investors began to fix their profits, which caused such a fall. In addition, the attention of the market gradually switched to the publication of minutes of meeting of the Bank of England, declared the following week. The GBP / USD pair rose to $ 1.6843, but then fell to $ 1.6806 during the European session.

Japanese Yen: Yen traded with a slight advantage against the dollar, which is associated with an increase in the Bank of Japan's evaluation of one of the nine regional economies in the nation. It convinces the market that central bankers are still predicting a modest economic recovery, despite the problems due to the increased tax burden on consumers. Investors take positions before further steps to mitigate the monetary policy, while the Bank of Japan is waiting for signs of weakening domestic consumption after the recent increase in the sales tax. The rating was raised in Hokuriku region on the northern part of Honshu Island. Members of the Bank of Japan before its meeting on April 30 wanted to see the report on GDP growth and prices.
Despite the weakening of the expectations of additional measures easing monetary policy in the near future, some of the supporters of the aggressive actions of the Central Bank said that need a lot of new measures. For example, a former board member of the Bank of Japan, Nobuyuki Nakahara, said the Bank of Japan should consider holding several successive rounds of easing, like the U.S. Federal Reserve, if it fails to achieve the inflation target of 2%. Recall that at the moment Nakahara is one of the closest advisers of Prime Minister Shinzo Abe. The USD / JPY pair rose to Y102.19 during the European session.

American trading session:

U.S. Dollar: The dollar rose after data on the U.S. labor market. The numbers of Americans applied for unemployment benefits rose slightly last week, but remained near seven-year low, indicating that the improvement of the labor market.
According to the Labor Department, the seasonally adjusted number of initial claims for unemployment benefits rose for the week ended April 12, by 2 thousand - to the level of 304 thousand, which is an average number of complaints over the past four weeks, meanwhile, dropped to 312,000, reaching its lowest level since October 2007. Economists had expected initial claims to rise to 316 thousand from 300 thousand, which was originally reported last week. Many experts believe that the value of this ratio below 400 000 - a sign of a stable job growth and improvement in the labor market.
In addition, manufacturers in the Mid- Atlantic region of the United States reported a considerable improvement of the business environment in this month. This is evidenced by the report of the Federal Reserve Bank of Philadelphia, presented on Thursday. According to the released data, the index of business activity in the manufacturing sector in the region rose to 16.6 in April after recovering to 9.0 in March with unexpectedly low -6.3 in February. April's value was the highest since September 2013.

Canadian dollar: The Canadian dollar strengthened against the dollar, which was associated with the publication of an optimistic report on inflation. Statistics Canada reported that the outcome of last month's producer price index rose by 1.5 % per annum compared to 1.1 % in February and expert forecasts at 1.0 %. But despite such a marked improvement, the rate of inflation for 23 consecutive months is below the target level of the Bank of Canada 2%. Recall the last time inflation was 2.0% in April 2012.

Gold: The gold prices traded in a narrow range against the background data on the U.S. labor market. June futures on COMEX gold traded in the range of $ 1296.67 - $ 1304.45 per ounce.

Oil: World oil prices show mixed trends amid fears about the impact of conflict on Ukrainian supplies of raw materials to Europe, macroeconomic data from the U.S., and on an early increase in the volume of exports of Livii. The cost of May futures on U.S. light crude oil WTI grew to $ 104.64 per barrel on the New York Mercantile Exchange


Market review for 16.04.14: The Pound rose sharply against the U.S. currency, which helped optimistic data on the labor market in Britain.

Asian and European trading sessions:

Euro: The euro exchange rate has raised considerably against the dollar in anticipation of the CPI data, but as the report itself is not pleased, currency movement stalled. At Statistics reported that by the end of March inflation fell to its lowest level since November 2009, keeping pressure on the European Central Bank. According to the report, on an annual basis the March consumer price index rose by 0.5 percent, compared with an increase of 0.7 percent in February. Last result coincided with forecasts of experts. The greatest increase in prices was observed on tobacco, restaurant meals, milk, cheese and eggs, and showed the biggest decline heating oil and fuel. Core inflation rate, which ignores volatile elements - such as energy and food prices, fell to 0.7 percent from 1.0 percent in February (the lowest since December 2013). It was expected that figure fell to 0.8 percent. Note inflation is below 1 percent for six consecutive months, increasing speculation that the ECB will need to take further measures. The ECB policy stated: bank using unconventional measures so that the inflation does not remain at a low level for too long. During the European session the EUR / USD rose to $ 1.38505

British Pound: The Pound rose sharply against the U.S. currency, which helped optimistic data on the labor market in Britain. The Office for National Statistics said : three months ( to February), the unemployment rate fell to a five-year low and amounted to 6.9 percent , compared with 7.2 percent in the three months to January. Experts expect that this figure will remain unchanged. We also add that the overall wage growth accelerated to 1.7 percent in the three months to February, compared with 1.4 percent in the previous three-month period. It was the first times since April 2010, when the growth rate of wages keep pace with the consumer price index. Economists, however, expect to see growth in this index by 1.8 percent. Furthermore, it became known that the number of people claiming unemployment benefits fell in March, slightly more expected - to 30 400 , and totaled 1.142 million people ( the lowest level since November 2008 ) . The figure for February was revised up to 37,000 from 34,600. Experts predicted that in March the number of applications dropped by 30 200 people. The GBP / USD pair rose to $ 1.6815 during the European session.

Japanese Yen: The yen fell against the dollar, reaching a minimum in this week, which was associated with the statements of the representatives of the Japanese authorities and the sharp rise in the index Nikkei. Today Nikkei index rose by 3% due to improving risk sentiment in Asia. Inverse relationship between the dynamics of the index and the yen led to a breakthrough pair USD / JPY level Y102.00. Meanwhile, today the Bank of Japan Haruhiko Kuroda said in Parliament: the Central Bank will make every possible effort to achieve a 2% inflation target. He also tried to ease fears that the recent volatility in the Japanese stock market undermines economic growth in the country. At the same time he rejected the criticism of that policy measures to mitigate the Central Bank are the major cause of volatility indices. The USD / JPY pair rose to Y102.385 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar rose against the single currency after data on production. The Federal Reserve said that by the end of last month, the volume of industrial production increased markedly. Last improvement - a sign of recovery sector after the winter slowdown.
According to the report, March industrial output rose a seasonally adjusted 0.7%, compared with growth of 1.2% in the previous month, which was revised upward from 0.6 %. We also add that the capacity utilization rate - the effectiveness of the sensor in various industries - rose by 0.4 percentage points - to the level of 79.2% . Economists had forecast growth of 0.5% and a decrease in capacity utilization to 78.4 %.
Also some support for the dollar was data on the housing market. Housing starts continued to grow last month, but the broader trends suggest that the downturn in the market.
Ministry of Commerce said: seasonally adjusted housing starts rose in March by 2.8% - to the level of 946 thousand, which was mainly due to the increase in single-family homes sector. The figure for February was revised upwards to 920 thousand from 907 thousand. Nevertheless, other figures indicated: recovery remains uneven. Compared to last year the construction of new housing fell by 5.9%. Also, the number of building permits - an indicator of future construction - fell by 2.4% in March from February - to a level of 990,000, registering the fourth drop in the past five months. Many experts expect that the construction of new housing will rise to 970 thousand, and the number of permits to fall to 1.0 million.

Canadian dollar: The Canadian dollar rose and then fell against the U.S. dollar against the decision and accompanying statement of the Bank of Canada. The Bank of Canada on Wednesday reiterated its concerns about low inflation, leaving the key overnight rate at 1%, and lowered the forecast for GDP growth in 2014 due to a slowdown in exports and investment companies.

Gold: Gold prices slightly reduced against the strengthening U.S. dollar. The dollar had data on the growth of industrial production in the United States. The cost of the June gold futures dropped to $ 1293.45 per ounce on the COMEX today.

Oil: The cost of crude oil traded near a six-week high after stocks at Cushing (Cushing), Oklahoma, the delivery point of the oil contracts fell. May futures for U.S. light crude oil WTI rose to $ 104.99 per barrel on the New York Mercantile Exchange.


Market review for 15.04.14: The dollar fell after U.S. data on consumer price inflation.

Asian and European trading sessions:

Euro: Euro fell amid weak data on Germany. Note that confidence among German investors fell again in April, extending this streak to four consecutive months, highlighting risks to recovery in Europe's largest economy. This was stated in the report of the Centre for European Economic Research ZEW.
According to the data, the April index of sentiment in the business environment, which is designed to assess the development of the economic situation in the next six months, declined to 43.2 from 46.6 in March. Economists had forecast a decline to 46.3. Current situation index rose to 59.5, its highest level since July 2011, compared with 51.3 in March. Economists predicted the figure at 51.5.
The data also showed that the index of economic sentiment in the euro zone fell to 61.2 from 61.5 in March, while the current conditions index rose 6.2 points to -30.5. The EUR / USD pair dropped to $ 1.378 7 during the European session.

British Pound: Pound rebounded from lows against the dollar, reaching levels with today's opening session, which was associated with the release of data on Britain. As it became known, at the end of March the British inflation fell to its lowest level in more than four years, retreating further from the target goal of the Bank of England. It became known from the report, which was submitted by the Office for National Statistics.
According to the data, consumer prices rose in March by 1.6 percent per annum, and confirmed the experts' forecasts, but were close to the lowest level since October 2009. Recall that in February, prices rose 1.7 percent in February. In the ONS said that the greatest pressure on the annual rate of consumer price inflation was the reduction in fuel prices, clothing and furniture. In addition, it was announced that the base rate of inflation, which excludes prices of energy, food, alcohol and tobacco increased by 1.6 percent (four-year minimum). The data also showed that inflation in selling prices increased by 0.5 percent (the lowest since October 2009), which was slightly higher than economists' forecasts - at the level of 0.3 percent.
The GBP / USD pair fell to $ 1.6684, but then recovered to $ 1.6720: during the European session.

American trading session:

U.S. Dollar: The dollar fell after U.S. data on consumer price inflation. A key measure of inflation rose marginally in the last month, although price pressures remained subdued amid weak growth in the U.S. and abroad. Report from the Labor Department showed that the March consumer price index rose a seasonally adjusted 0.2 % compared with 0.1 % the previous month. Many experts predicted an increase in this index is only 0.1 %.
Core CPI, which excludes food and energy, also rose 0.2 % after increasing by 0.1 % in February. It was expected to grow by 0.1%. Compared to last year consumer price inflation accelerated in March to 1.5% from 1.1 % in February, although it remained below the 2 per cent target Fed.
The data also showed that the drop in energy prices helped to keep inflation pressures subdued in March. Gasoline prices decreased by 1.7 %, which is likely a result of the burst of domestic production of oil and increasing demand. Food prices, on the other hand, rose by 0.4 %, as the drought in some areas of the U.S. and Brazil raised the cost of agricultural products.

Gold: Gold prices significantly reduced against the publication of statistics on inflation in the UK and the U.S., as well as Trade Balance from euro zone. The cost of the June gold futures dropped to $ 1284.45 per ounce on the COMEX today.

Oil: The cost of WTI crude oil recovered losses in trading in New York pending inventory report from the U.S. Department of Energy. May futures for U.S. light crude oil WTI dropped to $ 102.90 and then rose to $ 104.06 per barrel on the NYMEX T


Market review for 10.04.14: The euro rose on French data on industrial production and inflation.

Asian and European trading sessions:

Euro: The euro rose against the dollar on French data on industrial production and inflation. Inflation in France, agreed by EU methodology, slowed in March, mainly due to falling oil prices, data showed on Thursday statistical office Insee. Harmonised inflation (HICP) fell more than expected to 0.7 percent in March from 1.1 percent in February. It was expected that inflation will be 0.8 percent.
Annual consumer price inflation fell to 0.6 percent from 0.9 percent the previous month and remained below the expected 0.7 percent.
Food prices fell 0.2 percent, while the prices of petroleum products decreased by 6 percent. Meanwhile, the cost of clothing and footwear increased by 0.6 percent.
On a monthly measurement of consumer prices rose by 0.4 percent after rising 0.6 percent the previous month. At the same time, the HICP rose by 0.5 percent.
Basic consumer prices rose by 0.1 percent compared with the previous month, amounting to an annual increase of 0.4 percent in March.
French industrial production expanded slightly in February, data showed on Thursday Insee. Industrial production in the second -largest eurozone economy grew by 0.1 % in February from January. Analysts had forecast an average increase of 0.2%.
Reduced energy production and release in the oil refining industry restrained overall industrial production, while manufacturing output grew by 0.3%. On an annual basis, industrial production fell by 0.8 % after falling 0.1% the month before.
Support for the single currency had news that Greece has successfully returned to the debt markets. Today, Greece held the first since 2010 auction on sovereign debt, in which were placed 5 - year bonds worth 3 billion euros against 2.5 billion target average yield was 4.95 % against the expected 5-5.25 %. Vice Prime Minister of Greece, said after the auction that the “bond issue said that Greece's debt is acceptable.”
The EUR / USD pair rose to $ 1.3874 during the European session.

British Pound: The British pound is trading slightly lower against the dollar after the Bank of England left policy unchanged. The Bank of England did not bring any surprises , decided to leave its key rate at a record low of 0.5% , which she held for 5 years ( since March 2009 ), and a program of bond purchases in the amount of £ 375 billion. CB stated that it intends to keep rates low for at least as long as the b / p drops below 7%, and it is not expected before 2016. However, his representatives have repeatedly said that the mere drop rates b / d less than 7% will not be a direct incentive to improve. Minutes of the meeting will be published on Wednesday, April 23. The GBP / USD pair fell to $ 1.6766 during the European session.

American trading session:

Japanese Yen: The yen rose against the dollar, which was associated with the release of data on the reduction of Chinese exports, which increased demand for “safe havens." The strengthening of the Japanese yen helped decrease expected to raise interest rates after the release of the Fed minutes of the meeting FOMC. The report showed that in March, China unexpectedly recorded a reduction in exports by 6.6 % compared with the same month last year, after falling 18.1 % in February, which was the worst since the financial crisis. Analysts expected export growth by 4.8%. While imports fell last month to 11.1% in February after rising to 10.1% , resulting in a trade surplus of $ 7.71 billion , according to the General Administration of Customs of China. Experts predicted import growth of 3.9% and a deficit of $ 0.9 billion, the Customs Administration of China announced that it expects to improve trade performance in the second quarter amid recovery in global demand. The USD / JPY pair fell to Y101.40.

Gold: Gold prices today rose markedly, reaching a two-week high at the same time as market participants continued to analyze published last minutes of the last meeting of the FOMC. The cost of the June gold futures rose to $ 1320.30 per ounce on the COMEX today.

Oil: Cost of oil futures fell slightly today, which was associated with the release of economic data for China. May futures for U.S. light crude oil, WTI fell to $ 103.29 a barrel on the NYMEX.


Market review for 09.04.14: All currencies continued to strengthen against the general weakening of the U.S. dollar.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the background data on the trade balance of Germany. German exports fell in February by more than expected, while imports increased for the second month in a row, showed on Wednesday, official data agency Destatis. Exports fell by 1.3 % in January; this is the second drop in three months and the largest since May 2013. Predicted drop in exports by 0.5 % after expanding by 2.2 % in January.
On the other hand, imports increased by 0.4 %, faster than the 0.1 % growth economists estimate. However, the pace slowed down compared with growth of 4.1 %, which is seen in January. As a result, the trade surplus fell to a seasonally adjusted to 15.7 billion euros from 17.3 billion euros in January. The surplus also decreased from 16.7 billion euros surplus hosted a year ago.
In annual terms, exports increased by 4.6 %, while imports rose by 6.5 % in February. Current account balance to a surplus of 13.9 billion euros in February compared with a surplus of 15.7 billion euros in the previous year. Exports to the EU increased by 6.7 % compared with last year, while imports from these countries increased by 9 %. At the same time, exports to the euro area grew by 3.7 %, while imports rose by 8.4 %. The EUR / USD pair rose to $ 1.3809 during the European session.

British Pound: British pound has stabilized against the dollar, disregarding the trade balance data. In the UK, the visible trade deficit narrowed in February, while the surplus on services decreased compared with the previous month, data showed on Wednesday the Office for National Statistics.
The merchandise trade deficit fell to 9.1 billion pounds in February from 9.5 billion pounds in January. Deficit, as was expected to fall to 9.3 billion pounds. Exports of goods decreased by 1.6 % in January, to 23.5 billion pounds. In turn, imports fell by 2.2 % to 32.6 billion pounds. Meanwhile, the services surplus amounted to 7 billion pounds compared with the January estimate of 7.3 billion pounds of surplus.
Combined deficit on trade in goods and services decreased slightly to 2.1 billion pounds from 2.2 billion pounds in January. The GBP / USD pair traded in a narrow range during the European session.

Japanese Yen: The Japanese yen continued to strengthen, supported by the Bank of Japan decision, left the course of monetary policy to keep the volume of lending programs and asset purchases unchanged, despite an increase in the consumption tax in Japan on April 1. CB confirmed target expansion of the monetary base in the range of 60 to 70 trillion yen ($ 681 billion) a year. Last month, the head Haruhiko Kuroda said, remain high chances to see next year inflation at the target level of the Central Bank of 2%. The USD / JPY pair rose to Y102.17 and stepped during the European session.

Australian dollar: The currency slightly rose on positive economic data: indicator published by the Faculty of Economics and Commerce at the University of Melbourne, which reflects the level of trust. Consumer confidence index from Westpac for April was 0.3 % compared to -0.7 %. Next figure influenced the strengthening of the Australian dollar, which is published by the Australian Bureau of Statistics: change indicator of mortgage loans increased to 2.3% for the month of February compared to the projected 0.4 % (previous 0.0 %).

New Zealand dollar: The currency continued its strengthening, supported by increased investor demand for risk on the general weakening of the U.S. dollar and the tendency of the Reserve Bank of New Zealand to the tight monetary policy.

American trading session:

U.S. Dollar: The U.S. data showed that wholesale inventories in the U.S. rose at a slower pace in February than in the previous month, which may support predictions that the improvement does not help the economy in the first quarter. According to the report, the volume of wholesale inventories rose 0.5 % in February after increasing 0.8 % in January, which was revised up from 0.6 %. The increase in February was in line with economists' expectations. The data also showed that in February sales at wholesalers jumped 0.7 % after falling 1.8 % in January. Given the pace of sales in February will need about 1.19 months to clear the shelves of inventory. Recall that in January this ratio was also at this level.

Canadian dollar: The Canadian dollar continued to strengthen against the general weakening of the U.S. dollar.

Gold: The gold prices fell today, due to the expectations of the publication of the last meeting of the Fed. The cost of the June gold futures dropped to $ 1306.30 per ounce on the COMEX today.

Oil: The price of oil rose slightly today, despite the presented report on oil reserves in the U.S., which have to increase. The dynamics also continues to influence geopolitical tensions in Ukraine. May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 102.66 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 08.04.14: The British pound rose sharply, supported by strong data on industrial production.

Asian and European trading sessions:

Euro: The euro exchange rose against the background data on the trade balance in France. In France, the trade deficit narrowed in February, more than expected, due to a fall in imports showed Tuesday, official data of Customs. Trade deficit fell to 3.36 billion euros from 5.61 billion euros in January. Deficit, according to expectations, had narrowed to 4.9 billion euros. Exports fell to 36.24 billion euros in February from 36.31 billion euros in the previous month. Imports fell markedly to 39.61 billion euros from 41.92 billion euros in February. The EUR / USD pair rose to $ 1.3780 during the European session.

British Pound: In the UK, industrial production raised more than expected in February, which was due to higher contribution from oil and gas production, which was reported by the Office for National Statistics on Tuesday.
Industrial production grew by 0.9 % in February from a month ago, when it remained unchanged. The growth rate was much higher than expected growths of the February’s 0.3 %. Manufacturing output rose by 1 %, which was 0.3 % faster growth, which saw in January (economists forecasted that production will grow again by 0.3 % in February).
Annual industrial production growth slowed slightly to 2.7 % in February from 2.8 % in January. But the pace of growth exceeded economists forecast 2.2 %. Meanwhile, manufacturing output increased at a faster pace of 3.8 per cent per annum, after rising 3.2 % the previous month. Annual production growth is expected to slow slightly to 3.1 %. The GBP / USD pair rose to $ 1.6725 during the European session.

American trading session:

Japanese Yen: The yen rose for a third day after the Bank of Japan today culminated a 2-day meeting the result of which did not change the course of monetary policy , keeping the volume of lending programs and asset purchases unchanged. Analysts also expected changes, despite the increase in the consumption tax in Japan on April 1. CB confirmed target expansion of the monetary base in the range of 60 to 70 trillion yen ($ 681 billion) a year. Last month, the head Haruhiko Kuroda said, remain high chances to see next year inflation at the target level of the Central Bank of 2%. The USD / JPY pair fell to Y102.25.

Gold: The gold prices rose more than 1 %, which was due to technical purchases after overcoming the $ 1,300 mark, and the weakening of the dollar before the publication of minutes of the meeting FOMC. The cost of the June gold futures rose to $ 1308.75 per ounce on the COMEX today.

Oil: The price of oil rose moderately today, as new unrest in eastern Ukraine has heightened tensions between Russia and the West. May futures for U.S. light crude oil WTI rose to $ 101.37 per barrel on the NYMEX.


Market review for 07.04.14: The yen stabilized on pending the outcome of two-day meeting of the Bank of Japan.

Asian and European trading sessions:

Euro: Euro traded upward against the dollar on better forecasts published statistics. Investor confidence in the eurozone unexpectedly strengthened in April, which was showed on Monday poll, conducted by the research center Sentix. Investor sentiment index rose to 14.1 in April, its highest level since April 2011, from 13.9 in March. According to forecasts, the index was down to 13.7. Assessment of the current situation rose to 5.8 from 4.8 points in the previous month. The result was the highest since July 2011. Meanwhile, the expectations index fell for the second consecutive month in April, to 22.8 from 23.5 in March.
Index of industrial production in Germany grew faster than expected in February, said the country's statistics office on Monday, showing a strong start in Europe's largest economy this year. Industrial production increased by 0.4 % per month, adjusted in February, beating economists' expectations +0.3 % m / m Value in January was revised downward to 0.7 % from 0.8 %. During the year, industrial production increased by 4.8 % in February. The EUR / USD pair rose to $ 1.3739 during the European session.

Japanese Yen: The yen stabilized on pending the outcome of two-day meeting of the Bank of Japan, the announcement of which will be held tomorrow. It is worth noting that this is the first meeting after April 1 the government increased the sales tax in the country. According to the median forecast of economists at the current meeting, the Central Bank is likely to decide to leave its monetary policy settings unchanged. However, there is a high probability that in the coming months, the Bank of Japan may double asset purchase. The USD / JPY pair fell to Y102.98 and then increased to 103.30during the European session.

Canadian dollar: The Canadian dollar rose slightly against the U.S. dollar, receiving support from a quarterly survey released today by the Bank of Canada. As it became known, the Canadian business continues to be optimistic on the prospects for sales by strengthening U.S. economy and a weaker Canadian dollar, but notes that competition limits the ability to shift the increase in incoming costs on to consumers.

American trading session:

Swiss franc: The Swiss franc has appreciated significantly against the U.S. dollar, which helped by the data presented today. As it became known, Swiss consumer prices remained unchanged in March, while the predicted drop of 0.2 percent, the Federal Statistical Office reported: consumer prices remained unchanged after falling 0.1 percent in February. On a monthly measurement of the consumer price index rose 0.4 percent after rising 0.1 percent in February. Another report showed that the volume of foreign exchange reserves of the Swiss National Bank in March rose to 438 billion Swiss francs (U.S. $ 491.5 billion), compared with 433.6 billion francs in February. This is stated in the data published on Monday the central bank of Switzerland.

Gold: Gold prices fell slightly after the highest growth for the three weeks of growth caused by the publication of a report on U.S. employment. The dynamics affect the likelihood of further reductions in the program of quantitative easing in the U.S. The cost of the June gold futures dropped to $ 1300.60 per ounce on the COMEX today.

Oil: Oil prices showed a slight decline on the news about the opening of the oil terminals in the north of Libya, reinforced expectations of a quick recovery volume of supplies from the country. May futures for U.S. light crude oil WTI fell to $ 100.65 a barrel on the NYMEX.


Market review for 03.04.14: The euro fell after press conference of the ECB head, Mr. Draghi.

Asian and European trading sessions:

Euro: The Euro is traded slightly higher against the dollar after the ECB's decision to leave rates unchanged - at 0.25 %. Little impact on today's currency also provided data that showed business activity index for the services sector fell in March to reach 52.2 from February's 32-month high of 52.6 points . Experts expected that this figure will be 52.4 points. However, the service sector firms were more optimistic about future prospects - the sub- index of business expectations rose to 64.0 from 62.4, the highest since mid-2011. The final composite index fell to 53.1 from 53.3 in March. Preliminary reported 53.2. However, the index remains above 50 for the ninth consecutive month, based on improved market conditions and an increase in new orders.
Another report showed: in February, sales rose by 0.4 percent compared with an increase of 1.0 percent in January (revised downwards from 1.6 per cent). Many economists had forecast a decline in sales of 0.3 percent. Add that food sales rose in February by 0.3 percent, while sales of non-food - by 0.8 percent. In annual terms, sales in February also increased - by 0.8 percent, were slightly above estimates of experts at 0.6 percent. The EUR / USD pair fell to $ 1.3742 but then recovered to $ 1.3773 during the European session.

British Pound: Pound fell against its competitors in connection with the release of weak UK data. As it became known, the services sector continued to expand in the UK last month, indicating that the sustained economic growth in the first quarter, although the pace of this growth was the slowest since June last year. According to the index of purchasing managers index for the services sector fell to 57.6 points in March from 58.2 in February, was below the consensus forecast of economists at the level of 58.2 points. Nevertheless, the index remained well above the level of 50 points, denoting expansion and pointing to strong growth in the services sector, which accounts for over three quarters of the UK economy. Add the employment index in the services sector fell to 53.5 in March from 55.6 in February; the new orders index increased at the slowest pace in 10 months, and the index of business expectations fell to its lowest level since November. Studies have also revealed : a composite index of business activity for the manufacturing, construction and the service sector fell to 58.1 in March from 58.6 in February , while reaching the lowest level since June last year. We add that the prices paid index fell to its lowest in nearly a year. The GBP / USD pair fell to $ 1.6577 during the European session.

Japanese Yen: The Japanese yen was affected by the data for China, which showed that the mood in the service sector in China have improved in March, which is a positive sign for the second largest economy in the world. Purchasing Managers Index for China's services sector, which is calculated HSBC, rose to 51.9 against 51.0 in February. Nevertheless, the official index of manufacturing activity in China in March dropped to around 54.5 to 55.0 in February. The USD / JPY pair fell to Y104.07 from Y103.91 during the European session.

American trading session:

Euro: The euro fell after the head of the European Central Bank Mario Draghi did not rule out that the European regulator may implement quantitative easing program, while maintaining a long period of inflation. “We do not exclude the possibility of quantitative easing in order to cope with that too long a period of low inflation “- Mr. Draghi said at a press conference after a meeting of the ECB.

U.S. Dollar: Some support to the dollar had data showing that in March the index of business activity in the U.S. service sector, calculated by the Institute for Supply Management (ISM), increased slightly, reaching the level of 53.1 while compared with the February reading at around 51.6. According to experts, the value of this indicator was up to 55.5. All major sub- indices were in February in the territory of the expansion (more than 50), and 3 out of 4 even showed growth.

Gold: Gold prices declined on the eve of leaving Friday employment report in the U.S., which will assess the state of the economy and prospects for Fed stimulus. The cost of the June gold futures dropped to $ 1281.92 per ounce on the COMEX today.

Oil: Oil price rose, amid concerns that the negotiations between the Libyan government and the rebels are not reinstated export of oil. Cost of May futures on oil WTI rose to $ 98.85 per barrel on the New York Mercantile Exchange


Market review for 02.04.14: The U.S. dollar increased amid confident data on the U.S. labor market.

Asian and European trading sessions:

Euro: The euro exchange rate has lost all previously earned positions on weak data and approximating the ECB meeting . The data showed that producer prices fell by 0.2 % ( on a monthly basis ), after easing to 0.3 % in January . Experts predicted: this figure will remain unchanged in February. Excluding energy, producer prices remained unchanged after rising 0.1 % in January. Prices for capital goods and consumer non-durables also remained unchanged in February. The cost of intermediate goods decreased by 0.1 %, offsetting an increase of 0.1 % in January. Meanwhile, lower energy prices slowed to 0.5 % from 1.2 %. On an annualized basis, producer prices fell by 1.7 per cent compared with a fall of 1.4 % in the previous month . Fall also exceeded economists' consensus forecasts at -1.6 %.
Another report from Eurostat showed: in the fourth quarter, the eurozone economy grew by 0.5% after falling 0.3 % in the previous quarter. Rate in quarterly terms rose by 0.2 % vs. 0.1%. Add the data may already final. Experts predicted that GDP will rise by 0.3 % qoq and 0.5% per annum. The EUR / USD pair fell to $ 1.371 during the European session.

British Pound: Pound showed a steady increase against the dollar in anticipation of UK PMI data, but weak report forced the couple to change its direction of motion. Despite the fact that it was a minor report, the market is still longed to get a new catalyst to propel the pair above, but nothing happened. Now the focus of employment data from the U.S. ADP, which in the case of a positive result can cause the couple to continue its growth and maximum refresh. As for the data, it showed that the index of business activity in the construction sector from Markit / CIPS fell in March to a level of 62.5 points from 62.6 in February, but remained near the maximum for the last 6.5 years, recorded in January (64.6 points). The index remained above the neutral mark for 11 consecutive months. Many experts, however, expected that figure will rise to the level of 63.1 points. Also, the report showed that the builders were elated last month (optimism rose to its highest level since January 2007) and hired staff at the fastest pace in four months.
Also pressured the pound and a report from the Nationwide Building Society, which demonstrated: house prices rose in March by 9.5 % ( yoy ) , after rising 9.4 % in February. The latest increase was slightly less than the experts' forecasts at 9.7 %, but was the highest since May 2010, when prices rose by 9.8 %. Given these changes, the average cost of housing in March totaled 180,264 pounds - the highest level since January 2008. On a monthly basis, housing prices rose only 0.4 % in March, which was 0.7 %ages slower growth recorded in February, and economists' forecasts at 0.8 %. Nevertheless, it was the fifteenth consecutive monthly gain. The GBP / USD pair rose to $ 1.6664 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar increased amid confident data on the U.S. labor market. As shown by recent data that were presented Automatic Data Processing (ADP), in March, private sector employment increased markedly, and came close to the predictive values. According to a report last month, the number of employees increased by 191 thousand people, compared with a revised upward figure for the previous month at 178 million ( initially reported growth of 139 thousand ) . Add that, according to the average forecast of this indicator would grow by 192 thousand
Strengthening of the dollar also contributed data on the growth of industrial orders in the United States. Factor in the growth in orders was supposed to economic recovery after the winter with bad weather conditions, because of which there is a delay before. Increase in orders was the highest in seven months.
Commerce Department said Wednesday that new orders for producers rose in February by 1.6%, which was the highest growth since September. Economists had expected orders by 1.3%. Data on changes in the volume of orders in January were revised with the reduction - reduction of 1.0% compared to the previously reported decrease of 0.7%. The volume of orders except the volatile transportation category rose in February by 0.7 %, the biggest increase since July. In January, the volume of orders for this category decreased by 0.1 %.

Gold: The Gold prices rose after two days of sales, but remained near seven-week low after reporting growth in manufacturing activity and employment in the United States. The cost of the June gold futures rose to $ 1294.95 per ounce on the COMEX today.

Oil: Prices for crude oil WTI accelerated decline after a government report showed that U.S. crude inventories fell unexpectedly. May futures for U.S. light crude oil WTI fell to $ 98.85 a barrel on the New York Mercantile Exchange


Market review for 01.04.14: The Yen fell after Bank of Japan pointed to expectations of a sharp deterioration in sentiment this year.

Asian and European trading sessions:

Euro: The euro rose, which was associated with the release of data on PMI. The PMI indices surpassed forecasts in Spain, Italy and France, confirmed the forecast of the euro area as a whole and were not short of expectations in Germany. As it became known, the growth in the manufacturing sector slowed in the euro zone last month, and confirmed the experts' predictions and their initial estimates. According to the final index of business activity in the manufacturing sector amounted to 53.0 points in March, which corresponded to the preliminary estimate, but below the February index at 53.2 points.
We also add that the expansion in the manufacturing sector slowed in Germany last month due to weaker growth in new orders and export orders in Europe's largest economy. According to the report, the purchasing managers' index for the German manufacturing sector, which accounts for about a fifth of the economy, fell to 53.7 in March from 54.8 in February, compared with a preliminary estimate at 53.8 points. Final reading, however, was significantly above the 50- point mark that separates growth from contraction for nine consecutive months.
There were also positive data on unemployment in Germany and the euro area. Report from the Ministry of Labor in Germany showed unemployment in the country has declined in March more than expected, underlining the continuing improvement in Europe's largest economy. Seasonally adjusted number of unemployed fell by 12,000 in March, beating the forecasts of experts at -9000 people. The unemployment rate was 6.7%, unchanged compared with February, the figure for which was revised down from 6.8%. Add, this is the fourth consecutive month of declining unemployment.
Meanwhile, unemployment in the euro area declined slightly in February, but, given the downward revision from the previous month to reach 11.9 percent from 12.0 percent, unchanged. This result was pleasantly surprised many experts, as their unemployment rate was forecast to reach 12.0 percent. In February, the euro zone was recorded 18,970 million unemployed, which was at 35 thousand less than in the previous month. The EUR / USD pair rose to $ 1.3805 during the European session.

British Pound: Pound fell against the dollar amid weak data on activity in the manufacturing sector. Note the increased activity in the British manufacturing sector slowed sharply in March, while showing the slowest pace in eight months, which was associated with a drop in purchase prices. According to the index of manufacturing activity fell in March to 55.3 points, its lowest value since July last year and was below economists' forecasts at 56.7 points. The February figure was revised down to 56.2 points from 56.9 points. It was the fourth consecutive month in which the index fell, although it remained significantly above 50 indicating growth. In Markit said that a slowdown in the sector was mainly concentrated among companies manufacturing machinery and equipment. Meanwhile, although there were signs of growth in business investment in recent years, the sub- index for new export orders fell to the lowest level since May 2013, and some companies reported fewer orders from the Asia- Pacific region. The GBP / USD pair during the European session fell to $ 1.6635, the

Japanese Yen: Consumption tax in Japan was raised to 8 % from 5 % on Tuesday. Bank of Japan Tankan report pointed to expectations of a sharp deterioration in sentiment this year. The U.S. dollar rose to its highest level against the yen since late January. Investors’ value analyzed data published in the U.S. on the back of higher consumption tax in Japan and deteriorating prospects for business sentiment in Japan.

American trading session:

U.S. Dollar: The dollar fell after data showed that manufacturing activity in the U.S. in March grew slightly more rapidly than the previous month. According to the Institute for Supply Management (ISM), the manufacturing index rose to 53.7 from 53.2. Economists had expected the index was 54.2.
Published data also reported an increase in construction spending in February by 0.1%. Meanwhile, the calculated final Markit Purchasing Managers Index (PMI) remained unchanged at 55.5.

Gold: Gold prices fell to a minimum of seven weeks due to outflows of gold- exchange-traded funds in riskier assets. The cost of the June gold futures dropped to $ 1277.50 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate fell on speculation as to what stocks in the U.S. will grow 11 - consecutive week, and while the U.S. manufacturing gauge rose less than expected. The cost of May futures on U.S. light crude oil WTI fell to $ 100.45 a barrel on the New York Mercantile Exchange.


Market review for 31.03.14: The euro rose sharply against the dollar on comments of the ECB representative Mr. Nowotny.

Asian and European trading sessions:

Euro: The euro rose sharply against the dollar, returning with all previously lost ground. Pressure on the pair had a weak data on inflation in the eurozone, but the comments of the ECB representative Mr. Nowotny were able to offset this negative.
As it became known, the annual inflation rate in the euro zone fell again in March, beating the average forecast with experts and reaching its lowest level since late 2009. According to a report in the March consumer price index rose by 0.5 % in March 2013 compared with a gain of 0.7 % a month earlier and rated at 0.6. Add index was more and more away from the target of the European Central Bank, which is set at "a little less than 2% ." The data also showed that the cost of energy in the eurozone fell in March by 2.1 % after declining 2.3% in February. Food, alcohol and tobacco products rose by 1 % after rising 1.5 % the previous month. Core CPI, which excludes volatile items - such as energy and food - growth slowed to 0.8% from 1.0% in February.
With regard to the Novotny, he said that the recession in the euro area came to an end, and the economic situation in the region has significantly improved, but he still has to deal with their problems. The EUR / USD pair rose to $ 1.3810 during the European session.

Japanese Yen: The yen declined significantly against the U.S. dollar, which was associated with the expectations of today's speech by U.S. Federal Reserve Janet Yellen to be held in Chicago.
Recent comments on the Bank of Japan that it was too early to discuss specific exit strategy from quantitative easing, also weighed on the yen. Analytics think that now, there are several factors that can support the growth of the pair this week: first, the U.S. was to publish a number of reports indicating the U.S. economic recovery. This will increase the rate differential gap between the U.S. and Japan and, accordingly, will pressure on the yen, and secondly, the global risk sentiment remains unstable, as the conflict between Russia and Ukraine is still a threat to global geopolitics. The USD / JPY pair rose to Y103.32 during the European session.

Swiss Franc: The Franc rose against the dollar, despite the weak data. The growth was due to the weakening of the U.S. currency, as well as the head of the SNB Jordan comments. He noted: the Swiss franc is still high, and the minimum level for the pair EUR / CHF - an essential tool for maintaining price stability. Meanwhile, the banker added that the current exchange rate policy will remain relevant for the Swiss National Bank in the foreseeable future, but do not rule out negative interest rates to maintain proper monetary conditions.

American trading session:

U.S. Dollar: The U.S. dollar lowered on a background of comments Janet Yellen . Fed Chairman Yellen, who spoke today at a conference in Chicago, defended the loose monetary policy of the USA, stating that its purpose was to help the economy and the labor market in particular.
Ms. Yellen said that Fed’s policies for stimulating commitment are still a necessity, and this situation will continue for some time. She also pointed to the fact that low interest rates will remain low for an extended period of time. The Fed chief has listed a large number of part-time workers, slow wage growth, a large number of workers who do not have full employment, fall in the share of the working population as indicators that the labor market is still in a difficult situation. She also noted that for some Americans the current economic situation was more complicated than in a recession.

Gold: Gold prices traded within a range close to Friday's six-week low and then declined due on growing optimism about the U.S. economy and weak demand in the physical markets of Asia. The cost of the April gold futures dropped to $ 1288.50 per ounce on the COMEX today.

Oil: The cost of oil brand WTI retreated from three-week high on increased production in Iraq and the continuing tense relations between Russia and the West. The May futures on U.S. light crude oil WTI fell to $ 101.00 a barrel on the NYMEX.


Market review for 25.03.14: The British pound rose against the dollar, which was helped by data on inflation in Britain and weak U.S. data.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the dollar, returning almost all the ground lost during today's trading. Impact on the dynamics of the U.S. data, as well as the statements of the ECB's Draghi . Report from the Conference Board showed that consumer confidence index has improved markedly in March, while offsetting the decline in February. The index now stands at 82.3 points, compared to 78.3 points in February. Present situation index fell to 80.4 points from 81.0 points, while the expectations index rose to 83.5 from 76.5. Meanwhile, it became known that the assessment of current conditions consumers almost unchanged in March - the proportion of those who reported improvement of business conditions rose to 22.9 % from 21.2 %, while those who reported worsening , has risen to 23.2 % from 22.0 % . Estimation by consumers of the labor market was relatively unchanged - the proportion of those who said about improving conditions, decreased to 13.1 % from 13.4 %, and is reported to decline increased to 33.0 % from 32.4 %.
As for Draghi speech, he noted that the ECB will do everything necessary to maintain price stability. Perhaps he hinted at HTA program aimed at helping vulnerable members of the eurozone by buying their government bonds, which was proposed in the fall of 2012, but did not work. He also said that the soft policy will support the gradual elimination of the lag in economic growth. According to him, there were visible signs that monetary policy becomes more effective. Draghi also spoke about the euro, noting that the strengthening of the euro caused by external factors, including the Japanese monetary policy, as well as increased confidence in the eurozone. Furthermore, he added that the ECB is closely monitoring the situation with the exchange rate. The EUR / USD pair traded in the range of $ 1.37570-1.38550 during the European session.

British Pound: The British pound rose against the dollar, which was helped by data on inflation in Britain and weak U.S. data. In the UK inflation slowed in February, as expected, to a four-year low due to lower transport prices showed Tuesday, official data Office for National Statistics. Consumer prices rose 1.7 % year -on-year after increasing 1.9 % in January. Growth rates in line with economists' expectations. On a monthly measurement of consumer prices rose by 0.5 %, according to the forecast, offsetting a drop of 0.6 % in January. At the same time, core inflation, which excludes prices of energy, food, alcoholic beverages and tobacco, rose to 1.7 % from 1.6 %. The GBP / USD pair traded in the range of $ 1.65310 during the European session.

American trading session:

U.S. Dollar: Meanwhile, U.S. data showed that new home sales fell in February, becoming the latest sign that the severe weather conditions and rising mortgage rates undermine the housing market recovery. The Ministry of Commerce said that the sales of newly built homes fell 3.3% to a seasonally adjusted annual rate of 440,000 compared with the previous month. Strong growth in January was revised downward to an annual rate of 455,000. Data on sales of new buildings represent a small portion of the homes purchased in the United States and may be subject to significant revisions. But they provide more current sensor market conditions than some other figures, because they are calculated at the time of signing the contract, and not when it is closed. February sales were lower than expected by economists and 447,000 were at the lowest level since September.

Gold: Also the cost of Gold increased due to short covering and increase reserves backed by gold exchange funds. The cost of April gold futures rose to $ 1312.40 per ounce on the COMEX today.

Oil: Oil prices rose slightly, due to concerns about further decline in production in Libya and hopes for economic stimulus measures in China. May futures for U.S. light crude oil WTI rose to $ 100.10 per barrel on the NYMEX.


Market review for 24.03.14: The Australian dollar rose after ratings agency Fitch announced its decision to leave Australia at the same rating at AAA.

Asian and European trading sessions:

Euro: The euro rose against the dollar on strong data on private sector activity in France and then fell sharply on unfulfilled forecasts to data on business activity in the euro zone and Germany. French private sector returned to growth in March for the first time since last October, revealed on Monday showed preliminary surveys conducted Markit Economics. Composite activity index rose to 51.6 from 47.9 in February. Score above 50 indicated expansion, and the last reading indicated the fastest growth in 31 months. Expansion was broad-based and in the service sector and in manufacturing. The index of activity in services rose to 51.4, a 26- month high, from 47.2 in February. Index, as expected, had to grow to 47.9. In addition, the PMI index for the manufacturing sector has improved more than expected to 51.9, a 33- month high, from 49.7 in the previous month. The index was projected to grow to 49.8.
Private sector growth was slowed in Germany in March from 33 -month high, but growth remained markedly high on Monday showed preliminary data from surveys conducted in the Markit Economics. Composite activity index fell to 55.0 from February's 33 -month high of 56.4. Weakening growth in business activity was broad-based, while both indices - for producers and service providers showed weaker growth than seen in February. Preliminary index of service sector activity fell more than expected to 54.0 from 55.9 in February. It was predicted that the index would remain at 55.9. Furthermore, preliminary manufacturing PMI 53.8 compared to 54.8 in February and below the expected reading of 54.7.
Eurozone economy expanded ninth consecutive month in March, but the growth rate slowed slightly by data showed on Monday, Markit Economics. Consolidated activity index was 53.2 in March. Result was slightly lower than achieved in February of this year a 32- month high of 53.3 and above the expected level of 53.1. The index remaind above the neutral mark of 50 indicated an increase in private sector activity. Preliminary PMI in service sector fell to 52.4 from 52.6 in February, while it, according to expectations, had to remain at the level of 52.6. In addition, the manufacturing PMI fell to 53.0 from 53.2 in February. It was expected that the index will also remain unchanged at the February level. The EUR / USD pair rose to $ 1.3828, but then fell to $ 1.3758 during the European session.

Japanese Yen: The yen fell against the euro and the U.S. dollar in anticipation of the speech of Vice - President of the Bank of Japan Kikuo Iwata. The market expected the banker hints at a possible increase incentive programs from the Bank of Japan to ease the negative impact on the economy, as well as the planned increase of the sales tax, which should enter into force as early as next week.

Australian dollar: The Australian dollar rose after ratings agency Fitch announced its decision to leave Australia at the same rating at AAA with a stable outlook, as the country has managed to maintain stability to external shocks due to " the presence of a strong economic and institutional foundations, including the highly advanced and flexible economy, and reliable policies and effective political and social institutions.”

American trading session:

U.S. Dollar: The dollar fell this session. Impacted on the dynamics of the “greenback” U.S. data, as well as statements by the Fed. As it became known, the index of business activity in the U.S. industry from Markit in March, according to preliminary data, was down to 55.5. Preliminary data include approximately 85% of the respondents' answers. The business activity index fell to 45 -month high, but growth continues. The growth rate was only slightly lower than the three-year high, which the index reached in February. Manufacturers say that the higher level of output due to an increase in new orders, and the desire to reduce the backlog. Companies began to overcome deceleration caused by weather conditions in the winter. The growth rate of export orders decreased but continues for the second month in a row.
Meanwhile, the president of the Federal Reserve Bank of San Francisco John Williams said that the Fed last week did not make assumptions about what the Fed will start raising rates earlier than expected. Investors appreciated earlier comments from Fed Chairman Janet Iellen on Monday that the first rate hike could begin six months after the completion of the redemption of bonds as a "hard" . Williams said that such expectations were on the market, and he sees nothing that would indicate intention to tighten monetary policy sooner than expected. Williams called regarded as a "signal of tightening policy" simply a response to a comment recently yield stronger -than-expected unemployment data.

Gold: Gold prices fell markedly today, reaching with one-month low, which was associated with increased expectations about rising interest rates in the U.S. in early 2015. The cost of the April gold futures dropped to $ 1312.50 per ounce on the COMEX today.

Oil: Oil prices fell slightly today, which was associated with the release of weak Chinese data indicating that the decline in demand in the world's largest oil-consuming economy. Meanwhile, the support prices have the possibility of breaking oil supplies in connection with the Ukrainian crisis and the turmoil in Libya. May futures for U.S. light crude oil WTI fell to $ 99.46 a barrel on the New York Mercantile Exchange.


Market review for 20.03.14: The Swiss franc fell, which was due to yesterday's Fed decision, and today's announcement SNB.

Asian and European trading sessions:

U.S. Dollar: Dollar showed the most significant strengthening in the last seven months after the Federal Reserve yesterday hinted of a possible lifting of interest rates by the middle of next year. Following the meeting on March 18-19, the U.S. Federal Reserve has reduced its quantitative easing program by $ 10 billion for the third time in a row. Since April, the Central Bank will reduce the purchase US Treasuries from $ 35 billion to $ 30 billion a month, mortgage-backed securities - from $ 30 billion to $ 25 billion a month. In addition, the Central Bank has kept interest rate target range of 0% to 0.25% per annum. Some support the American currency was the labor market data. The Labor Department said: for the week ending March 15, the number of initial claims for unemployment benefits rose by 5,000 to a seasonally adjusted, while reaching 320 thousand Economists had expected the value of this ratio will rise to 327 thousand add the result for the previous week appeared unchanged.

Swiss Franc: Swiss franc has fallen markedly against the dollar, which was due to yesterday's Fed decision, and today's announcement SNB. Note, the Swiss National Bank confirmed its intention to intervene in currency markets to prevent the strengthening of the franc. SNB also upheld the 3 -month interest rate range LIBOR 0, 0% -0, 25%, that is fixed by 11 consecutive months. Decision was consistent with economists' expectations. Bank noted the continuing high franc, and the restriction for EUR / CHF continues to be an essential tool to avoid undesirable tightening of monetary conditions in the event of renewed upward pressure on the Swiss franc. SNB also said it expects GDP growth in 2014 of around 2 %. Meanwhile, it became known about lowering the inflation outlook to 0.0 % in 2014 from 0.2% previously. Inflation forecast for 2015 was 0.4 %, compared with 0.6 % previously.

American trading session:

U.S. Dollar: The U.S. dollar continued to strengthen against its competitors as investors take into account the possibility of raising interest rates earlier than expected before. Data released in the U.S. as a whole were positive. The index of leading U.S. economic indicators rose in February 2014 by 0.5 %, according to a research organization Conference Board, which calculates. Analysts on average had forecast a rise of 0.3%. According to revised data, in January index increased by 0.1 % rather than 0.3%, as previously reported.
The index of business activity in the district of Philadelphia also exceeded all forecasts. This figure soared in March to 9 points from minus 6.3 points in February, according to the Federal Reserve Bank (FRB) of Philadelphia. Analysts on average expect its growth to just 4.2 points.
The number of people who first applied for unemployment benefits, rose slightly last week, but was lower than predicted by most experts. The Labor Department said that for the week ending March 15, the number of initial claims for unemployment benefits rose by 5,000 to a seasonally adjusted; while reaching 320 thousand Economists had expected the value of this ratio will rise to 327 thousand also add that the result for the previous week appeared unchanged. Analyst Department of Labor said that there were no special factors that could have an impact on the overall result. Meanwhile, it was reported that more important indicator that “aligns " weekly volatility - the average number of calls in the last four weeks , down by 3.5 thousand to 327 thousand It was the lowest since the end of November.
Sales in the secondary market fell slightly in February, a sign of slow recovery. Experts noted that the decline was associated with unusually cold weather and deteriorating housing affordability. National Association of Realtors said that seasonally adjusted sales of existing homes fell in February by 0.4 % to an annual rate with 4.6 million units, and recorded six declines over the past seven months. Many analysts expected that sales will increase to 4.65 million from 4.62 million in January. We add that the figure for January has not been revised.
On the eve of the dollar rose by almost a percentage after Fed Chairman Janet Iellen at the press conference suggested that a rate hike may take place within six months after the central bank to terminate the bond buyback program. Rising interest rates may increase the investment attractiveness of the currency.
The Fed announced a reduction in the monthly volume of redemption of bonds at 10 billion dollars, and changed the conditions under which interest rates will remain low. The threshold level of unemployment has been canceled. Dollar rally corresponded with increase of yield on 10-year bonds. The dollar index rose from 80.03 to 80.20.

Gold: Gold prices decline fourth consecutive session under the pressure of rising U.S. dollar, following statements by the Federal Reserve that it will reduce its monthly bond purchases by 10 billion dollars. The cost of the April gold futures dropped to $ 1320.70 per ounce on the COMEX today.

Oil: The cost of WTI oil brand cut losses after the growth of the index of leading indicators which increased optimism about stimulating demand for oil by strong U.S. economy. April futures price fell to $ 99.50 a barrel on the NYMEX.


Market review for 19.03.14: The U.S. dollar rose sharply after the announcement of the Fed's decisions.

Asian and European trading sessions:

Euro: Euro traded slightly lower against the dollar today on the eve of publication of the two-day meeting of the Federal Open Market Committee, the Fed, followed by the first press conference Janet Yellen. It was expected that the Central Bank will continue to reduce the quantitative easing program. It should be noted in the last month, Fed Chairman Yellen has promised to continue to move in the direction of reduction of monetary stimulus. Positive economic statistics confirm this prediction. In addition, analysts expected the Fed's failure to target the unemployment rate, which is tied to the timing of rising interest rates. Most experts expected that the Central Bank may move to a new practice notice of plans to raise the base interest rate and determine further action by a number of macroeconomic indicators.
Little influenced by the data for the euro area, which showed that the seasonally adjusted construction output rose in January by 1.5 per cent (on a monthly basis), which is followed by growth of 1.3 percent in December and 0.1 percent drop in November. Experts predicted an increase of 1.8 percent. In annual terms, construction output rose by 8.8 percent in the beginning of the year, changing the downward trend, which was observed in recent months. The EUR / USD pair fell to $ 1.3915, after recovering slightly during the European session.

British Pound: Pound was up against the U.S. dollar, which was associated with the publication of minutes of meetings of the Bank of England and labor market data. Note Minutes of the last meeting of the Bank of England from March 5-6 showed: CB members were unanimous in their decision to maintain the status quo, leaving the rate at around 0.5%, and the size of its asset purchase program - at £ 375 billion MPC members noted: three months to December employment growth slowed slightly in Britain and the unemployment rate remained above the 7% mark target designated by the Bank in the past year. MPC members stressed that the recent appreciation of sterling puts downward pressure on inflation.
Meanwhile, the data showed that the unemployment rate for three months (December) compared with the previous three-month period remained unchanged - at 7.2 %, confirming the predictions of many experts. The number of applications for unemployment benefits fell by 34.6 million in February after falling 33.9 thousand the previous month ( revised from -27.6 million). Experts had expected a decline will be only 23.3 thousand. Furthermore, the level of applications for employment of unemployed fell in February to 3.5% from 3.6 % in January, showing the 16th consecutive monthly decline. The number of people in employment has reached a new record high - a little less than 30.2 million, driven by growth in self-employment. The GBP / USD pair rose to $ 1.6642 during the European session.

American trading session:

Japanese Yen: The yen fell against the U.S. dollar. Impact on the dynamics of the data provided by Japan, as well as words BOJ board member Takahide Kiut . Report submitted to the Ministry of Finance of Japan, has shown that the trade deficit declined in February to a level of 800.3 billion yen, compared with 2.8 trillion Yen in January. Deficit reduction occurred on the background of accelerating export growth and weakening imports. However, experts expected further reduction - up to 600 billion yen. Add captures Japan’s trade deficit for 20 consecutive months (the longest period since 1979). Meanwhile, import growth slowed in the country in February to 9% from 25.1 % in January, as export growth accelerated to 9.8% from 9.5%.
With regard to the Kiut, he warned that if the Central Bank will forever campaign to mitigate the monetary policy or to undertake additional mitigation measures, it can give rise to adverse effects on the markets. The USD / JPY pair rose to Y101.70, but then declined during the European session.

U.S. Dollar: The U.S. dollar rose sharply after the announcement of the Fed's decision to keep interest rate range for the federal funds unchanged and reduce the asset purchase program by 10 billion U.S. dollars. The Fed expected the unemployment rate is 6.1 % -6.3 % at the end of 2014, 5.6% -5.9 % at the end of 2015, 5.2% -5.6% at the end of 2016 and inflation reaching 1.5 % -1.6% in 2014, 1.5 % -2.0 % in 2015, 1.7 % -2.0 % in 2016.

Canadian dollar: Canadian dollar remained under pressure after yesterdays deep comments of Mr. Poloz. Governor of the Bank of Canada said it did not exclude the option to lower rates, even though at the moment the Central Bank and is heading to (openly expressed) mitigation. He added that in the 1st quarter of the Canadian economy can demonstrate rather weak indicators (mainly due to weather conditions) under conditions of slow growth, low interest rates and a decline in consumer prices for the target mark of Bank of 2%.

Gold: The price of gold was reduced by the weakening of tension around the situation in the Crimea, and pending the outcome of the meeting of the Federal Open Market Committee Federal Reserve. The cost of the April gold futures dropped to $ 1338.10 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate rose after a government report showed: stocks at Cushing (Cushing), Oklahoma (point of delivery of futures contracts) fell the seventh consecutive week. The April futures price for WTI rose to $ 100.44 per barrel on the New York Mercantile Exchange


Market review for 18.03.14: Pound weakened significantly on back of the speech of the Bank of England Governor, Mr. Mark Carney.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the dollar, but could not resist the vicinity of achieved values , and fell to session lows. Initially influenced the course of trading weak data for the euro area and Germany, but active buying dips and words of Russian President Putin promoted a marked increase. Nevertheless, submitted after U.S. data brought back euro to previous levels. As for the data, they showed that the economic expectations for Germany deteriorated significantly in March, beating forecasts while most experts. It became known from the results of recent studies that were presented today by the Centre for European Economic Research ZEW. According to the index of economic confidence fell this month to the level of 46.6 points, compared with 55.7 points in February. Many experts expect that this figure will drop to 52.8. Meanwhile, we note that the index of the current economic situation has improved to 51.3 points from 50 a month earlier. Nevertheless, it remained below the expected level of 52 points. Also, the data showed that economic expectations in the euro area declined by 7 points - to 61.5 points. In contrast, the current economic situation indicator increased by 3.5 points - to 36.7 points.
Meanwhile, U.S. data showed that consumer price index rose by 0.1 % and building permits - to 1018 thousand units. The EUR / USD pair fell to $ 1.3890 during the European session.

British Pound: Pound weakened significantly against the U.S. dollar, updating intraday lows below $ 1.6600. Many market participants were waiting for speech of the Bank of England Governor Mark Carney. Next report will be a key labor market indicator, the report and the Bank of England meeting FOMC. The GBP / USD pair fell to $ 1.6575 during the European session.

Japanese Yen: The yen was trading with a noticeable increase against the U.S. dollar. Markets continued to play up the theme of the Crimea, and according to recent reports, Russian President Vladimir Putin signed a decree recognizing the Republic of Crimea as a sovereign and independent state, which created prerequisites for joining the peninsula to Russia. In light of the current situation, the EU and the United States imposed sanctions against certain officials of Russia and Ukraine, the number reached 21 people. According to Europe and America, these people are guilty of infringing on the sovereignty of Ukraine. In this list of Russian President Vladimir Putin did not hit, although it is expected the introduction of further sanctions in the event of further intervention by Russia. Markets remained relatively calm and safe-haven rally stopped. In general, the market situation in the Crimea scenario assumes preservation “wait and see." The USD / JPY pair dropped to Y101.30 during the European session

American trading session:

U.S. Dollar: Meanwhile, U.S. data showed that consumer prices have not changed in February, which is a sign of restrained inflationary pressures in the economy. According to the report, the February consumer price index rose a seasonally adjusted 0.1 % compared with the previous month. Basic prices, which exclude volatile categories, namely, the price of food and energy, also rose by 0.1%. Last significance was in line with economists' forecasts. Meanwhile, it was reported that consumer prices rose by 1.1% compared to February last year. It was the weakest annual growth since October. Also figure was below 2 per cent target by the Federal Reserve System. Basic prices, meanwhile, rose by 1.6 % compared to last year. Economists were expecting an increase of 1.2% and 1.6%, respectively.
At the same time, housing data indicate that adverse weather conditions seem to restrain the pace of housing starts in February, but the basic figures showed that the sector may be ready for spring rebound. This in his report informed the Ministry of Commerce. According to the data, bookmarks new homes in the U.S. fell last month by 0.2% to a seasonally adjusted annual rate reached 907 thousand slight deterioration occurred after construction fell by 11.2 % in January, although the rate for this month were revised upwards ( up to 910 thousand from 880 thousand ).

Canadian dollar: The Canadian dollar fell after comments from Bank of Canada Governor Steven runners pointed out the potential weakness of the Canadian economy in the first quarter of this year. Runner said that lag in real output in the economy from potential is unlikely to be closed for several years. Runner also noted that inflation in February was probably as weak GDP growth in the first quarter. Even so, he expects GDP growth this year and next above trend.

Gold: The price of gold declined a second consecutive session on a stronger dollar due to political instability in the Crimea and the West's reaction. The cost of the April gold futures dropped to $ 1351.00 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate raised for the third time in four days after data showed that the U.S. housing market stabilizes. April futures price for WTI oil fell to $ 99.30 a barrel on the NYMEX.


Market review for 17.03.14: Australian dollar strengthened, despite the increased geopolitical risks associated with the Crimea.

Asian and European trading sessions:

Euro: The Euro traded with little change against the dollar, which was associated with the release of weak data for the euro area and the United States. Traders ignored until the outcome of yesterday's referendum in the Crimea, as they were predictable. Now market participants' attention focused on the U.S. data, namely industrial production, which will soon be presented.
As for the report on the euro area, it showed that the growth of inflation in February slowed to 0.7% per annum after an increase of 0.8 % in January. This was stated in the final data of the Statistical Office. Analysts did not expect the revision of growth from previously reported 0.8%. Prices excluding the cost of fuel and food in the euro zone rose in February compared to February 2013 to 1 %, as predicted by experts. On a monthly basis, consumer prices in February rose 0.3 %, compared with a decline of 1.1% a month earlier.
Inflation in the 28 countries of the EU in annual terms slowed to 0.8% after 0.9 % in January. From the previous month, consumer prices rose by 0.3%. In February annualized deflation observed in Bulgaria (-2.1 % ), Cyprus (-1.3 %) , Greece (-0.9 % ), Croatia ( -0.2 %) , Portugal and Slovakia ( -0.1 %). The highest growth rate of consumer prices recorded in Malta and Finland (1.6%) and Austria (1.5%). Recall that the ECB's target level of less was than 2 %. In early November last year at a similar level, the ECB cut its inflation rate to a record low of 0.25 % to 0.5%. Meanwhile, U.S. data showed that the index of activity in the manufacturing sector of the Federal Reserve Bank of New York rose to 5.6 to 4.48, which was below the forecast of 6.6. The EUR / USD pair fell to $ 1.3875, but then recovered to $ 1.3912 during the European session.

Japanese Yen: The yen has fallen markedly against the U.S. dollar. This is due to Kuroda statement on the possible extension of the leniency program. According to him, the Bank of Japan should be ready to apply measures of monetary policy easing in the event of any hint of problems in achieving the inflation target due to the economic downturn. He also noted that consideration of further measures will be made at an early stage - depending on how the economy will react by increasing the tax rate on consumption. The CB Head Kuroda said with confidence that the increased sales tax in April will not have a significant negative impact on the economy. He explained also that the record level measures easing monetary policy, begun in April 2013, has been applied with the assumption that the consumption tax rate should eventually reach 10%. Kuroda said hardly consumption will be significantly reduced. The USD / JPY pair rose to Y101.85 during the European session.

Australian dollar: Australian dollar strengthened against the U.S. currency, despite the increased geopolitical risks associated with the Crimea, who last weekend called for the annexation to Russia. More than 93 % of Crimeans voted to become part of the Russian Federation, according to preliminary results of the referendum, which raises the likelihood of acute confrontation between East and West.
U.S. and European Union quickly denounced the referendum, calling it illegal. U.S. President Barack Obama in a telephone conversation with Russian President Vladimir Putin said the vote was held “under duress and threat of Russian military intervention " and will not be acknowledged . Attention will now be focused on sanctions against Russia from the West, and how Russia will react to this. Traders were expected that the strong Australian dollar exchange rate was partly the result of rising expectations that the central bank will raise interest rates at its next meeting .

American trading session:

U.S. Dollar: The U.S. dollar lowered on a background of mixed American economic statistics. The survey revealed that the Fed - New York manufacturing index in the region rose slightly in March compared to the previous month. According to the data, the production index in March rose to 5.6 against 4.48 in February. Note the January value has not been revised. Economists expected the index to rise to the level of 6.6 points.
U.S. industrial production volume increased markedly in February, exceeding forecasts of experts with and fully compensate for the decline recorded in the previous month. This was reported by the Federal Reserve in its latest report. According to the data, seasonally adjusted industrial production increased by 0.6 % in February compared with the decline of 0.2% in the previous month (revised from -0.3 %). Capacity utilization rate, meanwhile, rose by 0.3 percentage points - to 78.8%. Economists forecast that industrial production increased by 0.2%, while capacity utilization was 78.7 %.
Data presented by the National Association of Home Builders , showed in the current month, U.S. builders continued to exercise caution in relation to the housing market , suggesting that problems with the restoration were associated not only with severe weather conditions . According to the report, the seasonally adjusted March housing market index rose by only 1 point, reaching 47 points. Values below 50 indicate that more builders assessed conditions as poor than good. Slight increase occurred after the fall of 10 points in February - the largest monthly decline in the history of this research. Many economists predicted that in March the index to rise to 50 points. Builders reported: complexity in the work was associated not only with the bad weather, but also problems with obtaining labor and land. Earlier pressure on the euro have data showing: February inflation slowed to 0.7% per annum after an increase of 0.8 % in January. This was stated in the final data of the Statistical Office. Analysts do not expect the revision of growth from previously reported 0.8%. Prices excluding the cost of fuel and food in the euro zone rose in February compared to February 2013 to 1 %, as predicted by experts. We also add that on a monthly basis, consumer prices in February rose 0.3 % compared with a decline of 1.1% a month earlier. Inflation in the 28 countries of the EU in annual terms slowed to 0.8% after 0.9 % in January.

Gold: Gold prices updated annual maximum and retreated during volatile trading. In the markets continues to grow the demand for safe assets, which is the gold, in the light of the ongoing conflict in the Crimea. At the same time, markets reacted ambiguously mixed U.S. statistics. The cost of the April gold futures rose to $ 1392.60 per ounce, and then dropped to $ 1375.00 per ounce on the COMEX today.

Oil: The cost of oil was down on speculation that the vote on the Crimea to leave Ukraine and join Russia is unlikely to disrupt oil supplies. April futures price for U.S. light crude oil WTI fell to $ 97.70 a barrel on the New York Mercantile Exchange.


Market review for 13.03.14: The dollar rose sharply amid falling risk appetite during the U.S. session.

Asian and European trading sessions:

Euro: The euro exchange rate has risen sharply against the U.S. dollar in the absence of significant macro-statistics. Secondary data came from information on inflation. In France, French measure of inflation, agreed by EU standards, accelerated in February, slightly faster than expected, data showed on Thursday statistical office INSEE. Harmonized index of consumer prices, or HICP, rose 1.1 % year on year, after rising 0.8 % in January. Economists had expected the rate of inflation will be 1 %. On a monthly measurement of the harmonized index of consumer prices rose 0.6 % in February, replacing a similar decline in January. Monthly data were in line with expectations of economists.
In turn, the consumer price index rose by 0.9 % a year in February, after a 0.7 % gain in the previous month. Economists forecast the inflation rate of 1 %. Core inflation rose to 0.7 % compared with January unusually low level of 0.1 %. The monthly increase was 0.5 % in February compared with 0.4 % in the previous month. On a monthly basis, the CPI rose by 0.6 %, offsetting the decline of similar size in the previous month. Economists had expected a gain of 0.5 %. The EUR / USD pair rose to $ 1.3968 during the European session.

British Pound: The British pound also rose substantially against the dollar on housing data. Rising house prices in the UK slowed in February, showed on Thursday last poll from the Royal Institution of Chartered Surveyors (RICS). House price balance amounted to six minimum score of 45. The result fell short of forecasts, at 52, that it would be unchanged compared with the result of January (which was revised down from 53). Among the individual components of the survey, sub indexes price expectations, sales and number of customers continued to increase. Regionally, prices rose at a much faster pace in London and the South East.
The GBP / USD pair rose to $ 1.6718 during the European session.

Australian dollar: The Australian dollar rose significantly against the U.S. dollar by more than 0.81 % after the publication of statistics on employment in the region. According to a report by the Australian Bureau of Statistics, the unemployment rate remained unchanged at 6%. This is the highest since July 2003, which is fixed for the second time in a row. In turn, the number of people employed increased by 47,300 against the expected 15,300, and that contributed to a sharp strengthening of the national currency of Australia.
However, the Reserve Bank of Australia (RBA) still tends to further deterioration in the labor market and sees a risk for rising unemployment in 2014 against the backdrop of significant reductions in public investment in the natural resources sector.

American trading session:

U.S. Dollar: The dollar rose sharply against the euro amid falling risk appetite during the U.S. session, when the stock markets fall, despite strong U.S. data. Note one of the reports showed: initial applications for unemployment benefits fell by 9,000 and totaled a seasonally adjusted 315,000 in the week ended March 8. The result was the lowest since late November. Number of references to the previous week was revised slightly higher. Economists had forecast 334,000 new claims will be filed last week.
It was also reported that retail sales rose a seasonally adjusted 0.3% in February from January. Retail sales excluding auto purchases grew at the same pace. Economists had forecast a 0.3 % increase in total sales last month and an increase of 0.2 % excluding autos. Sales rose by a modest 1.5% compared with a year earlier. Changes showed a drop in retail sales by 0.6 % in January compared with the originally voiced by -0.4 %.

Gold: Gold prices fell, retreating from six-month high, which was associated with the release of better than expected U.S. data. The cost of the April gold futures dropped to $ 1368.90 per ounce on the COMEX today.

Oil: Oil futures showed mixed results, as weaker -than-expected Chinese economic data fueled fears for the future demand. The course of trade also continues to influence the tense situation between Russia and Ukraine. April futures price for U.S. light crude oil, WTI rose to $ 98.37 per barrel on the NYMEX.


Market review for 12.03.14: Swiss Franc firmed the increased risk aversion amid worries about China and the situation between Russia and Ukraine.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the U.S. dollar, despite weak data on industrial production in the euro area. Official data showed Eurostat, in the euro zone industrial production fell unexpectedly in January, largely due to reduced production of energy.Industrial output fell 0.2 % on a monthly basis in January, showing the second consecutive fall. Economists had expected growth of production by 0.6 % after falling by a revised 0.4 % in December.
Production of energy decreased by 2.5 %, and the production of durable consumer goods fell by 0.6 %. Intermediate goods decreased by 0.1 %. Partially offset this decline is that the release of capital goods rose by 0.9 %, while production of consumer non-durable goods increased by 0.4 %.On an annual basis, industrial production growth accelerated to 2.1 % from 1.2 % in December. Economists forecasted that output will grow by 1.9 %.
In light of these release analysts ING Bnak NV commented: “The main reason for poor outcome again was to reduce energy production by 2.5%, but intermediate goods and consumer durables also pointed to the decline in production. While the benchmark did not meet expectations, weak energy component probably overshadowed a slight improvement in the overall indicator. However, to strengthen the eurozone recovery process still requires export growth. “ The EUR / USD pair rose to $ 1.3908 during the European session.

Japanese Yen: The yen rose against most currencies on concerns about the state of China's economy. This increases the demand for safe-haven assets, which, in particular, is the yen. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased yearly by 18.1 %, while the experts had expected growth of 7.5%. However, the real picture is quite difficult to evaluate because of the rather long New Year celebrations on the lunar calendar. Holidays in China traditionally distort statistics. Meanwhile, imports grew by 10.1%, resulting in a trade deficit reached highs for 2 years at $ 23 billion. The USD / JPY pair fell to Y102.65 during the European session.

American trading session:

Swiss Franc: Swiss Franc continued to strengthen against the dollar, breaking with a two-day consolidation and peaking in the last 28 months. Franc firmed the increased risk aversion amid worries about China and the situation between Russia and Ukraine.
Market participants are waiting for tomorrow's data for China. Economists predict that the Chinese industrial production has increased markedly during the first two months of this year, but the rate of this increase will be less than was recorded in December. It is estimated that industrial production increased by 9.5 % ( yearly ) in January and February, compared with a gain of 9.7 % in December. Experts also expect that retail sales rose by 13.5 % per annum for the first two months of this year - it's a little less than 13.6 per cent growth in December. Growth of investment in fixed assets, probably slowed to 19.5 per cent per annum, compared with an increase of 19.6 % in January.

Gold: Gold prices rose significantly today, while reaching a six-month high, as investors expect that fears of corporate defaults in China and geopolitical confrontation between Russia, Ukraine and the West have a negative impact on the stock market, and increase the attractiveness of the precious metal as a hedge against the risk of. The cost of the April gold futures rose to $ 1365.90 per ounce on the COMEX today.

Oil: The WTI Oil prices fell markedly today, reaching at this month low which was associated with the publication of a report on oil reserves in the United States. April futures price for U.S. light crude oil fell to $ 98.34 a barrel on the NYMEX.


Market review for 11.03.14: The British pound was down against the U.S. dollar on a background of mixed data on industrial production.

Asian and European trading sessions:

Euro: Euro fell on the background data on the trade balance of Germany. In January, German exports grew more than expected, after a decline in December showed Tuesday, official data agency Destatis. Exports rose by 2.2 % on a monthly measurement in January, rebounding from the 0.9 % drop in December. Exports were projected to grow had 1.5 %. In addition, imports expanded by 4.1 % after falling 1.4 % a month earlier. Growth rate significantly higher than the increase of 1.4 % was expected by economists.
Because of markedly increase import, the trade surplus fell to a seasonally adjusted to 17.2 billion euro in January from 18.3 billion euros in the previous month. In annualized export growth slowed to 2.9 % from 4.5 % in December. Similarly, imports increased by 1.5 %, which is slower than the growth of 2.4 % in December. On an unadjusted basis the current account surplus was 16.2 billion euros in January, compared with 10.6 billion euro surplus, which saw in the corresponding period last year. EUR / USD: during the European session, the pair fell to $ 1.3833

British Pound: The British pound was down against the U.S. dollar on a background of mixed data on industrial production. In the UK, industrial production growth slowed in January, more than expected, while growth in the manufacturing industry remained stable compared to December.
The volume of industrial production increased by 0.1 % compared with December. Issue, according to forecasts, had to expand 0.3 % after 0.5 % growth in December. Manufacturing output rose by 0.4 %, the same as in December and remained above the 0.3 % growth forecast by economists.
The annual increase in industrial output accelerated to 2.9 % from 1.9 %. At the same time, growth in the manufacturing industry increased more than doubled to 3.3 % from 1.4 %.
Today in the British Parliament held a hearing at which the Bank of England and M. Carney MPC members P. Mr. Carney noted that the state of the British economy is improving much faster than in the rest of the world. Over the past few months increased inflation expectations, he said, and suggested that in the next three years, the Bank may raise rates gradually to reach 3.5 %. Carney said that the Central Bank will start folding QE program only after several rate increases, while it does not require consultation with the Treasury on this issue. The GBP / USD pair fell to $ 1.6596 during the European session.

American trading session:

U.S. Dollar: The dollar traded lower against the euro, but was able to recover most of the previously lost positions. Impact on the dynamics had trade balance data of Germany and on wholesale U.S. inventories.
As it became known, in January German exports grew more than expected, after a decline in December. Exports rose 2.2 % on a monthly measurement in January, recovering from the 0.9 % drop in December. Exports are projected to grow had 1.5 %. In addition, imports expanded by 4.1 % after falling 1.4 % a month earlier. Growth rate was significantly higher than the increase of 1.4 per cent expected by economists. Because of the markedly increase import, the trade surplus fell to a seasonally adjusted to 17.2 billion euro in January from 18.3 billion euros in the previous month. In annualized export growth slowed to 2.9 % from 4.5 % in December. Similarly, imports increased by 1.5 %, which is slower than the growth of 2.4 % in December.
Another report showed that wholesale inventories in the U.S. rose more than expected in January. According to the data, wholesale inventories rose 0.6 % in January after raising a revised 0.4 % increase in December. Economists had expected an increase of 0.5 per cent of reserves compared with 0.3 % growth, which was originally reported in the previous month. On the other hand, the Commerce Department reported: Wholesale sales fell 1.9 % in January after rising 0.1 % the previous month.

Japanese Yen: The yen rose sharply against the dollar, while escaping with a narrow range, and reaching high yesterday. Currency appreciation can be explained by the reduced demand for safe-haven assets such as equities and commodities, amid concerns about instability in China's financial system. Besides growth of the yen helped drop in copper prices (fixed for the third day in a row) to the lowest level since 2010.
We add that the Japanese currency barely reacted to the decision to leave the Bank of Japan interest rates unchanged at 0.10%. Board members unanimously voted to keep monetary policy unchanged. By the end of next meeting confirmed the intention to maintain the policy of increasing the monetary base in the range of 60-70 trillion yen annually. The Bank of Japan also confirmed buyback of government bonds in the amount of government about 50 trillion yen and corporate bonds at 2.2-3.2 trillion.

Gold: Gold prices rose today as concerns over a slowdown in China's economic growth and concerns about the crisis in Ukraine undermined risk appetite. The cost of the April gold futures rose to $ 1346.95 per ounce on the COMEX today.

Oil: Prices for WTI crude oil continued its decline yesterday on speculation that a government report will show an increase in U.S. wholesale inventories of oil for the previous week. As the price of Brent Brent, they rose moderately. April WTI futures price fell to $ 100.55 a barrel on the New York Mercantile Exchange.


Market review for 10.03.14: The Australian dollar fell against falling Chinese exports to the lowest level since 2009.

Asian and European trading sessions:

Euro: The euro exchange rate is trading sideways against the U.S. dollar in the absence of meaningful statistics. Slight pressure on the euro was the French industrial production data. French Industrial Production fell in January; contrary to the forecast of economists expect a noticeable increase showed on Monday the latest data statistical office Insee. Industrial production fell by 0.1 % year on year in January, succeeding increase by 0.3 % and 1.5 % in December and November respectively. Economists had expected a 1.3 % expansion in January. On a monthly measurement of industrial production fell by 0.2 % in the beginning of the year, after falling 0.6 % in December. Expectations were at a gain of 0.6 %.
In Insee also said that in January production in the manufacturing sector grew at a faster annual rate of 1.4 % than the 0.5 % in December. Annual growth rates were projected to reach 1.5 %. In monthly terms, production in the manufacturing sector grew by 0.7 %, compared with expectations for a gain of 0.4 %. In December, production showed zero change.
The euro retreated from lows after data from Sentix. Investor confidence in the eurozone reached its highest level since April 2011, supported by notable progress in the assessment of the current situation. The results of a survey conducted by the analytical center Sentix were published today, on Monday. The composite index of confidence rose to 13.9 in March from 13.3 in February, while, according to forecasts, the index had to grow to 14.3. However, it was the highest since April 2011. Assessment of the current situation rose to 4.8, the highest level since July 2011, from 1.8 in February. Nevertheless, expectations fell to 23.5 in March from 25.5 in February. The EUR / USD pair rose to $ 1.3895, and then dropped to $ 1.3866 during the European session.

Japanese Yen: The yen rose against most major currencies against the backdrop of continuing tensions in Ukraine around the Crimean Peninsula, as well as due to the fall in Chinese exports to the lowest level since 2009. These negative factors increase the demand for safe-haven currency, which is the yen. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased yearly by 18.1 %, while experts expect growth to 7, 5%. The USD / JPY pair rose to Y103.42 during the European session.

Australian dollar: The Australian dollar fell against falling Chinese exports to the lowest level since 2009. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased by 18.1 %, while the experts had expected growth of 7.5%. But the real picture is quite difficult to evaluate because of the rather long New Year celebrations on the lunar calendar. Holidays in China traditionally distort statistics. Meanwhile, imports grew by 10.1%, resulting in a trade deficit reached highs for 2 years at $ 23 billion.

New Zealand dollar: The New Zealand dollar fell against the yen after China's central bank lowered the rate on the Yuan. People's Bank of China today lowered the base rate for the Yuan to 0.18 %, the lowest level since July 2012.

American trading session:

British Pound: Pound declined significantly against the dollar, reaching lows on February 27. Couple in Europe was under intense pressure and broke above $ 1.6700, absorbing foot and accelerating the pace of decline. The decrease was due to technical factors (correction after Friday's growth), as well as statements of the representative of the Bank of England Bean. Deputyof the Bank of England, Charlie Bean said today: interest rates will remain at the same levels for a longer time if the pound continues to grow.
"If sterling stronger, it is potentially weaken inflation as a negative impact on import prices , so achieving the target level of inflation will be rather medium term, which in turn means - monetary policy will remain accommodative for a longer period of time than expected "- says Bean .
The CB representative added: recovery of the British economy may face obstacles in the face of the eurozone's problems or stress in the emerging markets, as well as in the face of bubbles forming in the domestic housing market.

Canadian dollar: The rate of the Canadian dollar traded lower against the U.S. dollar, but was able to recover most of the previously lost positions. Growth was helped by Canadian data that showed: the number of new housing increased tabs on a monthly basis by an average of 192,094 units in February. This was stated by the Canadian Mortgage and Housing Corporation (CMHC). Results, followed by three months of decline, were slightly above analysts expected 190,000 new bookmarks. In a research note expert CIBC World Markets said the results were in February according to the range , which saw last summer and early fall , but less than the rate of more than 220,000 units, which are seen in mid-2012. CMHC reported, the number of urban bookmarks new housing rose to 175,584 units. Bookmark urban apartment jumped 13.3% to 116,458 units, while single-family detached urban Bookmarks fell 2.4 % to 59,126 units.

Gold: The gold prices rose slightly today, which was associated with strong U.S. employment data, presented at last week's sharp fall in Chinese exports, as well as the persistence of tension in Ukraine. The cost of the April gold futures rose to $ 1342.70 per ounce on the COMEX today.

Oil: The oil prices declined moderately, helped by data from China who reported an unexpected decline in exports, which, in turn, has increased concerns about slowing economic growth in the second largest country in the world oil consumption. The April WTI futures price fell to $ 101.2 a barrel on the NYMEX.


Market review for 06.03.14: The EUR / USD pair rose to $ 1.3860 area on comments of the M.Dragi.

Asian and European trading sessions:

Euro: The euro exchange rate has increased markedly against the dollar, which was associated with the release of positive data in Germany, as well as the decision of the ECB. Ministry of Economy of Germany stated that the volume of orders in the manufacturing sector in January rose more sharply than expected, mainly due to strong domestic demand, as well as orders from countries outside the euro area. This suggested that the industrial production in Europe's largest economy should continue to grow. According to the report, the orders in the manufacturing sector in Germany to a seasonally adjusted in January increased by 1.2% compared with December. Economists’ orders were on growing by 1.1 % compared with the previous month. It was also reported that domestic demand rose by 1.6 % m / m in January, while export orders increased by 1 percent. Orders outside the euro area rose by 7.2 %, while inside the unit fell 8.8 % after rising 6.9% in the previous month. Add that at today's meeting the European Central Bank decided to leave interest rates unchanged. The Governing Council of the ECB announced that the main refinancing rate, the rate on loans and deposits to remain at 0.25%, 1.00 % and 0.00 % respectively. Recall that the Bank has lowered the discount rate from 0.5 % to 0.25 % in November last year. The EUR / USD pair rose to $ 1.3775, and then retreated slightly during the European session.

British Pound: Pound fell to session low against the dollar, despite the significant growth earlier that allowed establishing a new high. Such a significant swing pair was noted after the announcement of the Bank of England of its rate decision and asset purchase program. Note that the Bank of England today did not bring any surprises, once again leaving the rate at a record low 0.5%. Last time the Central Bank changed the level of rates March 5, 2009, lowering it by 0.5% to 0.5%. Was also decided to keep the size of the asset purchase program at £ 375 billion, the Central Bank said that keep rates at the current level as long as the unemployment rate / p Britain will not fall to the level of 7% , which will not happen until 2016 . Experts pointed out that it is clear that the authorities want to keep policy accommodative as long as possible, to ensure the stability of the economic recovery. However, the picture on the labor market combined with data on growth suggests that the Bank is unlikely to convince markets that rates increase.
Little impact on the pound had previously presented data which showed that house prices rose by 2.4 percent in February, compared with an increase of 1.1 percent in January, which significantly exceeded the average forecast experts at 0.6 percent. We also add that in the last three months (February), housing prices were 7.9 percent higher than a year earlier, compared with 7.2 percent in the previous three-month period (January). In Halifax reported that the improvement of the economic situation, the fall in unemployment and an increase in confidence helped boost demand, but the pressure on household finances and slowing inflation restrained growth in housing prices. The GBP / USD pair rose to $ 1.6795during the European session.

Japanese Yen: The yen touched week low against the dollar after the Japanese government announced that the state pension fund (GPIF), is the largest in the world, no longer need to focus on investment in domestic bonds, taking into account the acceleration of inflation in the country. The report, prepared by the group, says that GPIF should seek opportunities for investment that could bring him an annual income of 1.7% plus the cost of increase of salaries of employees. The USD / JPY pair rose to Y102.81 during the European session.

American trading session:

Euro: The EUR / USD pair rose to $ 1.3860 area on comments of the M.Dragi . The ECB intended to keep key interest rates at or below the current for a long time. The ECB President confirmed that his earlier assessment of the situation in the economy remained unchanged; the eurozone is waiting a long period of low inflation and inflation in the coming months in the region will remain near current levels. It will gradually rise over the next period of 2.5 years.
ECB chief said that “recovery in the euro zone continues in slow pace” and geopolitical risks may adversely affect the growth rate. Macroeconomic data for the last four weeks have improved, but “continue to confirm the need to maintain expansionary policies of the ECB," the chairman of the central bank.
In his speech M.Dragi once again drew attention to the fact that the ECB is not targeting the euro exchange rate, although this is crucial for economic growth and inflation in the euro area.

Gold: The gold prices jumped a sharp growth in the euro against major currencies after a meeting of the ECB. The cost of the April gold futures rose to $ 1347.40 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate fell to $ 101.64 per barrel on the New York Mercantile Exchange after the government reported that fewer Americans than forecasted filed applications for unemployment benefits last week.


Market review for 05.03.14: The dollar fell against other major currencies on back of the ADP report for February.

Asian and European trading sessions:

Euro: The euro exchange rate against the dollar rebounded, but still continued to trade slightly lower. Impact on the dynamics had the reported data for the euro area, on business activity and GDP. The eurozone economy expanded at a faster pace in the fourth quarter, and confirmed the initial estimates and forecasts of experts, helped by an increase in the volume of investment and exports. The report showed gross domestic product grew by 0.3 % in the fourth quarter, which corresponded to an estimate published on February 14. Recall, for the third quarter the economy expanded by 0.1 %. In annual terms, gross domestic product grew by 0.5 % after a 0.3 % drop in the third quarter. Annual rate was also consistent with the preliminary assessment and expert forecasts. The EUR / USD pair fell to $ 1.3706, and then recovered slightly during the European session.

British Pound: Pound has risen considerably against the U.S. dollar, which was helped by the submitted data and expectations of tomorrow's meeting of the Bank of England. As it became known, the UK services sector continued to show a steady expansion in February, but a little slow pace compared to the previous month. Support the sector continued to provide a significant increase in new orders. The data demonstrated that the PMI for the services sector by Markit Economics fell to 58.2 in February from 58.3 in January. The latter value was the lowest since June last year, but continued to show a sharp increase in activity on a monthly basis. Experts had expected a decline of the index to 58.0. Add growth recorded for 14 consecutive months. Recent increase in activity was supported by new orders. Since the number of orders continued to grow rapidly, the company decided to raise the number of staff in accordance with the current volume and future activities
The GBP / USD pair rose to $ 1.6727 during the European session.

Japanese Yen: The yen fell against the dollar at the fastest pace in the last seven weeks after Russian President Vladimir Putin said that he sees no urgent need for the introduction of Russian troops on the territory of Ukraine, as well as that culminated in the Russian military exercises in no way connected with the situation in Ukraine. The USD / JPY pair rose to Y102.50 during the European session.

American trading session:

U.S. Dollar: The dollar fell against other major currencies, aided published in U.S. statistics. As shown by recent data that were presented Automatic Data Processing (ADP), in February, employment in the private sector increased markedly, although not enough to confirm the evaluation of many economists. According to a report last month, the number of employees increased by 139 thousand people, compared with a revised downward indicator for the previous month at 127 million ( initially reported growth of 175 thousand jobs ) . Add that, according to the average forecast of this indicator would grow by 159 thousand
In turn, in February, the index of business activity in the U.S. service sector (ISM Non-Manufacturing) fell to 51.6 points, the minimum for the last four years, with 54 points in January, according to the Institute for Supply Management (ISM). According to experts, the value of this indicator was reduced to 53.8. Exceeding the index level of 50 points indicates growth of business activity in the service sector, while the index value below 50 indicates its decline. All major sub- indices, except one, were in February in the territory of the expansion (more than 50), and some even showed an increase.

Canadian dollar: The Canadian dollar rose against the U.S. dollar on a background of the outcome of the meeting of the Bank of Canada. Central Bank of Canada said that the downside risks to inflation are still important, despite the recent increase in consumer prices. Given the significant weakness of the economy and competition in the retail sector, inflation is likely to remain well below the target level of 2 % this year.
Bank of Canada, as expected, on Wednesday left its benchmark one-day interest rate unchanged at 1% level. The bank said that “in general, the fundamental drivers of growth, inflation in Canada continue to gradually strengthen," and the balance of risks” remained within the zone for which the current stance of monetary policy is appropriate”, while the risks associated with elevated imbalances households” have not changed significantly ."

Gold: The price of gold rises slightly after sharp fluctuations in the previous two sessions, while the impact of geopolitical factors weakened. A slight increase of the precious metal held against the depreciation of the dollar against major currencies, which contributed released in the U.S. statistics. The cost of the April gold futures rose to $ 1340.90 per ounce on the COMEX today.

Oil: The cost of oil brands West Texas Intermediate and Brent continued to fall after a government report showed that inventories in the U.S. rose the seventh consecutive week. April futures price for U.S. light crude oil WTI fell to $ 101.90 a barrel on the New York Mercantile Exchange.


Market review for 04.03.14: The euro has risen sharply against the U.S. dollar due to the easing of tensions around Russia and Ukraine.

Asian and European trading sessions:

Euro: The euro exchange rate has risen sharply against the U.S. dollar due to the easing of tensions around Russia and Ukraine. Recall that today Russian President Putin announced the completion of a series of military exercises in the western part of Russia, and ordered the troops to return to base.
The growth is also linked to the expectations of the ECB meeting on Thursday and the employment report in the U.S. on Friday. Little impact on the euro was data that showed prices of producers eurozone declined in January, more than expected, which was due to falling energy prices. According to the report, producer prices fell 0.3 % in January, while offsetting an increase of 0.2 %, which was recorded in December. Many experts expect that producer prices will remain unchanged. Excluding energy, producer prices rose 0.1 % after zero change in December. Energy prices fell by 1.4 % in January, compared with 0.5 per cent increase in the previous month. On an annual basis, the decline in producer prices accelerated in February, 1.4 per cent from 0.8 per cent in December. Last change coincided with the estimates of experts. The EUR / USD pair rose to $ 1.3775: during the European session.

British Pound: Pound rose slightly against the U.S. dollar, as a territorial dispute between Ukraine and Russia began to be resolved. Pressure on the currency was presented data that showed British construction sector continued its expansion in the month of February, but sharply slowed its pace of growth compared to the month of January, as adverse weather conditions violated activity. This was stated in the report, Markit Economics. According to the index of purchasing managers in the construction sector fell last month to a level of 62.6 points, compared with a 77 -month high in January at around 64.6 points. Many experts expected that this figure will decrease only to 63.6 points. I also add that the index remains above the level of 50.0 points, which separates growth from contraction since last May. Studies have also found that higher levels of production and new orders led to a further sharp rise in employment and procurement. The number of new jobs has reached three-month high in February. The total purchase price inflation accelerated to a five-month low in January, as the pressure on the "chain" of supplies contributed to the growth of the burden. As a result, the average price charged by subcontractors, increased at a record pace on record. The GBP / USD pair rose to $ 1.6718 during the European session, but then retreated slightly.

Japanese Yen: The yen weakened against most major currencies after the statements of the Bank of Japan Haruhiko Kuroda supported a pulse for the carry trade. According to Kuroda, low interest rates in Japan are encouraging investors to use the yen as the base currency for the carry trade. The USD / JPY pair rose to Y101.954 during the European session.

American trading session:

Australian dollar: The Australian dollar strengthened slightly updating lows after Australia's central bank left interest rates unchanged at a record low 2.5 %. In its statement accompanying RBA Governor Glenn Stevens noted that the recent decline in the Australian dollar will balance economic growth, but the rate remained in high by historical standards.

Gold: Gold prices fell almost completely disappeared yesterday's gains, as demand for safe assets today downgraded due to signs that Russia may be trying to avoid further military build-up in the Ukraine. The cost of the April gold futures dropped to $ 1330.20 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate fell from five-month high amid speculation about tensions between Ukraine and Russia, the largest exporter of energy resources. April futures price fell to $ 103.10 a barrel on the New York Mercantile Exchange.


Market review for 03.03.14: The U.S. dollar strengthened against major currencies on the back of strong U.S. macro data.

Asian and European trading sessions:

Euro: Rate of the euro retreated from the maximum values against the dollar, while returning to the levels of the session. Little support was data on index of industrial activity, but interest in him was short-lived, and attention gradually began to switch to U.S. reports, which caused the fall of the euro currency. Recall that the growth in the eurozone manufacturing sector weakened in February, but lesser expected than previously. This was stated in the final data, which were published earlier today by Markit Economics. According to the report, the seasonally adjusted purchasing managers' index for the manufacturing fell to 53.2 in February from 54 in January, the highest reading in 32 months. The decline in February was the first in five months. Result was also slightly higher than previously estimated - at 53 points. The index currently remains above the mark of 50 points, which separates growth from contraction for the eighth consecutive month. We also learned that the manufacturing sector continued to show growth in Germany in February, and have expanded more than initially expected. According to the report , the manufacturing purchasing managers index from Markit / BME fell to 54.8 points in February from January's 32-month high of 56.5 . The originally was reported on the significance of this indicator at the level of 54.7 points. The index remained above the neutral mark of 50 points for the eighth consecutive month. The EUR / USD pair fell to $ 1.3759 during the European session.

British Pound: The pound showed sharp fluctuations against the dollar, but in general, was trading in a small range. On the dynamics of trade influenced the British data, which showed that the UK manufacturing sector continued its expansion in February, registering with several large paces than in the previous month. It became known from the survey results, which were released Markit Economics and the Royal Institute of Purchasing and Supply (CIPS). According to the report, the seasonally adjusted purchasing managers' index for the manufacturing sector rose in February to a level of 56.9, compared with 56.6 in January, the figure for which was revised down from 56.7. A reading above 50 indicateed an increase in activity, while a drop below indicates contraction. The index currently remains above the neutral point of the eleventh month in a row. The GBP / USD pair traded in the range of $ 1.67650 -$ 1.67550 during the European session.

Japanese Yen: The yen rose against all major currencies as a result of increased demand for safe-haven currencies, after entering the Russian armed forces on the territory of Ukraine. It was learned that U.S. Secretary of State tomorrow John Kerry will travel to Kiev to meet with Ukrainian leaders and offer support. Tension in the region has reached its peak since the “cold war”. The USD / JPY pair dropped to Y101.20 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar strengthened against major currencies on the back of strong U.S. macro data. U.S. consumer spending rose in January, more than forecast, together with a sharp increase in income, which increased the likelihood that the biggest part of the economy can sustain growth in early 2014. This was stated in the report, which was submitted to the Ministry of Commerce. According to consumer spending, which accounts for about 70 % of the economy, rose in January by 0.4 % after a 0.1 % increase in the previous month, which was revised to 0.4 %. Experts predicted that the value of this index will rise by only 0.2 %. We also add that the amount of consumer income increased by 0.3 %, after a zero change in December. As it was expected the revenues will grow by 0.2%. Today's report confirms recent data that indicate that Americans are beginning to overcome the effect of the severe winter, and confidence in the world's largest economy will grow.
Manufacturing activity in the U.S. rebounded in February after it’s weakening due to the weather in January, although production decreased. This was published by the Institute for Supply Management (ISM). According to the report, the Purchasing Managers Index (PMI) for the manufacturing U.S. in February rose to 53.2 after an unexpected decline to a minimum of 51.3 in January. Index value above 50 indicates growth in the sector of activity. Economists had expected the index to rise in February to 52.3. In turn, the final data from Markit showed that business conditions in the U.S. manufacturing sector improved in February compared with the previous month, and were slightly higher than those reported in the initial assessment. Corresponding PMI rose to 57.1 points, compared with a final reading for January at 53.7, and a preliminary estimate at around 56.7.

Gold: The Gold prices rose more than 1 % because of the worsening situation in the Crimea. The cost of the April gold futures rose to $ 1354.50 per ounce on the COMEX today.

Oil: Prices for crude oil West Texas Intermediate rose to its highest level since September. April futures price for U.S. light crude oil WTI rose to $ 105.25 per barrel on the New York Mercantile Exchange.


Market review for 27.02.14: The U.S. dollar fell against its competitors, which was associated with the release of weak U.S.

Asian and European trading sessions:

Euro: The euro exchange rate decreased moderately against the dollar, despite exceeding the forecast of labor market data in Germany. Euro has not responded to report that the German unemployment fell more than expected, but the unemployment rate remained stable in February as was presented by the Federal Agency of Labour. Number of people out of work fell by 14,000 to 2.914 million in February. Unemployment is projected to drop by was 10,000. At the same time, the unemployment rate to a seasonally adjusted remained stable at 6.8 percent in February. In turn, the French consumer confidence index fell slightly in February, offset by the gain recorded in the previous month, as concerns over rising unemployment continue to plague the country, reducing the economic expectations. The consumer confidence index fell to 85 points on January 86, showed a survey conducted by the statistical office INSEE. Economists had expected the index to remain unchanged at 86. Views of households on the general economic situation in the next 12 months deteriorated sharply in February. Corresponding index decreased by 5 points. Score consumers their financial situation over the next 12 months a little weakened. The EUR / USD pair fell to $ 1.3645 during the European session.

Swiss franc: Pressure on the Swiss franc had data on slowing economic growth. The economic growth in Switzerland slowed more than expected in the fourth quarter as exports declined amid weak global demand for chemical and pharmaceutical products. This was announced on Thursday, the State Secretariat for Economic Affairs (SECO). Real GDP growth slowed more than expected to 0.2 percent from 0.5 percent in the third quarter. Projected growth should have been reduced to 0.4 percent. Economic growth has slowed down the second consecutive quarter. First estimates for the full year, based on quarterly data showed that economic growth accelerated in 2013 against the backdrop of private consumption and investment. The GDP grew by 2 percent in 2013 after expanding by 1 percent in 2012. SECO expects that growth will accelerate to 2.3 percent in 2014.

American trading session:

U.S. Dollar: The U.S. dollar fell against its competitors, which was associated with the release of weak U.S. data and Fed chief comments. It is learned that orders for durable goods fell to a seasonally adjusted 1% from December. This was the second consecutive decline after orders fell 4.2 % in December. However, with except for the volatile transportation category, the orders rose by 1.1 % last month, showing the strongest growth since May. Economists forecasted that overall orders for durable goods fell 0.7% in January.
Meanwhile, another report showed that the number of initial claims for unemployment benefits rose by 14,000 and amounted to a seasonally adjusted 348,000 in the week ended February 22. The figure for the previous week was revised down to 334,000 from 336,000. Economists had predicted that jobless drop to 333,000. The four-week moving average of claims remained unchanged last week at 338,250. Analyst Ministry of Labour said there were no special factors that could affect the data last week.
As for the speech of the Chairman of the Federal Reserve Janet Yellen , she noted : the Fed will continue to reduce the amount of quantitative easing (QE), despite the fact that the recovery of the U.S. labor market is still far from complete. Yellen also reiterated statements made on February 11 at the House of Representatives. Initially, her performance in the Senate Banking Committee to be held on February 13, but was postponed due to inclement weather.
Moreover, Yellen confirmed that the base rate is likely to be maintained at the current level (0-0.25 %) for a long time after the U.S. unemployment rate falls below 6.5%, while maintaining the inflation forecast is not above the level of 2.5 %. She said: decisions regarding reductions in the rate of quantitative easing are not predefined and FOMC will be taken depending on the evaluation of the situation on the labor market and inflation.

Canadian dollar: The Canadian dollar fell slightly against the U.S. dollar, which was associated with the release of data on the balance of payments. As it became known, the current account deficit widened in Canada in the fourth quarter of 2013 and the fourth largest in history - mainly due to a higher deficit in trade in goods. The current account deficit rose to a seasonally adjusted 16.01 billion Canadian dollars ($ 14.39 billion), compared with a revised deficit in the third quarter at 14.80 billion Canadian dollars. Deficit in the previous quarter originally estimated at 15.47 billion Canadian dollars. Economists had expected a deficit of $ 16.5 billion Canadian dollars.

Gold: Gold prices rose today against the background of dollar fluctuations, but remained well below the four-month high, which was reached yesterday. The cost of the April gold futures rose to $ 1334.00 per ounce on the COMEX today.

Oil: Oil prices fell slightly today, due to the instability in Ukraine. April futures price for U.S. light crude oil WTI fell to $ 102.20 a barrel on the New York Mercantile Exchange.


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Market review for 26.02.14: The dollar grew on upbeat new homes January data.

Asian and European trading sessions:

Euro: The euro fell against the dollar retreated from highs reached on data from Germany. According to a survey by GfK consumer confidence index in Germany reflected the improvement in March. Consumer confidence index rose to 8.5 points from 8.3 points in February. The index is projected to grow only had 8.3 points from February's initial value of 8.2. After five successive increases in economic expectations recorded a moderate decline of 3.4 points to 31.9 in February. In contrast to economic expectations, income expectations continued to rise in February to 48.6 from 46.2. They once again improved slightly from a 13-year high reached in the previous month.
Later, the EUR / USD pair moved down at the end of the European session, a fresh daily low. However, the pair remained within the range this week. The EUR / USD stuck at around $1.37, and intraday ranges are getting smaller and smaller.

British Pound: The British pound rose moderately against the U.S. dollar after the release of the revised GDP data. The UK economy grew in line with preliminary estimates for the fourth quarter and for the full growth in 2013 were weaker preliminary calculations. Such data are the Office for National Statistics (ONS).
Gross domestic product expanded 0.7 % in the quarterly measurement, according to a preliminary estimate published on 28 January. Growth rate slowed down slightly from the 0.8 % increase in the third quarter. In annual terms, the economy grew by 2.7 % - growth has been revised downwards to 2.8 %. In general, the 2013 GDP growth was revised down slightly to 1.8 % from 1.9 %.
With regard to production, mining, including oil and gas production fell by 1.9 % in the fourth quarter. Total production gained 0.5 %, compared with a preliminary estimate of 0.7 %. Construction volumes rose 0.2 % instead of 0.3 % fall estimated initially.
Increase in the dominant services sector confirmed at 0.8 %. Meanwhile, production in agriculture, forestry and fishing fell by a revised 0.1 %.
Another report from the ONS showed that production in the services sector grew by 3.2 % in December compared with the previous year. Compared with November services index rose 0.2 %.
According to preliminary results of the ONS, only gross fixed capital formation increased by £ 1.3 billion or 2.4 % in the fourth quarter compared with the previous quarter.
At the same time, business investment grew by an estimated 0.8 billion pounds or 2.4 % compared to the previous quarter and were 8.5 % higher compared to the fourth quarter of 2012. The GBP / USD pair rose to $ 1.6705 during the European session.

Japanese Yen: The course of trading was influenced by words of board member Koji Ishida BOJ. He noted that because of the tax increase in April economic data in the first half can be very confusing and the Bank of Japan should be very careful when evaluating the economy. “In the first place should not hurry with the expansion of incentive programs “- said Ishida. The USD / JPY pair rose to Y102.45 during the European session.

Australian dollar: The Australian dollar fell against all major currencies after iron ore prices fell to a seven-month low. The cost of ore to Chinese imports got cheaper for a fifth day, dropping yesterday to $ 119.10 per tonne, the lowest level since July 1.

American trading session:

U.S. Dollar: The dollar grew on upbeat U.S. data. Sales of newly built homes rose in January, which was an unexpected sign of strength after a long period of weakness in the housing sector. Sales of new single-family homes rose 9.6% to a seasonally adjusted annual rate of 468,000 compared with the previous month, reaching the highest level since July 2008. Result December was revised up to 427,000. Economists had expected home sales in January to fall to an annual rate of 406,000. Increase last month was due to sales growth in the Northeast, where they rose by 73.7 % to compensate for the decline of the previous month. The South and West was also recorded growth, but new home sales fell in the Midwest.

Gold: The gold prices fell sharply, while retreating from a four-month high reached yesterday as the dollar strengthened. The cost of the April gold futures rose to $ 1324.10 per ounce on the COMEX today.

Oil: Prices rose 1 %, after it became known to decrease the oil terminal in Cushing by 1.08 million barrels for the week ended February 21. April futures price for U.S. light crude oil WTI rose to $ 102.79 per barrel on the NYMEX.


Market review for 25.02.14: The dollar gained on risk aversion, which increased on U.S. data and the prevention of the formation of bubbles made by Mr. Tarullo.

Asian and European trading sessions:

Euro: The euro rose against the dollar on GDP data in Germany. The German economy grew moderately in late 2013 as originally anticipated at the beginning of this month, final data showed Destatis. Gross domestic product increased by 0.4 % compared with the previous quarter, which is slightly faster than the expansion of 0.3 %, which is seen in the third quarter. This was in accordance with the calculation results, published on February 14. The expenditure breakdown of GDP showed that exports of goods and services grew by 2.6 % compared with the third quarter. At the same time, imports increased by no more than 0.6 %. As a result, the balance of exports and imports contributed to the growth by 1.1 % age points of GDP and is a key economic engine in the fourth quarter. Investments grew by 1.4 % in quarterly terms. Nevertheless, stocks declined significantly, leading to slower economic growth by 0.8 %age points. While government spending remained unchanged from the previous quarter, household spending on final consumption decreased slightly by 0.1 %.
In annual terms with the calendar adjusted GDP grew more than doubled to 1.4 % from 0.6 % in the third quarter. In addition, the price-adjusted GDP grew by 1.3 % compared with 1.1 % in the previous period. Results in the fourth quarter correspond to preliminary estimates. The EUR / USD pair rose to $ 1.3765 during the European session.

British Pound: The British pound rose against the U.S. dollar, supported by data and comments of the Bank of England Mr. McCafferty . Mr. McCafferty said in an interview with Reuters on Tuesday that the first term of the Bank of England rate hike will depend greatly on the state of inflation. In the case of acceleration of its growth may increase more than previously . Yet he stressed that the projections assume the first increase in Q2, 2015, and it is quite reasonable. Moreover, McCafferty said that the current growth of the pound does not harm British exports, but if it continues, the Bank of England will be forced to react.
With regard to the published statistics, the number of mortgage approvals in the UK rose by more than expected, and reached its highest level since September 2007, data showed the British Bankers Association (BBA). Number of loans for house purchase rose to 49,972 in January, the highest level since September 2007, from 47,086 in December. The expected level was 47,150. Including re- mortgages, general statements made 82,151 compared to 78,584 a month ago.
Another report showed that UK retail sales rose at the fastest pace since June 2012. These are the findings of research trends distributive trade from the Confederation of British Industry (CBI). About 45 % of respondents reported that sales rose compared with the previous year, while 8 % said they were down. This gave the balance 37 per cent. Retailers expect sales to grow at a steady pace in the next month - 43 % expect growth, 15 % expect a recession. The balance was 28 %. Investment intentions for the year ahead given the balance of 17 %, which is the strongest level since November 2010. Retailers also expect that their overall business situation will improve over the next three months. The GBP / USD pair rose to $ 1.6708 during the European session.

American trading session:

U.S. Dollar: The dollar gained on risk aversion, which increased on U.S. data and the prevention of the formation of bubbles made by Mr. Tarullo . Daniel Tarullo (Fed governor in charge of financial regulation), said that a small increase in risk in the credit markets, but this does not mean that in response to the central bank should raise interest rates. According Tarullo, the Fed should not exclude raising rates to combat potential "bubble” in asset markets, but it should first try to use, and then hone their regulatory tools to identify these threats to financial stability. Nevertheless, he added, raising interest rates in response to every little sign of the "bubble” will have significant negative consequences for the economy.
Report of the Federal Reserve Bank of Richmond showed in February manufacturing conditions in the region have deteriorated compared to the previous month. Corresponding index of manufacturing activity fell to 6 points in February compared to 12 in January. Economists had expected the index to rise to 13 points.
Meanwhile, a report from the Conference Board showed consumer sentiment index fell to 78.1 from 79.4 in January (revised from 80.7). Economists expected a decline to 80.2. Assess the current situation index rose from 77.3 to 81.7. This component of the index rose to its highest in nearly six years level. The expectations index fell sharply - from 80.8 to 75.7.

Gold: The Gold prices rose today, the highest in four months, after disappointing U.S. data, which increased concerns about the pace of economic recovery. The cost of April gold futures raised to $ 1341.80 per ounce on the COMEX today.

Oil: The Oil prices fell today, weighed down by forecasts of growth in U.S. oil inventories. Nevertheless, supply disruptions from Libya and other key countries to keep prices from falling further. April futures price for WTI fell to $ 101.59 a barrel on the NYMEX.


Market review for 24.02.14: The euro fell against the dollar after rising data on the business climate in Germany.

Asian and European trading sessions:

Euro: The euro fell against the dollar after rising data on the business climate in Germany. German’s business climate indicator unexpectedly strengthened in February to the highest level since July 2011, despite the drop in expectations. These results are presented on Monday institute IFO. Business climate index rose to 111.3 from 110.6 in January. According to the average expectations index slightly rose to the level of 110.7. In addition, the current conditions index improved to 114.4 in February from 112.4 a month ago. Result was higher than expected level of 112.8. On the other hand, the expectations index fell to 108.3 in February from 108.9 in January. The result was predicted to drop to 108.1.
Also today published the final data on inflation in the eurozone. Consumer prices in the euro area grew at a faster pace in January than previously thought, but inflation remained unchanged compared to December showed the revised data published by Eurostat on Monday. Harmonized index of consumer prices (HICP) rose by 0.8% year on year in January. The result was unchanged compared with the growth rate in December. Preliminary estimates were at the level of growth of 0.7 percent in January.
At the same time, core inflation, which excludes energy, food, alcohol and tobacco, rose to 0.8 percent from 0.7 percent in December, according to initial estimates. Inflation has remained below the target level of the European Central Bank “below but close to 2 percent," the twelfth consecutive month.
In January, prices for foodstuffs, alcohol and tobacco rose 1.7 percent, while energy prices fell 1.2 percent. The cost of non-energy industrial goods increased by 0.2 percent, and prices of services expanded by 1.2 percent. On a monthly basis, consumer prices recorded a decline of 1.1 percent in January. The EUR / USD pair rose to $ 1.3770, and then fell to $ 1.3719 during the European session, the

American trading session:

British Pound: The pound is trading slightly higher against the dollar, which is associated with the comments and the Bank of England published data. Recall, Bank of England Governor Mark Carney said that the new phase of further policy intentions should give a guarantee to maintain the economic recovery officials. According to Carney , the revised policy system further intentions reflects the need for a more complex set of judgments than was necessary in the first stage , when the link was only on unemployment . Bank changed its approach after unemployment fell faster than predicted officials up to the 7 percent threshold for considering an increase in the interest rate. Recent data showed that sentiment among UK service sector companies have improved to all-time high in the three months to February, while the sector recorded growth of the third quarter in a row. These are the results of a survey published by the Confederation of British Industry (CBI). The latest survey from the CBI service sector has shown that trust between service providers in the consumer sector, as well as in the professional services sector grew at the fastest pace since the management of records about fifteen years ago. Optimistic attitude reflected a remarkable recovery in business volumes, which rose the most since 2005, which resulted in the first ever recorded growth of profitability since 2007. Also forecast business volumes grew strongest pace in a decade, with the majority of the surveyed firms stated that they intend to raise the number of staff in the next quarter. The GBP / USD pair fell to $ 1.6595, but then rose to $ 1.6679 during the European session.

Gold: The Gold prices have risen markedly today, approaching the four-month high, which was due to the increasing concern among investors about the pace of the U.S. economic recovery and growth in China.
Weak U.S. data on industrial production and employment plus a slowdown in residential property prices in China in the last month ( fixed for the first time in 14 months ) increased concerns about the growth in the major economies of the world , which is reflected in the price of gold, which is often regarded as insurance in difficult times . The cost of the April gold futures rose to $ 1336.75 per ounce on the COMEX today.

Oil: The Oil prices rose modestly today, resisting the sharp decline in prices for some other risk assets on news of further production cuts in Africa and expectations revival of growth in demand for oil.
The data showed that Libyan oil production fell even more over the weekend, falling to 230,000 barrels per day after a new protest that forced the mine to close El Shararah . Before the start of the protests across the country in the middle of last year, Libyan oil production was at 1.4 million barrels per day.
The April futures price for WTI crude oil rose to $ 102.86 per barrel on the NYMEX.


Market review for 20.02.14: The yen strengthened against all major currencies after the fall of the stock market of Asia.

Asian and European trading sessions:

Euro: The rate of the euro fell sharply against the U.S. dollar, which was associated with the release of data on PMI. The decline began after a report showed that private sector activity in France has declined at a faster pace in February, which stood at the head of a marked deterioration in service sector activity. On a seasonally adjusted composite index of activity that assesses the effectiveness of the manufacturing and service sectors, fell to two-month low in February, and were 47.6 points, compared to 48.9 points in January. Recall that the value of this index below 50 indicates a contraction in activity in the sector. Meanwhile, it became known that the purchasing managers' index for the manufacturing sector fell to 48.5 in February from 49.3 in the year. Economists expected the index to rise to 49.6. At the same time, the activity indicator for the service sector fell to 46.9, compared with 48.9 in January. Expectations were at 49.5.
Pressure was also provided by the data for the euro area, which showed that the private sector economy continued its expansion in February, increased this streak to eight consecutive months, but showed weaker results than predicted by many economists. According to the report, the composite index, which measures the efficiency in the manufacturing sector and services, totaled 52.7 points in February, which was slightly lower than January's 31 -month high at 52.9 points. Economists had expected the figure was 53.1 points. Studies also showed that the Purchasing Managers Index for the manufacturing sector fell to 53 points in February to 54 points in January. Expectations were at the level of 54.2 points. Meanwhile, the activity indicator in the service sector rose to 51.7 from 51.6 at the beginning of the year. Economists expected the index to rise to 51.9. The EUR / USD pair fell to $ 1.3685 during the European session.

Japanese Yen: The yen strengthened against all major currencies after the fall of the stock market of Asia. The negative on the stock market part of the publication of disappointing statistics on Chinese production. PMI from HSBC China fell to its lowest level in seven months and was 48.3, below the final data for January (49.5) and the average estimate of economists (49.5). The USD / JPY pair fell to Y101.66, then rose to Y102.10 during the European session.

Australian dollar: The Australian dollar fell after the publication of disappointing statistics on Chinese production. As it became known , the Chinese manufacturing index fell again in February , continuing progress on reducing the territory , reaching a seven-month low , and that was due to a fall in new orders , suggesting that the economic recovery is losing momentum .
On a seasonally adjusted preliminary purchasing managers’ index from Markit / HSBC, which measures activity in the manufacturing sector fell to 48.3 points in February, compared to 49.5 points in January? Economists had expected the index to fall to the level of 49.4 points. The index currently remained below 50 points for the second month in a row and is at its lowest level in seven months.

Swiss franc: The Swiss franc fell markedly against the dollar, which has been associated with risk aversion. The positive trade balance data could not help franc. As it became known, Switzerland’s trade surplus rose sharply in January, driven by an increase in exports of chemical and pharmaceutical products.

American trading session:

U.S. Dollar: The dollar came under slight pressure after the block statistics from the U.S. Recent data from the U.S. Labor Department showed that the number of applications for unemployment benefits fell slightly last week, which was another sign of improvement in the labor market. According to the report, the seasonally adjusted number of initial claims for unemployment benefits fell for the week ending February 15, 3 thousand, reaching at this level of 336 thousand last value was slightly higher than predicted by experts - at the level of 335 thousand, but still was lower than average at around 344 thousand for the whole of last year.

Gold: The gold prices rose on the dollar's decline and increased demand in the physical market. Dealers expect jewelers will buy gold in times of price reduction, and high import duty on gold in India encourages its smuggling. Margins on gold bars in Singapore remained at last week's $ 1.20-1.50 per ounce to the spot price in London and dealers noted buying in Indonesia and sale of scrap gold in Thailand. Margins on gold bars in Hong Kong are held in the range of $ 1.30-1.50 to the price in London. The cost of the April gold futures rose to $ 1318.00 per ounce on the COMEX today.

Oil: The cost of oil brand WTI fell from four-month high after the Energy Information Administration reported that stocks in the U.S. rose. March futures price fell to $ 102.75 a barrel on the New York Mercantile Exchange .


Market review for 19.02.14: The U.S. dollar was affected on the back of weak reports on the U.S. housing market.

Asian and European trading sessions:

British Pound: Pound fell against the U.S. dollar, which was a reaction to the British report. Data that has been submitted by the Office for National Statistics showed that the UK labor market continued to strengthen in recent months in 2013 , in favor of which said revenue growth and a decline in the number of applications for unemployment benefits. However, an unexpected rise was recorded in the unemployment rate in the three months (December) compared with the previous three-month period. It serves as a reminder that the economic recovery is not as strong or balanced, says the Bank of England.
According to the report, the unemployment rate rose to 7.2 % in the three months (December), compared with 7.1% in the previous three months (November). However, the latter result was significantly lower than the 7.6% in the third quarter. It was also reported that the number of unemployed fell by 125,000 over the last three months of 2013. Increasing unemployment surprised economists, as they expected that this figure will remain the same.
Average growth of regular income , except for bonuses , in the three months to December rose by 1.0 % compared with 0.9 % in the previous three-month period , recording the largest increase since June last year . Moreover, it became known that the level of unemployment claims for employment fell in January to reach 3.6% from 3.7 % in December, showing the 15th consecutive monthly decline and reached its lowest level since December 2008. The GBP / USD pair fell to $ 1.6633 during the European session.

Japanese Yen: The yen rose against the U.S. dollar. This was associated with the release of the monthly report of the Bank of Japan. It says that the Japanese economy will continue to recover at a moderate pace in the near future, with the support of the further improvement of industrial production and foreign demand. The Bank of Japan, however, warned that economic growth will depend on the increase and subsequent decrease in demand before and after the increase in the consumption tax, which will be introduced in April this year. Adverse events in emerging markets, the European debt crisis and the pace of the U.S. economic recovery also pose risks to economic growth in Japan, according to the monthly report. Exports are expected to increase slightly, mainly to a recovery in overseas economies, says the Bank of Japan. At the same time, industrial production will continue to grow (albeit at a moderate pace) on a background of stability and strength of private consumption, investments in the housing market. The USD / JPY pair fell to Y101.86 during the European session.

Swiss Franc: The Franc fell slightly against the U.S. dollar, as the report of Switzerland was worse than expected. Note that Swiss economic expectations retreated from the highest level in more than three and a half years in February, as financial analysts have become more cautious amid slowing growth in major export markets for the Alpine country. A study conducted by the ZEW Institute and Credit Suisse Group, showed that investors' expectations index fell to 28.7 points in February, compared to 36.4 points in January ( the highest since May 2010) . Recall, a positive value indicates that the number of participants who expect to improve the economic outlook is higher than the number of those who expect that they will deteriorate. While recent data from the ZEW contrasted with the Swiss PMI, increasing more than expected in January, and an early indicator of KOF, which rose to its highest level in two and a half years last month. They pointed out that economic growth in the euro area begins to support the demand for Swiss industrial goods , and it should stimulate the economy in the next six months.

American trading session:

U.S. Dollar: The rate of the dollar was affected on the back of weak reports on the U.S. housing market. Housing Starts fell sharply last month, a sign of "cooling" in the housing market in the United States. Decline was mainly associated with abnormally cold weather in large parts of the country.
The report of the Ministry of Commerce said that in January, housing starts fell by 16% to a seasonally adjusted, while reaching 880 thousand units. The figure for December was revised upward to reach 1.048 million units. At the head of the January decline were single-family housing bookmarks, which decreased by 15.9 % - up to 573 thousand in annual terms. Meanwhile, the number of building permits, which is an indicator of future construction, fell 5.4% to a seasonally adjusted - up to 937 thousand, compared to a revised figure for December at the level of 991 thousand units. Economists forecasted that housing starts dropped to 943 thousand, and the number of building permits decreased to 973 thousand

Gold: The gold prices retreated on Tuesday marked a maximum of 3, 5 months amid profit-taking and reduce purchases in the physical market. The cost of the April gold futures on the COMEX today dropped to $ 1314.25 per ounce.

Oil: The cost of WTI crude oil is kept at close to $ 103 level on the background of continuing severe weather conditions in the United States. March futures price for WTI traded in the range $ 102.38- $ 103.35 per barrel on the NYMEX.


Market review for 18.02.14: British pound dropped significantly against the dollar after message from the Bank of England.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the U.S. dollar. After the initial reaction to the mixed results of ZEW, the pair was able to gain momentum and growth in the area to recover the maximum values. Analysts said that in recent years to assess the current situation has become a good leading indicator of GDP. In this sense, today's sharp rise in this component was the good news for the economy, which increased the likelihood that in the first months of this year, it should gain momentum. Recall that the report showed that the index of sentiment in the business environment fell in February to the level of 55.7 points compared to 61.7 points in January. Experts expected that the value of this indicator decrease only to the level of 61.3 points. However, despite the decline, the index remained well above its historical average level of 24.5 points. In addition, the data showed that the rate that evaluates opinion on the current economic situation rose to 50 points in February from 41.2 in January, reaching its highest level since August 2011. Expectations were at 44 points. We also add that for the euro zone sentiment index fell in the business environment 4.8 points and reached the level of 68.5 points. Meanwhile, the index of the current situation in the euro zone improved by 8 points - to the level of 40.2 points. The EUR / USD pair rose to $ 1.3737 during the European session.

British Pound: Pound dropped significantly against the dollar after data showed that the UK inflation rate last month fell below the target value of the Bank of England, which is fixed for the first time in the last four years. The latter result confirms the message from the Bank of England, there is no reason to raise interest rates.
According to the report, consumer prices rose by 1.9 % per annum in January, compared with an increase of 2.0 % in December, while showing the weakest growth since November 2009. Economists had expected inflation to remain at 2.0 %. Add that up to December last year, the annual inflation rate exceeded the target of the Bank of England at the level of 2 % every month since December 2009 , undermining the purchasing power of households and making greater decline in living political issue ahead of elections next year. The main measure of inflation, which excludes prices of energy, food, alcohol and tobacco, increased by 1.6 % in January compared with the same month last year and an increase of 1.7 % in December, recording the smallest increase since June 2009. Compared with the previous month, the CPI fell in January by 0.6 %, which was unchanged compared to December, and it turned out as expected. The GBP / USD pair fell to $ 1.6652 during the European session.

American trading session:

Japanese Yen: The yen fell sharply earlier against the U.S. dollar, which was associated with the Bank of Japan's decision to increase the monetary base by 60-70 trillion yen (686 billion dollars). Central Bank doubled lending program until 7 trillion Yen to support the economy. This doubling of lending is seen as deep signal, meaning that the regulator is likely to further weaken the ready and their policy as it seeks to maintain liquidity volumes. In addition, the Bank of Japan extended periods of both programs for the year. Thus, the central bank kept the asset purchases unchanged, but decided to implement additional stimulus in the coming months. Regulator still aims to achieve the inflation target of 2 % and intends to achieve an economic breakthrough. The decision was taken by the members of the Monetary Policy Committee unanimously. The USD / JPY pair rose to Y102.73, and then retreated slightly during the European session.

Gold: The gold prices keep rising and near the peak of 3.5 months due to the weak dollar and concerns over global economic growth. The cost of the April gold futures on the COMEX today rose to $ 1332.40 per ounce.
Oil: The cost of oil rose today on speculation that the stocks at Cushing (Oklahoma) fell last week, while cold weather boosted demand for fuel. The March futures price for WTI rose to $ 101.62 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 18.02.14: British pound dropped significantly against the dollar after message from the Bank of England.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the U.S. dollar. After the initial reaction to the mixed results of ZEW, the pair was able to gain momentum and growth in the area to recover the maximum values. Analysts said that in recent years to assess the current situation has become a good leading indicator of GDP. In this sense, today's sharp rise in this component was the good news for the economy, which increased the likelihood that in the first months of this year, it should gain momentum. Recall that the report showed that the index of sentiment in the business environment fell in February to the level of 55.7 points compared to 61.7 points in January. Experts expected that the value of this indicator decrease only to the level of 61.3 points. However, despite the decline, the index remained well above its historical average level of 24.5 points. In addition, the data showed that the rate that evaluates opinion on the current economic situation rose to 50 points in February from 41.2 in January, reaching its highest level since August 2011. Expectations were at 44 points. We also add that for the euro zone sentiment index fell in the business environment 4.8 points and reached the level of 68.5 points. Meanwhile, the index of the current situation in the euro zone improved by 8 points - to the level of 40.2 points. The EUR / USD pair rose to $ 1.3737 during the European session.

British Pound: Pound dropped significantly against the dollar after data showed that the UK inflation rate last month fell below the target value of the Bank of England, which is fixed for the first time in the last four years. The latter result confirms the message from the Bank of England, there is no reason to raise interest rates.
According to the report, consumer prices rose by 1.9 % per annum in January, compared with an increase of 2.0 % in December, while showing the weakest growth since November 2009. Economists had expected inflation to remain at 2.0 %. Add that up to December last year, the annual inflation rate exceeded the target of the Bank of England at the level of 2 % every month since December 2009 , undermining the purchasing power of households and making greater decline in living political issue ahead of elections next year. The main measure of inflation, which excludes prices of energy, food, alcohol and tobacco, increased by 1.6 % in January compared with the same month last year and an increase of 1.7 % in December, recording the smallest increase since June 2009. Compared with the previous month, the CPI fell in January by 0.6 %, which was unchanged compared to December, and it turned out as expected. The GBP / USD pair fell to $ 1.6652 during the European session.

American trading session:

Japanese Yen: The yen fell sharply earlier against the U.S. dollar, which was associated with the Bank of Japan's decision to increase the monetary base by 60-70 trillion yen (686 billion dollars). Central Bank doubled lending program until 7 trillion Yen to support the economy. This doubling of lending is seen as deep signal, meaning that the regulator is likely to further weaken the ready and their policy as it seeks to maintain liquidity volumes. In addition, the Bank of Japan extended periods of both programs for the year. Thus, the central bank kept the asset purchases unchanged, but decided to implement additional stimulus in the coming months. Regulator still aims to achieve the inflation target of 2 % and intends to achieve an economic breakthrough. The decision was taken by the members of the Monetary Policy Committee unanimously. The USD / JPY pair rose to Y102.73, and then retreated slightly during the European session.

Gold: The gold prices keep rising and near the peak of 3.5 months due to the weak dollar and concerns over global economic growth. The cost of the April gold futures on the COMEX today rose to $ 1332.40 per ounce.
Oil: The cost of oil rose today on speculation that the stocks at Cushing (Oklahoma) fell last week, while cold weather boosted demand for fuel. The March futures price for WTI rose to $ 101.62 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 17.02.14: The weak result of the Japanese GDP put Yen under pressure.

Asian and European trading sessions:

British Pound: The British pound retreated from four-year highs against the dollar reached on housing data. Housing prices in Britain have risen markedly in February, registering with the largest increase in the last seven years. This was stated in the data, which were released on site estate Rightmove. According to the report, average house prices across England and Wales increased in February to £ 251,964, which was 6.9 % higher than the same period last year, as demand from potential buyers continued to strengthen. Add that last jump was the highest (in annual terms) since November 2007. In addition, it was reported that prices in London rose by 11.2 % per annum, in connection with which the average price was at around £ 541,313. In the north- east cost of housing has risen by only 0.1 %, against which the average price was £ 142,372. In Wales, house prices rose by 2.3 % year on year, reaching £ 165,055 on average.
After several years of uncertainty, more people are thinking about moving. Over the past four weeks, the number of new homes that were for sale on the website, averaged 27,768 units, an increase of 18 % compared with the same period last year. Growing supply increases demand from buyers, which indicates that the number of homes sold in 2014 may be more than last year, according to Rightmove. The GBP / USD pair fell to $ 1.6718 during the European session.

Japanese Yen: The Japanese Yen lost scored during the Asian session positions against the dollar after data on GDP and industrial production. According to the report submitted by the Cabinet Office in Tokyo, annualized gross domestic product grew by only 1 % compared to the previous quarter. Thus, the figure fell short of the most pessimistic estimates of economists in 1.1%, while the average forecast assumed a 2.8% increase. The economic slowdown in Japan emphasizes the risks to recovery, especially before the rise of the sales tax in April to 8% from 5%. “Inevitably, the fact that the economy has weakened in the period from April to June because of the negative reaction to the demand," - said Yoshimasa Maruyama, chief economist at the Institute for Economic Research Itochu. Despite the fact that capital spending rose by the maximum value for two years, and consumption growth rose, external demand is still negatively affected GDP data. In January-March GDP growth is likely to accelerate, but some economists careful because higher wages cannot support the costs after raising taxes. Relatively weak exports could also have a negative impact on growth.
The volume of industrial production in Japan grew weaker pace in December than previously assumed. This was stated in the final data, which were presented today by the Ministry of Economy, Trade and Industry. According to the report, industrial production grew by 7.1 % in December compared with the same month last year, which was slightly less than the increase of 7.3 %, which was reported on January 30. However, growth in December was significantly higher than in November - at the level of 4.8 %. Seasonally adjusted industrial production rose by 0.9 % compared with the previous month. Recall that in November industrial output fell by 0.1 %. Preliminary data reported growth in December by 1.1 %. The USD / JPY pair rose to Y101.99 during the European session.

American trading session:

Gold: The gold prices rose to a peak of 3.5 months on a weaker dollar and concerns over U.S. economic growth. The cost of the April gold futures on the COMEX today rose to $ 1329.90 per ounce for ounce.

Oil: The cost of oil brand West Texas Intermediate rose for the first time in three days, while signs of improvement of the U.S. economy and record levels of new loans in China reinforced the demand outlook in the world’s two biggest oil consumers. March futures price for WTI rose to $ 101.13 a barrel in electronic trading on the New York Mercantile Exchange.


Market review for 13.02.14: The dollar fell under the little impact on weak retail sales data.

Asian and European trading sessions:

Euro: The euro rose against the U.S. dollar on a background of the ECB Monthly Report and data on inflation in Germany. The ECB in its February report indicated that inflation in the euro area should remain low for an extended period of time before it starts to gradually recover to the target of 2%. “Comparison with the monetary analysis confirms the reduced prices in the euro area in the medium term," said the ECB.
According to a study of professional forecasters, forecast HICP in 2014 was revised to 1.1 % from 1.5% previously. Forecast for 2015 was lowered to 1.4 % from 1.6 % in Q4. The forecast for 2016 was 1.7 %.
With respect to data for Germany, inflation, agreed by EU standards, remained unchanged in January, according to preliminary estimates. These are the latest data from the Federal Statistical Office. Harmonized index of consumer prices (HICP) increased by 1.2 percent per annum in January, the result was unchanged compared with the growth rate in December. Outcome corresponded to preliminary estimates. HICP fell by 0.7 percent compared to December, when it recorded a growth of 0.5 percent. Monthly changes are also consistent with preliminary estimates. The Statistical Office also reported that consumer price inflation fell to 1.3 percent in January from 1.4 percent in December, according to initial estimates. Moderation in inflation mainly reflects a downward trend in prices for mineral oil products. In contrast, the cost of electricity and solid fuel increases. In monthly terms, the consumer price index fell by 0.6 percent in early 2014. This followed an increase of 0.4 percent in December. The EUR / USD pair fell to $ 1.3687 during the European session.

British Pound: The British pound strengthened on published data on the UK housing market, according to which in January house price balance of RICS fell to 53 %, compared with 56 % earlier in December. Recall that the index is calculated as the proportion of subtraction of respondents who reported a decline in prices, the share of those who reported an increase in prices. Nevertheless, it is worth noting that the demand for homes remains strong. “It’s no secret that we have seen a rise in prices in many parts of the country due mainly lack of objects represented in the market. Given the fact that more people are now turning to buy a home than at any time in recent years, the number of objects is simply not enough to meet demand. The result is a rise in prices in many areas, and it seems to continue for the foreseeable future "- says Peter Bolton King of the RICS. The survey also showed that the evaluators continue to expect prices to rise over the coming year. The GBP / USD pair rose to $ 1.6657 during the European session.

American trading session:

U.S. Dollar: The dollar fell under the little impact on the U.S. data, which showed that retail sales fell 0.4 percent last month, led by a drop in car sales. Sales fell by a revised 0.1 percent in December. Economists had forecast that retail sales will be unchanged in January after rising 0.2 percent in December, which was reported earlier. Meanwhile, another report showed that the number of initial claims for unemployment benefits, a measure of layoffs, increased by 8000 and amounted to a seasonally adjusted 339,000 in the week ended February 8. The result was slightly higher than the 331,000 projected by economists. Meaning last week 331,000 remained without revision.

Canadian dollar: The Canadian dollar rose against the U.S. dollar, which was associated with the release of data on Canada. As it became known, Canadian prices for new homes rose slightly in December, while the increase at an annual rate showed the slowest 12-month increase in nearly four years. The prices for new homes across the country increased by 0.1 % in December on a monthly measurement. Note that prices for new homes in the previous month showed zero change. A 12 -month basis, prices rose by 1.3%, which corresponded to the market consensus forecast and represented the weakest 12-month gain since February 2010. Rising prices in monthly terms led the Greater Toronto, where the cost of a new home rose 0.2%, the largest increase since July. In 2013, the average annual increase in the price of new homes was 1.8 %, compared with 2.4 % in the previous year, and became the smallest increase since 1999.

Gold: The gold prices rose today, reaching a three-month high at the same time, and closer to $ 1,300 per ounce, as disappointing economic data from the United States put pressure on the dollar and the stock markets.

Oil: March futures price for U.S. light crude oil WTI fell to $ 100.24 a barrel on the NYMEX. The fall in prices was also due to the Report on the United States, which showed that the number of initial claims for unemployment benefits, a measure of layoffs, increased.


Market review for 12.02.14: The rate of the euro fell sharply on the comments of the ECB, in introducing negative rates.

Asian and European trading sessions:

Euro: The rate of the euro fell sharply against major currencies on the comments of the ECB representative Kera introducing negative rates. The comments collapsed the euro, which has lost more than 50 pips against the dollar in a matter of minutes. Previously, the pressure on the single currency had a report on industrial production in the eurozone. As shown by recent data on Wednesday statistical office Eurostat, industrial production in the euro area grew considerably slower pace in December, the growth rate fell short of economists' expectations. The industrial production growth fell to 0.5 % in December from a revised down 2.8 % in the previous month. Economists forecast that growth will weaken to 1.8 % from November 3 % initially announced. Production of energy fell by 1.9 % compared to December 2012. Consumer non-durable goods and durable consumer goods fell by 0.9 % and 1.2 % respectively. Meanwhile, the production of intermediate goods has increased by 3.6 %. The EUR / USD pair fell to $ 1.3564 during the European session.

British Pound: The British pound appreciated sharply against the U.S. dollar on a background of the quarterly report of the Bank of England and the speech of the Central Bank of Carney. According to the Bank of England inflation report, published today, the Central Bank is going to keep rates at a record - low of 0.5 %, at least for another year, even if the unemployment rate / p fall to 7% threshold that, according to expectations occur in Q1 2014. The Bank of England pointed out that the British economy will grow even before the Bank would raise rates. But it is worth noting that the increase will be gradual and not to such a high level, which was celebrated before the crisis.
MPC predicted that in the last quarter of 2013 Britain's GDP to grow by 0.9 % against the previous estimate of 0.7 %. As for the remainder of 2014, the Central Bank expected to raise by 3.4 % versus 2.8 % November forecast.
As for inflation, according to expectations, in the 2nd quarter of 2015 its growth will slow to 1.7%, and then accelerate again in 2016 and will reach 1.9%. Thus, under the policy of transparency, the Bank of England will consider a number of indicators, such as an index of manufacturing activity, working hours, labor productivity and wages. The size asset purchase program will continue to be £ 375 billion, at least until the first rate increase. The GBP / USD pair rose to $ 1.6557 during the European session.

American trading session:

Japanese Yen: The yen traded slightly higher against the dollar, though lost some previously won positions. Little impact on the bidding had words BOJ board member Takahide Kiuchi, who reported that an extra dose of easing monetary policy to prevent a potential recession caused by the expected introduction of a sales tax in April. The USD / JPY pair dropped to Y102.22 during the European session.

Gold: The gold prices rose today, reaching a three-month high at the same time as technical factors outweighed the positive growth of investor appetite for other riskier assets. The cost April gold futures rose to $ 1293.50 per ounce for ounce on the COMEX today.

Oil: The oil prices rose after a government report showed that crude stocks fell again Cushing terminal, registering with the second weekly decline in a row. The March futures price for U.S. light crude oil, WTI rose to $ 100.85 per barrel on the NYMEX.


Market review for 11.02.14: The British pound strengthened amid growth in retail sales.

Asian and European trading sessions:

Euro: The euro was moderately higher against the dollar, while investors expected the speech of new Fed head Janet Yellen . Immediately before Yellen will speak Philadelphia Fed President Charles Plosser , and it will probably pave the way in calling for a drastic reduction of bond purchases , while the unemployment situation remains favorable . Nevertheless, reducing the Fed's program is the focus of only a month later after it was launched. Submitted earlier economic data has not been unequivocally favorable. So this was the first performance for Yellen may become very active. The EUR / USD pair rose to $ 1.3678 during the European session.

British Pound: The British pound strengthened against the U.S. dollar, amid growth in retail sales. According to a survey released Tuesday by the British Retail Consortium (BRC), retail sales in the UK rose in January. The BRC Retail Sales Monitor showed that overall retail sales rose by 5.4 percent compared with a year earlier. Sales at stores that have been open a year or more grew by 3.9 percent per annum, said the BRC. Sales growth in same stores was much stronger than in December (0.4 percent), and is the highest since April 2011, when sales growth was 5.2 percent. Sales growth in general in December was 1.8 percent, and it was with a maximum value in March 2010. Non-food sales rose 5.1 percent in the last quarter of 2013, while sales of food rose by only 0.8 percent in Q4. Online non-food sales grew by 19 percent in January. The GBP / USD pair rose to $ 1.6470 during the European session.

Australian dollar: The Australian dollar rose to a four - week high after a positive report on real estate prices and the index of business sentiment from the National Australia Bank. In December, the number of approved loans for the purchase of residential real estate in Australia fell by 1.9%, while most economists had expected growth of 1.0%. Record low interest rates have led to an increase in the real estate industry, which helped to protect the economy, especially after the end of the ten-year investment boom in the mining industry. In turn, the January index of business conditions in Australia from NAB rose to 4 compared with 3 in December and business confidence index rose to 8 to 6.

American trading session:

U.S. Dollar: The dollar showed marked fluctuations against its competitors, and finally increased. The main focus of market participants was on the speech of Fed Chairman Janet Yellen . Speaking in the U.S. Congress with the semi-annual report on monetary policy, she noted that the situation in the labor market improved, but the economy still has a long recovery process. Yellen also supported the current policy of the FOMC and suggested that the Fed will continue at a moderate pace gradually curtail asset purchase program QE. She also noted that the achievement of targets will not mean automatic increase the federal funds rate. Rather, such progress would be to encourage the Central Bank to analyze the economic situation in order to determine at what stage the rate increase is justified. Yellen said that he sees " significant risks to the U.S. economic outlook " by the tension in the emerging markets , and did not consider politics QE factor that contributes to the formation of bubbles in the stock market , saying that the share price has risen from the average historical values only slightly.

Gold: The gold prices rose sharply, reaching at this three-month high, as investors heard that the new head of the U.S. Federal Reserve will continue the previous policy, which was held by Bernanke. The cost of the April gold futures rose to $ 1288.80 per ounce for ounce on the COMEX today.

Oil: The prices for WTI oil prices exceeded the $ 100 a barrel as investors analyzed the comments of the Federal Reserve System Janet Yellen that the U.S. central bank will continue to reduce program asset purchase.


Market review for 10.02.14: The dollar index suspended after its five-day decline.

Asian and European trading sessions:

Euro: The study of confidence of European investors Sentix revealed on its Monday monthly survey research that investor confidence in the euro zone unexpectedly improved in February. The investor sentiment index rose by 1.4 points to 13.3 points. The result was higher than the projected decline to 10.3 points. The improvement was mainly due to the increase in assessment of the current situation in February. Current situation index rose to 1.8 from 0.8 in January and was positive for the first time since August 2011. At the same time, investors' expectations have risen only slightly in February to 25.5 from 25.3 in January.
The euro kept data on industrial production in France. Industrial production in France increased at a slower pace in December, with growth rates gave way to the forecasts of economists showed on Monday, the latest data statistical office Insee. Industrial production grew by 0.5 % in December compared with the same month last year. Economists had expected a more rapid increase of 1 %. In November, production recorded a growth of 1.7 %.
Industrial production fell by 0.3 % compared to November, when it was recorded an increase of 1.2 %. Expectations were reducing by 0.1 %. During the three months ended in December, production increased by 0.3 % compared with the previous three-month period. Industrial production grew by 0.5 % in quarterly terms.
In Insee also noted that production in the French manufacturing sector expanded by 0.9 % year on year in December. On a monthly measurement of industrial production remained unchanged after rising 0.2 % in November. The EUR / USD pair rose to $ 1.3650 during the European session.

U.S. Dollar: The dollar index suspended its five-day decline, even after January in the U.S. was created only 113 thousand jobs, and the unemployment rate fell to 6.6 % compared to 6.7% in December, said Friday the Ministry of Labour. The economists had expected an increase of the number of non-agricultural jobs in the 185 thousand unemployment fell to its lowest level since October 2008.

American trading session:

Swiss franc: The Swiss franc rose against the U.S. dollar on the background of the earlier report, which showed that the unemployment rate remained stable at a seasonally adjusted at 3.2 % in January. Similarly, the unadjusted unemployment rate remained unchanged at 3.5 %.
In late January, there were about 153,260 people as unemployed, which are 3,823 more than compared to the previous month. Unemployment rose by 5102, compared with the corresponding period last year.
Unemployment among young people aged 15 to 24 years increased by 52 persons to 20 533 people. Nevertheless, the unemployment rate fell by 674 people compared to last year.

Canadian dollar: The Canadian dollar was down against the U.S. dollar, which has been partly due to the Report on Canada. As it became known, in Canada the number of Housing Starts fell by 3.7 % m / m to an average of 180,248 units in January. January was the result of lower than forecast analysts expecting 184,000 bookmarks.

Gold: Gold prices rose significantly today, as weak employment data in the U.S., which were presented at the end of last week, raised the question about the economic recovery, and a slowdown in stimulus from the Federal Reserve. The cost of the April gold futures on the COMEX today rose to $ 1274.30 per ounce for ounce.

Oil: Prices for Brent crude fell slightly, but will continue to be near five-week high above $ 109 a barrel as investors await comments regarding future policy the U.S. Federal Reserve. March futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 100.27 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 06.02.14: The rate of the euro fell sharply against the U.S. dollar immediately after the announcement of the ECB rate decision.

Asian and European trading sessions:

Euro: The rate of the euro fell sharply against the U.S. dollar, while losing all positions receive immediately after the announcement of the ECB rate decision. The ECB decided to leave the refinancing rate at around 0.25 %. Meanwhile, add that to the announcement of the decision at a rate little impact on the euro was a report on Germany, which showed that the number of manufacturing orders unexpectedly fell in December, while orders from the euro zone have increased significantly, potentially signals of recovery. According to the data, the results of December industrial orders fell by 0.5% (seasonally adjusted), which was followed after increasing 2.4% in November (revised up from 2.1 %). Many experts expected increase in the number of orders by 0.3%. Earlier this week, an industry group VDMA also reported a disappointing year for the completion of the major machine builders, but some experts still predict an increase in total orders. The EUR / USD pair fell to $ 1.3485 during the European session.

British Pound: The British pound retreated from a session low against the dollar, however, continued to trade slightly lower. Pound had little support that the Bank of England left interest rates at 0.5% as expected. Program of asset purchases was also left on the 375 billion accompanying statement was not, but the head of the Central Bank Governor Mark Carney said earlier that he was not going to raise rates earlier, and that the target level of unemployment rate in the 7.0 % is not a factor that triggers the policy tightening . It was expected that the minutes of the meeting reflect the increased emphasis on the bank's inflation. Recall that the inflation report last month reflected the value at the target of 2.0 % for the first time in the last 4 years.
Little impact on the currency also had a report that showed that the rise in house prices in the UK slowed slightly in the last month, and confirmed the average forecast of experts. This was stated in the report of Halifax. According to figures for January house price index rose by 7.3 % per annum, compared with an increase of 7.5% in December. In monthly terms, the house price index rose 1.1% in January, while offsetting the 0.5% decline in the previous month, which was revised downward from -0.6%. Expectations were at the level of 0.4%. The GBP / USD pair fell to $ 1.6265, and then recovered to $ 1.62865 during the European session.

American trading session:

Canadian dollar: Data from Statistics Canada showed that Canada's deficit in trade in goods has increased to 1.7 billion Canadian dollars in December, despite the forecasts of experts on growth. Last reading was the highest since November 2012. Meanwhile, it was reported that the deficit for November was revised up to 1.5 billion Canadian dollars from the initial assessment at the level of 0.9 billion Canadian dollars. Many analysts expected in December will be recorded surplus in the amount of 1.0 billion. The USD / CAD pair rose sharply, setting a maximum level CAD1.1120, which is associated with this release of disappointing data on the trade balance in Canada.

Gold: The gold prices declined after rising early in the session on the background of recovery in stock markets and data applications for unemployment in the United States. The cost of the April gold futures rose to $ 1267.40 per ounce and then fell to $ 1252.60 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate raised after a report showed that applications for unemployment benefits in the U.S. fell for the first time in three weeks. The March futures price for WTI rose to $ 98.85 per barrel on the NYMEX.


Market review for 05.02.14: The British pound fell sharply against the U.S. dollar on release of unexpectedly weak data on Britain.

Asian and European trading sessions:

Euro: The euro traded in a narrow range against the U.S. dollar, as many participants gradually shift its attention to tomorrow's ECB meeting. Little impact on the European currency had data for the euro area, which showed that the euro zone's private sector waked up in January, while reaching the highest levels in the last two and a half growth, rapid growth of production eclipsed the more modest expansion in the services sector.
According to the report, the final composite purchasing managers’ index from Markit, which measures business activity in the manufacturing sector and in the service sector, rose to 52.9 in January from 52.1 in the previous month. It was the highest result since June 2011. Nevertheless, the final assessment was at - 53.2. In Markit said that growth in the eurozone PMI observed broad-based and led was lifting by Germany. The data also showed that the index of business activity in the services sector rose to a four-month high in January - to the level of 51.6 from 51.9. However, this result was below the pre-assessment at the level of 51.9. The EUR / USD pair traded in the range of $ 1.3500 -$ 1.3529 during the European session.

British Pound: The British pound fell sharply against the U.S. dollar, which was associated with the release of unexpectedly weak data on Britain. As it became known, the growth in the services sector in Britain, which is dominant, unexpectedly slowed last month, but activity remained high, suggesting that the economy will gain momentum in the first quarter of 2014. The survey also showed growth companies price pressure for the service sector, but not to a level that could be a problem for the Bank of England, and encourage it to raise interest rates. According to the report, the index of services PMI fell to 58.3 in January from 58.8 points in December, reaching its lowest level since June. Add that according to the average forecasts of experts, the value of this index would grow to 59.1 points. However, despite the decline, the index remained well above 50 points, which separates growth from contraction.
Meanwhile, it became known that the composite indicator of the three indices PMI (manufacturing, construction and services sector) fell to 59.1 in January from 59.4 in December, dropping to its lowest level since June. The GBP / USD pair fell to $ 1.6263 during the European session.

American trading session:

U.S. Dollar: The dollar fell amid mixed statistics. In the U.S. went out report that the activity in the U.S. non-manufacturing sector continued to grow in January. This was evidenced by data released Wednesday by the Institute for Supply Management (ISM). Purchasing Managers Index (PMI) for the non-productive sphere the U.S. in January rose to 54.0 against 53.0 in December. Economists had expected the index to rise last month to 53.8. Values above 50 indicated growth in activity. As it was shown by recent data that were presented Automatic Data Processing (ADP), in January, private sector employment increased markedly, although not enough to confirm the evaluation of many economists. According to a report last month, the number of employed increased by 175,000 people, compared with a revised downward indicator for the previous month at 227 million (initially reported growth of 238 thousand jobs). Add that, according to the average forecast of this indicator would grow by 191000.

Gold: The price of gold rose to one-week high after the release of the employment report from ADP. The cost of the April gold futures rose to $ 1274.70 per ounce on the COMEX today.

Oil: The oil price declined after a government report showed an increase in U.S. oil inventories. The March futures price for U.S. light crude oil WTI fell to $ 97.00 a barrel on the NYMEX.


The Australian dollar raised almost two figures against the U.S. dollar, which was associated with the decision of the RBA rates.

Asian and European trading sessions:

Euro: The euro returned some of the previously lost ground against the dollar, but, despite this, still trading slightly lower. Little impact on the dynamics of trade had the PPI report. It is learned that producer prices rose in December, registering with the first increase in the last three months, which was slightly eased fears about the fragility of recovery in Europe. It became known from the report, which was introduced earlier EU statistical agency. According to the data, in December producer prices rose by 0.2% compared with the previous month, but, nevertheless, were 0.8% lower than in December 2012. Recall that prices fell in October and November - by 0.5% and 0.1%, respectively. Data released last week by Eurostat showed that consumer prices rose 0.7 % in January, compared with an increase of 0.8 % in December, reinforcing fears that a prolonged period of low inflation will be difficult for the eurozone to address its economic imbalances and reduce the large debt. Therefore, the growth of producer prices will be welcomed by politicians of the European Central Bank. The EUR / USD pair rose to $ 1.35340 during the European session.

British Pound: The pound has risen considerably against the U.S. dollar , which helped the publication of positive report on Britain. Recent data from Markit / CIPS showed that activity in January in the UK construction sector has grown substantially, continuing its promotion of the territory expansion, and reaching its highest level since the financial crisis. According to the report, with the seasonally adjusted index of business activity in the construction sector grew in January to a level of 64.6 points compared to 62.1 points in December. The index remains above the neutral mark of 50.0 points, which separates expansion from contraction, for the ninth consecutive month. Also, note that the latter value was the highest since August 2007. According to experts, this indicator should be reduced to the level of 61.6 points. The GBP / USD pair rose to $ 1.6345 during the European session.

American trading session:

Australian dollar: The Australian dollar raised almost two figures against the U.S. dollar, which was associated with the decision of the RBA rates. The Reserve Bank of Australia today decided to keep its benchmark interest rate at a record low - 2.5 %, and noted that a period of stability in interest rates may be "the most sensible course” at the moment. Monetary policy bank “appropriately configured to ensure sustainable growth in demand and inflation in accordance with the purpose," said the head of Glenn Stevens said in a statement today. “Based on current evidence, the most prudent course would be a period of stability in interest rates," he added. The Board of Directors expects that inflation will be slightly higher than stated in the forecasts three months ago, but will be in line with the target of 2-3% over the next two years. Higher inflation, currency devaluation and rising house prices may be causing the Reserve Bank decision to refrain from further easing of monetary policy. Recall that the RBA will cut interest rates by 225 basis points since November 2011 to help the economy to support demand in areas outside the resources sector, taking into account the damping mining boom.

Gold: The price of gold declined after a sharp rise the previous day. The pressure on the stock of the precious metal has a strengthening of the U.S. currency. The cost of the April gold futures dropped to $ 1246.70 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate raised for the first time in three days on speculation that distillate stocks fell last week due to cold weather and on rising U.S. stocks. The March futures price for U.S. light crude oil WTI rose to $ 97.76 per barrel on the NYMEX.


Market review for 03.02.14: The U.S. dollar fell after weak U.S. data on manufacturing activity in the United States.

Asian and European trading sessions:

Euro: The euro was traded slightly higher against its competitors. Positive data for the euro area had considerable support Eurocurrency, but even they were not enough to hold near session highs. As it became known, the manufacturing sector grew in the eurozone last month a little more than originally expected. This was stated in the data that were presented today Markit Economics. According to the report, the final purchasing managers index, which assesses activity in the manufacturing sector rose to 54 points in January, compared with the initial assessment at the level of 53.9 points, and the final reading for December at 52.7 points. The last value was the highest since May 2011. Manufacturing PMI increased in each of the last four months and demonstrates an extension to July last year. The EUR / USD pair rose to $ 1.3520, and then dropped to $ 1.3498 during the European session.

British Pound: The pound declined significantly against the dollar, which was caused by the publication of weak data on Britain. Recent research results that were announced earlier today by Markit Economics and Chartered Institute, showed that UK manufacturing index fell slightly last month , beating forecasts while most experts . Nevertheless, despite the recession, the manufacturing sector continued to expand in January, reflecting the improvement in output and new orders growth. According to the report, the seasonally adjusted purchasing managers' index for the manufacturing sector fell last month to a level of 56.7 points, compared with a revised figure for December at the level of 57.2 points in December. Economists expected the index to decline to 57.1 from 57.3 points in December, which was originally reported. Although PMI is now and is at its lowest level in the last three months, it is still significantly higher than the average - at the level of 51.3 points. The GBP / USD pair fell to $ 1.6325 during the European session.

American trading session:

U.S. Dollar: The dollar fell after weak U.S. data on manufacturing activity in the United States. The index of business activity in the U.S. industry from Markit in January, according to final data, fell to 53.7, below the 11 -month high of 55.0 in December. January's value was the lowest since October, but the index remained above the level of 50.0, which is neutral. These points supported continued improvement of business conditions. In turn, data from the Institute for Supply Management (ISM), published on Monday, suggests that manufacturing activity in the U.S. in January has stalled due to lower inventories. According to the report, the Purchasing Managers Index (PMI) for the manufacturing the United States in January fell to 51.3 from 56.5 in December. Index value above 50 indicates growth in the sector of activity. The economists had expected the index in January at 56.2 .

Gold: The price of gold grew on a weaker dollar after weak data on manufacturing activity in the United States. The cost of the April gold futures on the COMEX today rose to $ 1264.90 per ounce.

Oil: World oil prices were falling at the time, as the data indicated a slowdown in manufacturing activity in China and the U.S., which could lead to a drop in demand for fuel in the world's largest oil-consuming countries. March futures price for U.S. light crude oil WTI fell to $ 96.38 a barrel on the New York Mercantile Exchange (NYMEX).


Market review for 30.01.14: The Euro fell against the U.S. dollar despite the strong data on the labor market in Germany sentiment in the eurozone economy.

Asian and European trading sessions:

Euro: Euro fell against the U.S. dollar despite the strong data on the labor market in Germany sentiment in the eurozone economy. German unemployment fell in January, more than forecast, as companies were more confident in the strength of Europe's largest economy. Number of people out of work fell by a seasonally adjusted 28,000 to 2.93 million, after falling by 19,000 in December, reported the Federal Labour Agency. Economists had forecast a drop of 5000. Adjusted unemployment rate was 6.8 %, almost unchanged from December, and remained near the minimum of twenty years. Unemployment fell by 16,000 in West Germany and 12,000 in the eastern part.
In turn, in the euro area level of economic confidence rose ninth consecutive month in January, data showed on Thursday a survey from the European Commission.
Economic sentiment index rose to 100.9 in January from 100.4 in the previous month. But at the same time the reading was slightly lower than expected level of 101.Confidence in industry fell unexpectedly by 0.5 to -3.9 in January, as a consequence of the management worsened assessment of stocks of finished products. The result was predicted to improve to -3.0. Confidence in the services sector grew by 1.9 points to 2.3, resulting in improved estimates of expected demand and past business situation, while the assessment of the past demand has not changed much. In addition, consumer confidence has improved markedly to 11.7, being in accordance with a preliminary estimate, compared with 13.5 in December. The increase was primarily due to improved expectations about future unemployment and the general economic situation. The result was above its long-term average for the first time since July 2011. Confidence in the retail sector increased to -3.4 -5, due to improvements in all of its three components, namely the present and expected business situation and the assessment of stocks.
Meanwhile, confidence in the construction sector fell strongly to -30.1 from -26.4 as a result of a marked deterioration in ratings portfolio managers’ orders and deteriorating employment expectations. In January, the business climate indicator for the euro area almost unchanged at 0.19 compared to 0.20 in December. Economists had expected the result 0.34. Production expectations leaders, their assessment of past production, and general and export order book remained broadly unchanged. At the same time, the level of stocks of finished products was evaluated more negatively. The EUR / USD pair fell to $ 1.358 5 during the European session.

British Pound: The British pound fell against the dollar after the number of approved applications for mortgage loans in the UK in December rose less than forecast, but this figure was the highest in the last six years. These are the data published by the Bank of England on Thursday.
The number of permits for house purchase rose to 71,638 in December from a revised 70,820 in November. Economists had expected the figure to rise to 72,500 by November initial 70,758.
The latter figure is the highest since January 2008, when the number of mortgage approvals was 71,999.
Loans secured by housing increased by 1.7 billion pounds, while economists expected an increase of 1.2 billion pounds. Consumer loans increased by 0.6 billion pounds, while economists had expected growth to 0.7 billion pounds. The GBP / USD pair fell to $ 1.6440 during the European session.

American trading session:

U.S. Dollar: Dollar got support with regard to U.S. data , was showed that the gross domestic product , which is the broadest measure of goods and services produced in the economy , rose to a seasonally adjusted annual rate of 3.2% in the fourth quarter . Economists had expected in the fourth quarter activity will grow by 3.2%. Overall, in 2013 the economy grew by 1.9%. The last time the economy grew by more than 3 % per annum before the recession, when it reached 3.4% in 2005. In 2012, GDP grew by 2.8%. Recent GDP data show that the economy expanded by 3.7 % in the second half of 2013. This rate was much higher than the growth of 1.8% in the first half of this year. This is the highest growth rate in the second half of 2003, when the economy expanded by 5.8%.

Gold: The gold prices fell by about 1 %, which was associated with a significant appreciation of the U.S. currency after the U.S. Federal Reserve lowered the volume again its monetary stimulus. The cost of the February gold futures dropped to $ 1242.10 per ounce on the COMEX today.

Oil: The oil prices rose today, which was a month high as strong frosts in the United States contributed to the growth in demand for oil. The March futures price for U.S. light crude oil, WTI rose to $ 98.45 per barrel on the New York Mercantile Exchange.


Market review for 29.01.14: The U.S dollar got some support after the Fed's decision to lower the amount of QE.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar, amid reducing lending to the private sector in the euro area. According to the European Central Bank lending to the private sector in the euro zone fell in December compared with the same period of the previous year as well significantly, as in the previous month. According to published data, in December, as well as in November, lending to the private sector decreased by 2.3%.
Last spring, the housekeeper eurozone emerged from a protracted recession, which was particularly severe in Southern Europe, where the cost of credit for small businesses is much higher than in other regions of the eurozone. Nevertheless, the economic recovery remains slow and insufficient to curb unemployment, which is held at record high levels. According to economists, the economic recovery may not be sustainable if the banks start to lend more actively firms and households.
The report also showed that the M3 broad money supply grew by only 1 % in December, after expanding by 1.5 % in November. Economists had expected the index to rise 1.7 %. During the period from October to December M3 money supply grew by 1.3 % compared with the same period last year. Such growth rates are far below the “reference value “of the ECB 4.5 %, which, according to the central bank, consistent with the mandate of price stability.
Earlier, the euro rose, supported by data on the index of consumer confidence in Germany. German consumer confidence index improved for the fifth month in a row in February amid recovery of the growth momentum in the country. These are the results of a survey conducted by a group GfK. Expected consumer confidence index rose to confidently 8.2 points from a revised 7.7 points in January. The latter figure is the highest level since August 2007. Economists had expected the index to rise only to 7.8.
Income expectations index rose to a 13- year high of 46.2 points in January from 39.5 in December. Measure of economic expectations jumped to 35.3 from 23.3. The result is the highest since July 2011. Readiness Index to purchase rose to 50 from 46.1, noting the highest level since the end of 2006. The EUR / USD pair rose to $ 1.3685, but then fell to $ 1.3619 during the European session.

British Pound: The British pound rose against the dollar earlier after the release of U.S. data on the growth in housing prices. In the UK house prices rose at the fastest pace in more than three and a half years in January, supported by strong growth in employment, record low mortgage interest rates and increasing confidence. Such a survey conducted nationwide housing society. The housing price index rose by 8.8 % per annum in January, marking the fastest increase since May 2010, when prices rose by 9.8 %. Prices were by about 4% below the peak in 2007. Economists had expected prices to rise in January by 8.1 % . In December, the index recorded an increase of 8.4%. Housing prices rose a seasonally adjusted 0.7 % compared to December, when they rose 1.4 %. Expectations were at a gain of 0.7 %. The average house price in the UK has now reached 176,491 pounds, which is more than 175,826 pounds, registered in December. GBP / USD: during the European session, the pair rose to $ 1.6608, but then fell to $ 1.6542

The Yen and the Swiss franc fell against major currencies after the Turkish central bank took steps to stop the further devaluation of the lira, which reduced demand for safe-haven currencies.

American trading session:

U.S. Dollar: The dollar got some support after the Fed's decision to lower the amount of QE. The Fed reduced the amount of asset purchases by $ 10 billion - to $ 65 billion and kept the interest rates, at 0.25 % with 0.25 % forecast.

Gold: The gold prices raised significantly today, the price of February gold futures on the COMEX today rose to $ 1264.90 per ounce.

Oil: The prices for WTI crude oil declined moderately, after a government report showed that U.S. crude inventories rose more than expected last week. The March WTI futures price fell to $ 97.10 a barrel on the New York Mercantile Exchange (NYMEX).


Market review for 28.01.14: The euro fell against the background data on import prices in Germany.

Asian and European trading sessions:

Euro: The euro exchange rate against the U.S. dollar fell against the background data on import prices in Germany. As it was shown by the data published by the Federal Statistical Office, import prices in Germany fell twelfth consecutive month in December, but in a lesser degree than in the previous month. The import price index fell by 2.3 % in December compared with the corresponding month in 2012. This followed a 2.9 % drop in November. Prices are already falling regularly since December 2012. Economists had forecast a slower decline by 2.2 % in December 2013. Index was influenced by a 5 % fall in energy prices as well as falling to 15.5 per cent in the cost of non-ferrous metals. Prices for the products of iron, steel and alloys were 5.4 % lower than a year earlier.
On a monthly basis, import prices were unchanged in December, after an increase in November to 0.1 %. Expectations were level rise by 0.2 %. Overall, in 2013 the import price index fell by 2.6 per cent per annum, after rising 2.2 % in 2012. The decrease was due mainly to a fall 7 % in energy prices.
Department of Statistics also reported that in Germany, export prices decreased at a slower annual rate of 1 % in December compared with a decline of 1.1 % in the previous month. On a monthly measurement of export prices fell by 0.1 %, after being unchanged in November.
At the beginning of the session, some support for the single currency was data on consumer confidence in France. The consumer confidence index rose to 86 in January from 85 in December and 84 in November. Economists had forecast the index to remain unchanged at December. Estimation by consumers of their past financial situation was essentially unchanged in January compared with the previous month. Meanwhile, their expectations of personal finances in the coming months were more optimistic, corresponding sub-indicator rose to -18 from -20 in December.
The survey showed that the number of households that said in January the best time to make major purchases and savings increased. Similarly, their expectations about future ability to save were more optimistic. Measure attitudes households past state of the French economy grew by 2 points to -71 in January. At the same time, their expectations for the future state of the economy showed further improvement. Prospects indicator rose to -45 from -49. The EUR / USD pair rose to $ 1.3690, but then fell to $ 1.3625 during the European session.

British Pound: British pound reacted negatively to the preliminary data on GDP. Economic growth in the UK fell in the last quarter of 2013, and it was a slight slowdown can strengthen the authorities' determination to continue to promote, to support further growth. British National Bureau of Statistics (ONS) said on Tuesday that the gross domestic product in the 4th quarter increased by 0.7 % compared to the 3rd quarter, after rising 0.8% in the previous two quarters.
Compared with the same period of the previous year, the GDP grew by 2.8%. Downturn in the construction industry in November was a major factor slowing, reported ONS, which estimates that production decline in the sector for the quarter was 0.3 %. In other sectors, there was an increase. The GBP / USD pair rose to $ 1.6623, but then fell to $ 1.6535 during the European session.

Japanese Yen: The yen fell to a decline in demand for safe-haven currencies. The reason was an emergency meeting of the committee on monetary policy of the National Bank of Turkey, dedicated to a sharp drop in the national currency - the Turkish lira against the dollar and euro. Currently, market participants insist that the Central Bank of Turkey to set it raised the interest rate. The USD / JPY pair rose to Y103.26 during the European session.

American trading session:

U.S. Dollar: The dollar traded higher against the euro which was influenced by the data on orders for durable goods as well as consumer confidence, which helped regain some positions. As it became known, new orders for durable goods fell 4.3% in December from November to $ 229.3 billion these are the data of the Ministry of Trade. This second drop in three months, and was marked the steepest decline since July. The decrease was due to a decline in demand for civilian aircraft, which is a volatile category. But even excluding the transportation sector, orders for durable goods fell by 1.6 %, showing the biggest drop since March. Economists had forecast an increase of 2 % of orders for durable goods in December. The data indicated that consumers and businesses are still spending cautiously, despite signs that the U.S. economy is gaining strength in recent months of 2013. Another report showed that consumer confidence index from the Conference Board, which rebounded in December, increased again in January. The index is currently 80.7 compared to 77.5 in December. The current conditions index rose to 79.1 from 75.3. The expectations index rose to 81.8 from 79.0 last month.

Canadian dollar: The Canadian dollar declined significantly against the U.S. dollar, reaching at this 4.5 -year low on expectations of further Fed folding and further commitment of the Bank of Canada's policy weak currency. The Fed today begins 2 -day meeting. It expected to further minimize the quantitative easing program. Despite the weakness of the labor market, according to the consensus forecast is expected that the Central Bank will refrain from sharp folding, cutting 75 -billion program gradually, until the end of this year.

Gold: The gold prices declined moderately today, after weak U.S. data on orders for durable goods decreased optimism regarding the strength of the economy, reducing expectations for a further reduction in stimulus from the Fed. Cost February gold futures on the COMEX today dropped to $ 1253.50 per ounce.

Oil: The crude oil futures rose on Tuesday as traders are awaiting the start of a two-day meeting of the Federal Reserve System, the outcome of which will depend on the future dynamics of oil prices. March futures price for U.S. light crude oil WTI rose to $ 97.47 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 27.01.14: The yen trading dynamics were affected by the sales of assets in the stock markets in Asia and developing countries.

Asian and European trading sessions:

Euro: The euro fell to its maximum value against the dollar, while back below the levels of the session. Early growth of the euro was fluff associated with the release of strong data from the institute Ifo, according to which the business climate index in January rose to 110.6 from 109.5 values unrevised December, reaching its highest level since July 2011 and exceeded economists' forecast. In turn, the index of current conditions rose to 112.4 compared to 111.6 in December. The figure was slightly higher than expected 112.2. The expectations index also improved more than expected to 108.9 from 107.4. The expected result was 108. The EUR/USD pair rose to $ 1.3718, but then fell to $ 1.3655 during the European session.

Japanese Yen: The yen touched a seven-week high against the dollar on sales of assets in the stock markets in Asia and developing countries, leading to increased demand for safe-haven currency. The yen lost previously won positions after the release of data on the trade balance of the country. Japan's trade deficit reached a historic high. The deficit amounted to 11.5 trillion Yen ($ 113 billion), which is almost two times more than last year's figure 6.9 trillion Yen, according to the Finance Ministry in Tokyo. In December, imports increased by 25% compared with a year earlier, and exports gained 15%, resulting in a monthly deficit of $ 1.3 trillion Yen. The reasons for this were the growth of energy supplies and the weakness of the Yen. The USD / JPY pair rose to Y102.65 during the European session.

American trading session:

British Pound: The pound has risen considerably against the U.S. dollar, offsetting more than half the losses incurred in the last session. Add that traders continue to actively speculate that the Bank of England may be the first of the leading CB who will raise the interest rate. In addition, for the growth of currency helped expectations of tomorrow's publication of GDP data for the fourth quarter. Recall that in the third quarter of the UK economy grew at an annualized rate of 1.9 percent, while fixing the third consecutive quarterly increase and rising hopes that the UK economy has moved to let the recovery. It is expected that the GDP data for the fourth quarter show that the UK economy has continued to expand. Experts note that even if the pace of growth will be slightly slower, it probably will not affect the monetary policy of the Bank of England. The GBP / USD pair rose to $ 1.6575 during the European session.

U.S. Dollar: The dollar traded slightly higher, though lost some previously won positions. The growth of the U.S. dollar was due to the expectations that the Federal Reserve will continue to minimize the quantitative easing program at the January meeting. More and more people are inclined to believe that the Fed will simply continue to reduce QE. In general, the economic recovery is strong enough, despite the recent negative statistical data from the United States. According to the median forecast of economists at the next meeting of the FOMC, which will be held January 28-29, the Central Bank again reduce monthly asset purchases to $ 10 billion. The pressure on the currency had a report, which showed that sales of newly built homes fell by 7% to a seasonally adjusted annual rate of 414,000 in December from 445,000 in November. Result November was revised down to 19,000. Economists had forecast an annual rate of new home sales at 457,000 in December, although many of them noted that the unusually cold and windy weather may have contributed to the sales activity. New home sales in December were the weakest since the summer months, when mortgage rates jumped in response to reports that the Federal Reserve plans to reduce its bond-buying program.

Gold: The gold prices fell markedly today, departing from the 10 - week highs as traders began to gradually fix their positions ahead of a key meeting of the Federal Reserve this week. The cost February gold futures dropped to $ 1260.70 per ounce on the COMEX today.

Oil: The oil prices declined moderately today, recording the second -session decline in a row, which was associated with the release of weak data on the U.S. housing market. With this in mind, experts have begun to show concern that demand for fuel in the U.S. - the world's largest consumer - may slow. The March futures price of WTI fell to $ 95.89 a barrel on NYMEX.


Market review for 23.01.14: The Euro rose substantially on positive data of the business activity in the euro area private sector.

Asian and European trading sessions:

Euro: The euro exchange rate rose substantially against the U.S. dollar on data for the business activity in the euro area private sector, which increased significantly in January, having shown the highest growth in the last 31 months. This was stated in the study results, which were issued by Markit Economics. The data showed that the composite PMI, which assesses the effectiveness of the manufacturing sector and the services sector rose to 53.2 in January from 52.1 in December, reaching its highest level since June 2011. Pleased also another report which showed that the current account surplus of the euro zone rose unexpectedly in November, registering with the second monthly increase in a row, which primarily was due to a significant increase in exports. According to the report, the current account surplus rose to a seasonally adjusted level of 23.5 billion euros in November, compared with 22.2 billion euros in October. The EUR / USD pair rose to $ 1.3647 during the European session.

British Pound: The pound continued its yesterday's gains against the U.S. dollar, while setting a new yearly high. Increased risk appetite supporting sterling today. Positive so far for a pound a week contributed to the continuation of its strengthening levels above $ 1.6600, where the couple was not since August 2011. A recent report to the Bank of England combined with data on employment contributed to the development of the current bullish bias. The GBP / USD pair rose to $ 1.6615 during the European session.

Swiss Frank: The Swiss franc has risen sharply against the U.S. dollar against the backdrop of the Swiss National Bank raised its capital buffer requirements for banks , they should have to mortgage lending. Note that the SNB is supported by the Government now requires mortgage lenders have to have a 2% higher weighted assets in relation to mortgage risk to maintain their lending , against 1% , introduced in February 2013 . New rules on capital reserves associated with a mortgage come into force on June 30 this year.

American trading session:

U.S. Dollar: The U.S. dollar weakened across the board after the published statistics. Manufacturing activity in the U.S. this month weakened. This wss evidenced by the preliminary report of Markit, presented on Thursday. Nevertheless, one of the factors weakening activity can be extremely cold weather. Preliminary Purchasing Managers Index (PMI) for the manufacturing the United States in January fell to 53.7 from December's final value of 55.0. In Markit reported that the January preliminary value that is based on approximately 85 % of the normal monthly number of responses, “signaled the slowest in three months improving the business environment." Another report showed that the index of economic activity for the region of Chicago gave markedly smaller increase in December, as the sub- indices related to employment and production figures have decreased compared to the previous month. With regard to labor market data, the number of applications for unemployment benefits rose slightly last week, although the overall level indicates a marked improvement in the labor market. According to the report, the seasonally adjusted number of initial claims for unemployment benefits rose for the week ending January 18, 1000, reaching a level with 326 thousand.

Gold: The gold prices rebounded from two-week low after reporting a slowdown in manufacturing activity in China and on the eve of the Fed meeting, at which the central bank may continue to reduce incentives. The cost of February gold futures rose to $ 1267.50 per ounce on the COMEX today.

Oil: The cost of March futures of WTI oil brand rose to $ 97.80, to three-week high after a government report showed that U.S. inventories of distillates fell as demand rose.


Market review for 22.01.14: The Pound rose today on positive unemployment rate data.

Asian and European trading sessions:

British Pound: The Pound rose sharply against the U.S. dollar , which was helped data that showed that the unemployment rate fell to its lowest level in nearly five years , while approaching to the 7 % threshold at which the Bank of England officials may begin to reconsider the amount of the asset purchase program . According to the report, the unemployment rate, as measured by the standards of the International Labour Organization, fell to 7.1 % in the three months to November, compared with 7.4 %, which were recorded in the previous three-month period (October). Meanwhile, the report showed that the number of unemployed fell by 167,000 to 2.32 million in the three months to November compared with the previous three-month period. It was the biggest decline since October 1997 and the second largest since records began in 1971. The GBP / USD pair rose to $ 1.6565 during the European session.

Japanese Yen: The yen fell against most major currencies amid rising Japanese stock market after the Central Bank refrained from expanding the program of monetary stimulus. The Bank of Japan left unchanged targets expansion of the monetary base in the range of 60 trillion yen to 70 trillion yen ($ 671 billion) a year and confirmed forecast that core inflation in 2015 fiscal year, which begins in April, will be at 1.9 %. The USD / JPY pair rose to Y104.72 from Y103.98 during the European session.

American trading session:

Canadian dollar: The Canadian dollar fell after the Bank of Canada left interest rates unchanged and said to increase the economic growth projections. The Canada's central bank left its benchmark interest rate unchanged, at 1%, stating that the importance of the downside risks to inflation has been increased. However, it raised its forecasts for GDP growth, expecting increased demand from the U.S. and a lower Canadian dollar’s rate will boost exports.

Gold: The gold prices traded in a narrow range with a moderate decrease, while investors expect the Fed to further reduce the incentives and evaluate improved forecasts for global economic growth. The cost of the February gold futures traded in the range of $ 1237.50 - $ 1243.60 per ounce on the COMEX today.

Oil: The world oil prices show a positive trend amid expectations reduction in U.S. distillate stocks. March futures price of WTI rose to $ 96.55 per barrel on the New York Mercantile Exchange (NYMEX).


Market review for 21.01.14: The dollar fell on fact that the IMF raised its forecast for U.S. GDP growth.

Asian and European trading sessions:

Euro: The euro exchange rate fell moderately against the dollar, which was associated with the release of weak data on Germany. The results of recent studies, which were presented by institute ZEW, showed that German economic expectations fell in January, contrary to forecasts for growth. But, despite the recession, mood is still elevated. According the report, the sentiment index fell in the business environment in the current month to the level of 61.7 points compared to 62.0 points in December. It is worth noting that many economists predicted that this figure will rise to the level of 63.4 points. Nevertheless, we add that the index remained well above long-term average at 24.4 points. The data showed that 254 analysts and institutional investors were optimistic about the current economic conditions. We add that the ZEW indicator on current conditions rose in January to a level of 41.2 points, compared to 32.4 points in December. We also learned that the economic expectations for the euro zone rose in January. The corresponding figure improved by 5.0 points to 73.3 points. Indicator of the current economic situation in the euro area rose by 6.2 points to minus 48.2 points level. The EUR / USD pair fell to $ 1.3510, and then recovered slightly during the European session.

British Pound: The pound was able to recover from the lows against the dollar, reaching levels at this opening session. Noticeable influence on the bidding had data that were presented today by the Confederation of British Industry. They showed that the balance of industrial orders fell sharply in January, but the index that assesses the prospects for the next three months was at the highest level over the past two years. According to the report, the January balance of industry orders dropped to -2 points, compared with 12 points last month. Many experts expected that this figure is only slightly worse, but it was up to 11 points. In addition, it was reported that the balance of demands for the next three months rose to 22 points from 14 points, and reached the highest level since April 2012. We also add that new orders in the three months to January, showed the largest increase in nearly three years. The data also showed that the quarterly balance of prospects for the companies declined to 21 in the three months to January 24 in the three months to October (the highest since April 2010). Recall that the British manufacturing sector is gradually recovering from the financial crisis, but remained below its peak in 2008, underscoring the problem re- rebalancing the economy to reduce dependence on domestic consumption. The GBP / USD pair fell to $ 1.6400 level.

American trading session:

U.S. Dollar: The dollar fell after the fact that the IMF raised its forecast for U.S. GDP growth this year by 0.2 percentage points to 2.8%, although it has lowered the forecast for 2015 by 0.4 percentage points to 3%. This was due to the ongoing battles in Congress over federal spending and balance.

Gold: The gold prices fell to a six-week peak against the background of recovery in stock markets and the possibility of weakening demand in the physical market. The cost February gold futures dropped to $ 1235.10 per ounce on the COMEX today.

Oil: The oil prices rose after the announcement of an improved outlook for the growth rate of world consumption, which was granted by the International Energy Agency. The February futures price of WTI rose to $ 95.20 per barrel on the NYMEX.


Market review for 20.01.14: The euro traded under the background data on producer prices in Germany.

Asian and European trading sessions:

Euro: The moderate growth rate of the euro against the U.S. dollar was seen on the background data on producer prices in Germany. Recent data from the Statistical Office Destatis showed that producer prices in Germany fell again last month, while fixing the fifth consecutive monthly decline.
According to the report, producer prices fell in December by 0.5 % compared to the same period last year. Recall also that in the month of November, prices have fallen more significantly, namely by 0.8 %. Also, according to the average forecast of experts for this indicator was down by 0.6 % per annum. The cost of energy and intermediate goods decreased by 1.8 % and 1.1 %, respectively. Meanwhile, the consumer prices rose by 1.5 %, while prices for durable goods rose 1.1 %. Capital goods prices rose by 0.7 %.
In Statistical Bureau also reported that in a monthly basis, producer prices rose in December by 0.1 %, fully offsetting a decline of 0.1 %, which was recorded in the month of November. In addition, the data showed that in 2013, the producer price index for industrial products fell slightly - by 0.1 % per annum. Recall that the results of 2012, the index rose by 1.6 %. The EUR / USD pair rose to $ 1.3568 during the European session.

Japanese Yen: The yen rose against most major currencies following the collapse of the Asian stock markets on data about the weakening economic growth in China, increasing its attractiveness as a safe-haven currency. The USD / JPY pair rose to Y104.26 during the European session. However, later the pair fell sharply, continuing its decline after a significant correction.

American trading session:

Gold: The gold peaked at nearly six weeks amid signs of increasing demand, as the volume of positions in the largest gold exchange-traded funds has grown most rapidly since 2011. The cost of February gold futures rose to $ 1263.00 per ounce on the COMEX today.

Oil: The world oil prices down on Monday amid conflicting economic data from China, as well as news on the progress made in resolving the Iranian issue. The February futures price of WTI fell to $ 93.45 a barrel on the NYMEX.


Market review for 16.01.14: The Australian dollar fell after the publication of a negative report on employment in Australia.

Asian and European trading sessions:

Euro: The euro traded sideways against the U.S. dollar on the background of the final data on inflation in the euro area which was in line with the preliminary estimates. Annual inflation in the 17 countries of the euro zone declined in December, showing that the inflation was still below the European Central Bank's target level. The Eurostat on Thursday confirmed its preliminary assessment of the dynamics of prices in December, published last week. According to the report, the consumer price index (CPI) in December rose by 0.3 % compared to November and 0.8% compared to December 2012.The data indicated a weakening of annual inflation compared with November, when it stood at 0.9 %, and this figure was still below the target level, the ECB near 2.0%. The Eurostat also confirmed that the increase in core consumer price index (Core CPI), which excluded volatile food prices and energy prices, slowed to 0.7 %, showing the lowest growth since the beginning of such statistics in 2001.
Today was also published a monthly report by the ECB. In its January newsletter Governing Council of the ECB had to maintain rates at current or lower level for a long period of time. Authorities said that accommodative monetary policy rate will be maintained long as it needed. The EUR / USD traded in the range of $ 1.3593 - $ 1.3629 during the European session.

U.S. Dollar: The dollar index close to four-month high, as investors believe that the U.S. economy is strong enough to survive without loss possible reduction incentives Fed. The economic activity in all regions of the U.S. grew in December, “moderate " pace due to an increase in consumer spending in the festive season , the improvement in the labor market and recovery of industrial production , released on Wednesday showed a regional overview of the Fed.

Australian dollar: The Australian dollar fell to its lowest level since August 2010 against the U.S. dollar after the publication of a negative report on employment in Australia. According to the National Bureau of Statistics, the number of jobs in the country in December fell by 22.6 thousand, while economists had expected growth of 10 thousand for the year Australia's economy lost 67.5 thousand jobs, which was the worst figure since 1992.

American trading session:

British Pound: The pound fell slightly against the U.S. dollar , as data showed that expectations regarding the future growth of British housing prices have increased again last month, which was due to the lack of new homes on the market . It became known from the last survey, which was published today by the Royal Institution of Chartered Surveyors (RICS). The RICS experts said that 61 % of respondents predict that home prices will rise over the next three months, compared with 59 % in November. We add that the last result was the highest since September 1999. The survey also showed house prices rose in every region of Great Britain in the last month. Nevertheless, the main house price balance fell to 56 % in December from 58% in November. Many experts predicted that the value of this index will rise to the level of 59%. It is worth noting that it was the first decline in the index over the past four months. The economists also said that the UK housing market was underpinned by falling unemployment, low interest rates and government programs to make mortgages cheaper and easier to obtain. The GBP / USD pair fell to $ 1.6310 during the European session.

Gold: The gold prices raised slightly after a government report that inflation in the U.S. rose, increasing the appeal of the precious metal as a hedge against inflation. The cost of the February gold futures rose to $ 1241.90 per ounce on the COMEX.
Oil: The oil prices were mixed, though with a slight modification. On the dynamics of trade were affected expectations of increasing supplies from the Middle East and North Africa, which outweighed the news about a noticeable drop in U.S. oil inventories. The cost February futures on U.S. light crude oil WTI dropped to $ 93.90 per barrel.


Market review for 15.01.14: The euro fell against the U.S. dollar under pressure data on the GDP of Germany.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar under pressure data on the GDP of Germany. The Federal Statistical Office Destatis reported on Wednesday that German economic growth slowed in 2013 due to uncertainty stemming from the eurozone crisis. Germany 's gross domestic product adjusted for inflation increased by 0.4 % in 2013 after rising 0.7 % in the previous year, said Destatis.
"It seems that the crisis in the euro zone slowed the German economy," - said President Roderick Destatis Egger at a press conference, adding that domestic demand could not fully compensate for the slowdown.
The household consumption in the euro zone’s largest economy in 2013 increased by 0.9 %, while the government consumption rose by 1.1%. Export growth was 0.6 % in 2013, compared with 3.2 % in the previous year.Also, was published data on the trade balance of the eurozone. Eurozone exports fell for the first time in four months in November, showed on Wednesday data published Eurostat. Exports fell by a seasonally adjusted 0.2 % in the month dimension, followed by zero growth in October. At the same time, lowering the import deepened to 1.3 % of 1 %. While imports fell more than exports, the trade surplus rose to a seasonally adjusted up to 16 billion euros from 14.3 billion euros in October. On the basis of unadjusted trade surplus amounted to 17.1 billion euros, compared with a surplus of 16.8 billion euros in October. Expected surplus in November totaled 16.5 billion euros. The EUR / USD pair fell to $ 1.3601 during the European session.

U.S. Dollar: The U.S. dollar strengthened against the major currencies against the fact that the World Bank raised its forecast for global economic growth in 2014-2015. According to forecasts, this year, the world economy will grow by 3.2% compared to the June forecast growth of 3%. The Bank expects that in 2015 global growth to reach 3.4 % compared with 3.3% projected in June. Prediction for the richest countries was revised to 2.2% from 2%. In the U.S., growth will accelerate to 2.8 % this year, while Japan's GDP will be 1.4 %. This year, the eurozone economy is expected to increase to 1.1% compared with 0.9 % reported by the World Bank in June.

American trading session:

British Pound: The British pound rose against the U.S. dollar despite the data from the Conference Board. A leading indicator of the UK economy grew fifth consecutive month in November, suggesting that the economy will continue to expand in the coming months .The index of leading indicators rose 0.5 % on a monthly measurement to 108.3 in November after rising 0.4 % in October and 1.6 % in September. Index currently registered positive growth for the fifth month in a row.
At the same time, the coincident index, this measures the current situation in the economy, increased by 0.2 % sequentially to 105.7 in November. This followed growth of 0.1 % in October and 0.5 % increase in September. During the six months ended in November, the index of leading indicators recorded a growth of 4.5 %, while the coincident index remained unchanged.
"Widespread increased production and job growth, along with steady support from monetary policy will contribute to the restoration," said Conference Board Chief Economist Bart van Ark. The GBP / USD pair fell to $ 1.6370during the European session.

Gold: The gold traded down though and could recover some of the previously lost positions as strong U.S. data and optimistic outlook for global economic growth caused a rise in the dollar and stocks, which put pressure on the metal. The cost of February gold futures dropped to $ 1240.00 per ounce on the COMEX.

Oil: The oil prices have risen markedly today, after a government report showed that U.S. crude inventories fell last week to the lowest level in nearly 22 months. The February futures price of WTI rose to $ 94.50 per barrel.


Market review for 14.01.14: The euro rose after strong data on industrial production in the euro area.

Asian and European trading sessions:

Euro: The euro rose against the U.S. dollar after strong data on industrial production in the euro area. Eurozone industrial production in November rose at the highest rate in three and a half years, indicating that the currency GDP at the end of 2013 increased in the third consecutive quarter . Unexpectedly strong growth in eurozone’s manufacturing reduced doubts about the sustainability of economic recovery. Although the results of the poll in the business world in the last quarter of 2013 were positive, the official data were weak. The industrial production, production in construction and retail sales fell in October.
The statistical Office of the European Union reported that industrial production in November rose by 1.8% compared to October, and by 3% compared with the same period last year. These data were better than forecast. Also, the October data were revised upward. The Eurostat reported that industrial production in October fell by 0.8 %, whereas the previously reported 1.1% decline. The growth in industrial production in November compared with the previous month was the highest since May 2010, when it rose by 2%. Annualised growth was the highest since August 2011, when industrial production rose by 5, 5% .The EUR / USD pair rose to $ 1.36700 during the European session.

British Pound: The British pound rose against the dollar on U.S. data on slowing inflation in Britain. The inflation in the UK fell unexpectedly in December and reached the target level of 2 per cent of the Bank of England for the first time since 2009, the Office for National Statistics reported.
Consumer prices rose by 2 % year on year, after rising 2.1 % in November. According to forecasts, inflation was to remain stable at 2 %. On a monthly basis, the consumer prices rose by 0.4 %, which is faster than the growth of 0.1 % posted in the previous month. Excluding energy, food, alcoholic beverages and tobacco products, core inflation declined marginally to 1.7 % in December from 1.8 % in November. In a separate statement, the ONS said inflation producer prices accelerated to 1 % in December from 0.8 % a month earlier. Compared to November, the prices for products remained unchanged. Purchase prices, at the same time, decreased the second consecutive month in December. Prices fell by 1.2 % per annum, after easing to 1 % in November. On a monthly basis the purchase prices increased by 0.1 %. The GBP / USD pair rose to $ 1.64450 during the European session.

Japanese Yen: The yen fell against all major currencies after the publication of a report on the current account deficit in Japan. In November, this figure Japan widened to a record value, as imports grew. This again highlighted the problems for Prime Minister Shinzo Abe, who is trying to achieve sustainable economic growth. The USD / JPY pair rose to Y103.79 during the European session.

American trading session:

U.S. Dollar: The support for the dollar was from the U.S. data, which showed that retail sales rose 0.2 % last month, in line with expectations. Car sales fell 1.8 %, pulling down the broader indicators. For the automotive industry, this was a record year, and the slowdown in December is considered more a reflection of poor weather conditions and calendar amendments than the beginning of a new trend. Excluding autos, the retail sales rose by December confident 0.7%. Values of retail sales for previous months were revised down to an increase of 0.5 % in October and in November, rising by 0.4%. Total retail sales for 2013 increased by 4.2 % compared with the previous year, slowing the pace of 2012 to 5.4% and 7.5% growth in 2011.

Gold: The gold prices rose today, while reaching its highest level in a month, which was due to the depreciation of stocks and uncertainty about growth prospects after a disappointing U.S. employment data announced at last week. The cost of the February gold futures rose to $ 1252.30 per ounce on the COMEX today.

Oil: The WTI prices for crude oil rose today, offsetting losses the previous session, while Brent oil price fell, which was associated with an additional increase in Libyan oil supplies and expectations that Iranian oil will return to the market. The February futures price of U.S. light crude oil, WTI rose to $ 92.15 per barrel.


Market review for 13.01.14: The pound continued to suffer losses on the background of revaluation of the UK economy in Q1.

Asian and European trading sessions:

British Pound: The pound continued to suffer losses on the background of the revaluation of the UK economy in Q, which doesn’t work in pound’s favor. The recovery of UK tells that for now the growth will continue, but at a slower pace, limiting further strengthening of the GBP/USD couple. The pair from the opening level of $1.6489 slipped to week low of $1.6340.

Japanese Yen: The yen has risen considerably against the U.S. dollar, which is probably a reaction to the publication on Friday employment report in the U.S., which came after the close of Asian markets last week. Many analysts pointed to a lower Treasury yields after data on employment as a sign of a deeper decline of the dollar against the yen. The USD / JPY pair rose to Y103.59 during the European session.

Australian dollar: The Australian dollar reached a one-month high against the dollar after the volume of mortgage lending in Australia increased in November. The Australian Bureau of Statistics reported on Monday that the total number of mortgages in Australia rose to a seasonally adjusted 1.1% in November compared with the previous month and was 52 912.The main indicators coincided with economists' forecasts, after rising 1.0 % in October.
Total number of loans for the construction of new homes rose by 2.3 % to 5686. The credits for the purchase of new homes fell 4.3 % to 2856, while loans to purchase housing on the secondary market rose by 1.4 % to 44,370. The volume of loans rose to 1.7 %, remaining unchanged from the previous month and totaled 26.934 billion Australian dollars. Investment lending rose by 1.5 % for the month and amounted to 10.383 billion Australian dollars, slowing from growth of 8.5 % in October.

American trading session:

U.S. Dollar: The dollar rose slightly on the bidding comments influenced by the Atlanta Fed President Dennis Lockhart, who said that if the economy will confirm his expectations, so, probably it is expected that reducing the bond buyback program during the next months will continue.

Gold: The gold prices have stabilized today, little departing from the one-month high, as many experts have continued to analyze the weak U.S. data of employment. The February gold futures rose to $ 1248.90 per ounce on the COMEX today.

Oil: The oil prices fell today as Iran agreed to dismantle its nuclear program, starting on January 20 in accordance with the terms of the deal, which will facilitate some sanctions against the fifth- largest oil producer in OPEC. The February futures price of WTI fell to $ 91.99 a barrel on the New York Mercantile Exchange.


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Market review for 08.01.14: The euro exchange rate fell markedly against almost all competitors, despite the strong data on retail sales and unemployment report.

Asian and European trading sessions:

Euro: The euro exchange rate fell markedly against almost all competitors, despite the strong data on retail sales and unemployment report. Statistical data from Eurostat showed that the unemployment rate in the euro area remained unchanged in November, and remained at a record high value for the eighth consecutive month, but retail sales recorded the biggest monthly increase in 12 years. According to the report, the unemployment rate in the 17 countries that use the euro was 12.1%, while the number of people without jobs was 19.2 million. The unemployment among people whose age less than 25 years old was unchanged for the second month in a row - at 24.2%. In addition, it was reported that retail sales in the euro zone in November jumped 1.4 % on a monthly basis, after falling 0.4 % in October, registering the fastest monthly increase since November 2001.
Compared with the same period last year, sales rose by 1.6 % after falling 0.3 % in October, providing the strongest growth since February 2008. Monthly increase led by a 1.9- % growth in sales of non-food products except automotive fuel. The EUR / USD pair fell to $ 1.3592 during the European session.

British Pound: The pound rose slightly against the U.S. dollar ahead of tomorrow's meeting of the Bank of England. According to expectations, the Bank of England at its January meeting, save parameters of monetary policy unchanged. At the last meeting, all nine members of the committee supported the decision to leave the key interest rate of the central bank at a record low 0.5%, while the volume of bond-buying program - at 375 billion pounds. The GBP / USD pair rose to $ 1.6435 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar grew on a background of the employment report from ADP. As shown by recent data that were presented Automatic Data Processing (ADP), in December, private sector employment markedly increased thereby exceeded the estimates of many economists. According to a report last month, the number of employed increased by 238K people, compared with upwardly revised figure for the previous month at the level of 229 thousand (originally reported growth of 215 thousand jobs). According to the average forecast the indicator would have grown by 199 thousand. Commenting on the latest figures, Carlos Rodriguez, president and chief executive officer of ADP said that “job growth in December was unexpectedly higher than in November, which is mainly characterized by strong results. This is encouraging news, which we hope will bode well for 2014. "

Gold: The price of gold decreases the second day in a row, while the strengthening of the U.S. dollar and the forthcoming publication of the minutes of the last meeting of the Operations Committee on the U.S. Federal Open Market kept investors from buying this metal. The cost of February gold futures dropped to $ 1218.20 per ounce on the COMEX today.

Oil: The cost of oil fell after the U.S. government report showed a larger than expected inventories of gasoline and distillates amid falling demand. The February futures price of U.S. light crude oil WTI fell to $ 92.80 a barrel on the New York Mercantile Exchange.


Market review for 07.01.14: The U.S. dollar modestly rose against major currencies after the release of U.S. trade balance.

Asian and European trading sessions:

Euro: The euro exchange rate rose sharply against the dollar, which was associated with the publication of data on inflation in the euro area, which surprised the experts. A preliminary report from the EU statistical agency showed that the Eurozone annual inflation unexpectedly fell last month, reviving concerns about the fact that it could threaten the “fragile " recovery of the currency bloc. According to the report, on an annual basis, the consumer prices rose by only 0.8 % in December, compared with an increase of 0.9 % per annum in November and expectations at 0.9 %. Recall that in October, inflation was 0.7 %, and this prompted the ECB to lower its benchmark interest rate to the lowest level, namely to 0.25 %, to stimulate the economy. The ECB seeks to achieve the inflation rate below 2.0 %. In addition, the data showed that core inflation, which excludes prices for food and energy, was in December, only 0.7%. The EUR / USD pair rose to $ 1.3658 during the European session.

British Pound: The pound rose against the dollar, retreating from a session low, which was associated with the release of a report showed that sales of cars in the UK have returned to pre-crisis level of car sales in the UK in 2013 exceeded the 2007 figure. This auto market has become the busiest in Europe thanks to cheap credit and rising consumer confidence. The car sales last year rose by 10.5% to 2.26 million units. In 2014, experts also predicted growth based on sustainable recovery unexpectedly UK. In 2013, there were only sold by 6% fewer cars than in the pre-crisis 2007 (2.4 million), and only 300,000 less than a year a historic high. Three-quarters of Britons are buying cars on credit, using the low rates and stimulate the state program. The GBP / USD pair rose to $ 1.6430, and then retreated slightly during the European session.

Japanese Yen: The yen traded lower against the dollar as the Bank of Japan reported on the change in the monetary base of the country. The index for December rose by almost 47 % compared with the previous year to a record 193.5 trillion yen ($ 1.85 trillion). Recall that the purpose of the Bank of Japan from December 2012 to double the monetary base to 270 trillion yen by the end of this year. Also decline in the yen was associated with operation of stop orders. According to traders, it happened after the Japanese stock market offset losses incurred earlier.

American trading session:

U.S. Dollar: The U.S. dollar rose modestly against major currencies after the release of U.S. trade balance. Recent data from the U.S. Department of Commerce showed that exports continued to grow in November, while providing more evidence that high rates of growth abroad can improve performance for the U.S. economy. According to the report, the seasonally adjusted U.S. exports increased in November by 0.9 % compared with the previous month, reaching at this level of $ 194.860 billion, which was the highest in history. Imports, meanwhile, fell by 1.4% - to $ 229.110 billion. Given these changes, the trade deficit narrowed in November to $ 34.250 billion, compared with a revised downward deficit the previous month at $ 39.330 billion. We add that the latter figure was the lowest since October 2009. Many experts predicted a decline in the trade deficit to only $ 40.2 billion from $ 40.6 billion. The global economy showed signs of stabilizing in recent months, and provided potential momentum heading for the U.S. in the New Year. Weakness in Europe, Japan and some emerging markets put pressure on U.S. exporters for most of the recovery. Furthermore, the data showed that U.S. exports increased by 5.2 % compared with a year earlier, led by sales growth in China, Mexico and Canada. U.S. exports to China from January to November rose by 8.7% compared with the same period a year earlier. The exports to Canada, which is the largest trading partner for the United States, increased by 2.5 % over the same period.
Gold: The price of gold was reduced by a stronger dollar after data on the U.S. trade balance. The cost of the February gold futures dropped to $ 1224.10 per ounce on the COMEX today.

Oil: The oil price rose by stopping the longest series of declines since August, on fears that the clashes between the Iraqi government and militants linked to “Al Qaeda " could disrupt oil production. The February WTI futures rose to $ 94.15 a barrel on the NYMEX.


Market review for 06.01.14: The dollar fell against its competitors responding on weak data on business activity in the U.S. service sector.

Asian and European trading sessions:

Euro: The rate of the euro retreated from a session high against the dollar, while returning to the opening level of today's session. The data on business activity influenced the trading course of the euro. It was shown that the growth in the euro zone's private sector has been accelerated in December, with the support of a significant improvement in the manufacturing sector. It became known from the final data, which were published today by Markit Economics. The seasonally adjusted composite index that measures the performance in the industrial sector and the service sector rose to a three-month high in December - to the level of 52.1 points, compared with 51.7 in November. The last result corresponded to preliminary estimates. The recovery headed high in the manufacturing sector, where growth accelerated to the highest level since May 2011. Meanwhile, it became known that the purchasing managers' index for the services sector fell slightly - to 51.0 points in December from 51.2 in November. The latter figure was in line with the preliminary estimates. The slowdown reflected continuing weakness in some domestic markets. The EUR / USD pair rose to $ 1.3620, but then decreased slightly during the European session.

British Pound: The pound regained some lost ground against the dollar, but still continued to trade with a noticeable decrease. The original currency weakness was due to the expectations of the British publication data, and amid volatile trading. As it became known, the growth in the UK services sector unexpectedly slowed in December, against which the corresponding figure fell below 59 points. However, experts note that the confidence grew and the economy can still record its strongest expansion since 2007 last year. According to the report, the monthly purchasing managers index (PMI) for the service sector fell to a six-month low in December - to the level of 58.8 points, contrary to the predictions of experts on the growth to the level of 60.4 points from 60.0 points in November. However, this figure remains well above the 50 mark that divides growth from contraction. The business confidence about the future rose to its highest level since March 2010 - the corresponding index was 73.5 points, helped by an increase in new orders. The GBP / USD pair fell to $ 1.6335 during the European session.

Japanese Yen: The yen traded upward against the dollar, although it has lost some of the previously captured positions. For the Japanese yen helped report, which showed that business activity index for non-manufacturing sector grew in Japan last month, registering with the fourteenth consecutive monthly expansion. According to the report , published today by Markit Economics the business activity index for the services sector rose to 52.1 points in December , compared with November's three-month low of 51.8 points . This result indicates a slight acceleration of growth in business activity, as well as a continuation of a series of extensions, which lasts for 14 consecutive months. The USD / JPY pair rose to Y104.75 during the European session.

American trading session:

U.S. Dollar: The dollar fell against its competitors responding to the not too optimistic data on business activity in the U.S. service sector. As we learned from the report, which was submitted to Markit Economics, activity in the U.S. service sector continued to grow steadily in December, albeit slightly lower than anticipated. According to the report, the final index of business activity for the services sector amounted to 55.7 points in December, compared with the initial reading at the level of 56.0 points, and the final value of November at around 55.9 points. The experts had expected the index to remain unchanged - at the level of 56.0 points. In addition, it was reported that the composite index, which covered the production and service sectors also fell slightly in December - up to 56.1 from 56.2 in November. Nevertheless, the index indicated a strong increase of activity in the manufacturing and services sectors combined. At the same time, another report showed that in December, the index of business activity in the U.S. service sector, calculated by the Institute for Supply Management (ISM) fell, while reaching the level of 53.0, compared with the November reading at around 53.9. According to experts, this indicator would grow to 54.6. The greatest impact on the reduction of sub- indices had orders and business activity.

Gold: The gold prices were rising fourth consecutive session, despite a sharp decline. The cost of the February gold futures rose to $ 1247.70 per ounce on the COMEX today.

Oil: The cost of the WTI oil brand traded in a range of $ 93.70 - $ 94.60 per barrel on the New York Mercantile Exchange.


Market review for 02.01.14: The euro fell against the dollar despite the positive data on manufacturing activity in Germany and the euro area.

Asian and European trading sessions:

Euro: The euro fell against the dollar despite the positive data on manufacturing activity in Germany and the euro area. According to preliminary estimates published last month, the growth of the manufacturing sector lasted in euro zone in December, as it was shown on Thursday by the final results of a study Markit Economics. The Purchasing Managers Index rose for the third month in a row to a level of 52.7 in December. The value was unchanged from the preliminary estimate and higher than November's 51.6 value. The EUR / USD pair fell to $ 1.3637 during the European session.

British Pound: The British pound also fell against the dollar against the publication of the index of manufacturing activity, which came out weaker than expected. The recovery of production in the UK continued to the end of 2013, as it was shown by the data on Thursday surveys of Markit Economics.
However, the purchasing managers' index from Markit / Chartered Institute of Purchasing & Supply fell to 57.3 in December from November's 33 -month high of 58.1. The value of November was revised from 58.4. The GBP / USD pair fell to $ 1.6465 during the European session.

Japanese Yen: The yen continued to remain under pressure showing the largest annual decline since 1979, amid speculations that the Bank of Japan will continue its unprecedented stimulus program, to support the economic strategy of Prime Minister Shinzo Abe. The USD / JPY pair rose to Y105.40 during the European session.

Australian dollar: The Australian dollar opened the year down against the publication of negative statistics from the PRC. The final data of Manufacturing PMI HSBC revealed the last month value of 50.5, while in November the figure was 50.8. It should be noted that a similar government published yesterday PMI index also fell, dropping to 51.0 marks.

American trading session:

U.S. Dollar: In addition, the course of trade affected U.S. data. They showed that the business conditions in the U.S. manufacturing sector improved at the fastest pace since January. The corresponding PMI rose to 55.0 in December compared with 54.7 in November and was higher than the preliminary estimate of 54.4. Meanwhile, another report published by the Institute for Supply Management (ISM), showed that in December the manufacturing activity in the U.S. fell slightly less than economists' expectations . The PMI index for the U.S. manufacturing declined this month to 57.0 vs. 57.3 in November. The last reduction was weaker than economists' forecasts, which were expected decline to 56.8. The other data on the number of applications for benefits were also important. As it became known, the number of initial claims for unemployment benefits reduced by 2000 and totaled a seasonally adjusted 339K in the week ended December 28. The economists had expected 334K initial claims per week. The number of applications from the previous week was revised to 341K from 338K .

Gold: The gold prices rose sharply today, which was associated with the resumption of physical purchases after prices fell to a six-month low. The cost of February gold futures dropped to $ 1223 per ounce on the COMEX today.

Oil: The oil prices fell to their lowest level in more than two weeks as improving U.S. economy has increased the likelihood that the Federal Reserve will further limit the quantitative stimulation. The cost of February futures on U.S. light crude oil WTI fell to $ 96.50 a barrel on the New York Mercantile Exchange.


Happy New Year 2014!

Forex-Metal wishes you good luck and prosperity in the new year. We wish you successful trading and will try to bring more exciting trading features and promotions in 2014 to make trading more rewarding for you.
Just reminders that our support will be closed on 1st January 2014 as most of the markets are closed on that day. Happy Holidays!


Market review for 23.12.13: The U.S. dollar lowered on U.S consumer sentiment report, which came out weaker than expected.

Asian and European trading sessions:

U.S. Dollar: The little support for the dollar had a statement of the head of the IMF, Christine Lagarde, who expressed the fund’s readiness to improve of the prognosis of the U.S. economy in 2014. Ms. Lagarde noted that strengthening of the U.S. economy’s growth will definitely lead to further improve the business climate in the next year.

Swiss franc: The Swiss franc rose against the U.S. dollar, which was helped by the publication of data, which were presented earlier today UBS. It showed that the rate of consumer activity in Switzerland rose last month, as the Christmas shopping period lifted the mood in the retail sector. According to the report, the consumption indicator rose to 1.43 points in November, compared with 1.26 points in October. This increase was due to higher assessment of business conditions in the retail sector, although weak data on new car registrations have prevented more substantial growth, the report said. Meanwhile, it became known that the index of business conditions in the retail sector , compiled by the Institute KOF, which is one of five sub - indicators in the indicator of consumer activity UBS, rose in November to a level of 6 points compared with 1.5 points a month earlier.

American trading session:

U.S. Dollar: The U.S. dollar lowered on report for consumer sentiment in the U.S. came out a little weaker than expected. According to the report, the final index of consumer Sentiment University of Michigan and Reuters in December remained at the previous estimate of 82.5 and was against the November final value of 75.1. The economists had expected the final index of consumer sentiment in December will remain almost unchanged at 82.9. In late December, the current conditions index rose to 98.6, after earlier this month it jumped to 97.9 from November's final value of 88.0. The expectations index fell to 72.1 from 72.7 in early December. Another report showed that the indicator of national economic activity FRB Chicago has grown significantly in November, which allowed raising an average of three to nearly 2 -year high. It became known from the data, which were presented by the Federal Reserve Bank of Chicago. According to the report, the economic activity index of the Chicago Fed rose last month to a level of 0.60 points, compared with a revised downward index for October at -0.07 points (originally reported -0.18 points). Meanwhile, add that a more objective measure, namely the three-month average value rose to 0.25 points from 0.12 points in October, while reaching the highest level since February 2012. Also, the latest data from the Commerce Department showed that Americans stepped up their spending in November, which is a good season for holiday sales and a new signal that the U.S. economic recovery is gaining momentum. According to the report, the amount of personal spending rose last month by 0.5 %, compared with a revised upward index for October at 0.4 % (originally reported growth of 0.3 %). We add that the November increase was the largest since June this year. Meanwhile, we note that the recent rise has fully confirmed the average forecast of experts. The report also said that the amount of personal income rose in November by 0.2 %, after falling 0.1 % in October. According to economists, the increase should have been 0.4 %.

Canadian dollar: The Canadian dollar rose substantially against the U.S. dollar, as the focus of market participants began to gradually switch to Canadian GDP data. According to the average forecasts of experts, at the end of October, the gross domestic product rose by 0.1 %, compared with an increase of 0.3 % in the previous month. Recall that the growth rate or the excess of the actual value of the forecast is positive for the Canadian dollar. In case of significant deviation from the forecast may have a strong impact on the dynamics of the Canadian currency.

Gold: The price of gold declined on concerns about further reductions in the U.S. Fed QE3. The cost of the February gold futures dropped to $ 1191.50 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate retreated from two-month high on speculation that prices have risen unreasonably high last week. The cost of the February futures on U.S. light crude oil WTI fell to $ 98.65 a barrel on the New York Mercantile Exchange.


Market review for 19.12.13: The dollar rose against most major currencies after the U.S. Federal Reserve's decision.

Asian and European trading sessions:

Euro: The euro rose slightly after the release of data on the balance of payments in the euro zone. The current account surplus of euro zone rose to a seasonally adjusted 21.8 billion Euros in October from 14.9 billion Euros in September. The surplus on goods, services and income increased in October, while the deficit in current transfers declined from September. The surplus on trade in goods rose to 17 billion Euros from 13.7 billion Euros in September. In turn, the surplus on services increased to 9.4 billion Euros from 8.8 billion Euros. In addition, profit rose to 4.7 billion Euros from 2.6 billion Euros. At the same time, current transfers showed a deficit of 9.4 billion Euros, compared with a deficit of 10.2 billion Euros a month ago. The EUR / USD pair rose to $ 1.3695 during the European session.

U.S. Dollar: The dollar rose against most major currencies after the Federal Reserve's decision to reduce the purchase of assets by $ 10 billion to $ 75 billion a month, and improving economic outlook for the United States. So, after a meeting of 17-18 December the Fed has reduced its quantitative easing program and kept the target range of the base interest rate of zero to 0.25 % per annum.

British Pound: The pound also traded in a range against the U.S. currency on background data on retail sales in Britain. Sales, including automotive fuel rose 0.3% on a monthly measurement in November, recovering from a revised 0.9% drop in October. The result was in line with economists' expectations. Excluding automotive fuel, sales increased by 0.4% on a monthly measurement in November. It was a little faster than the expected increase of 0.3%. In October, retail sales fell by a revised 0.7%. The GBP / USD pair traded in a narrow range of $ 1.6365 during the European session.

Japanese Yen: The Yen lost some positions recruited against the dollar today after the beginning of the two-day meeting of the Bank of Japan. According to the median forecast of economists on the basis of a two-day meeting, which ends on December 20, the Bank of Japan would decide to keep the volume to stimulate the economy of the country at the same level. However, they expect quantitative easing program in Japan in 2014. The USD / JPY pair rose to Y104.35 during the European session.

American trading session:

U.S. Dollar: The U.S. Dollar dropped against its competitors, which was helped by the weak U.S. reports. The first is to provide data on the number of applications for unemployment benefits. In the Department of Labor reported that the number of people filing for first time applications for unemployment benefits rose by 10,000 and totaled a seasonally adjusted 379,000 in the week ended Dec. 14. This was the highest level since March and well above 336,000 new claims which was expected by economists. The number of applications from the previous week revised up to 369,000. New applications jumped by 74,000 in the past two weeks after moving to six-year lows in late November. The four-week moving average of claims rose by 13,250 to 343,500.
Also, as it became known , the existing home sales fell by 4.3% compared with the previous month to a seasonally adjusted annual rate of 4.90 million home sales fell 1.2 % compared with a year earlier, the first time in 29 months this index decreased compared to the same period last year. The economists forecasted a decline of 2.0% from October to November to an annual rate of 5.04 million.

Swiss franc: The currency fell against the U.S. dollar, which was associated with the release of unexpectedly weak data on Switzerland. As it became known, the trade surplus narrowed in November, Switzerland, contrary to expectations of improvement. The trade surplus fell to 2112 million Swiss francs from the downwardly revised 2282 million Swiss francs in October. The economists forecasted a surplus of 2.57 billion Swiss francs. The exports rose for the second month in a row in real terms, after rising by 1.2% year on year, after growth of 0.3% in the previous month. Imports grew by 1.6% per annum, after falling 2.7% in October. Jewellery exports hit a record high in November, while exports of chemicals and pharmaceuticals showed the biggest decline in two years.

Gold: The gold prices declined significantly today, while reaching its lowest level since July this year, given the fact that yesterday the Fed announced the decline in bond purchases, as a first step in the rejection of the super soft monetary policy. The cost of the December gold futures dropped to $ 1202 per ounce on the COMEX today.

Oil: The oil prices rose modestly today, rising above $ 98 per barrel as the market ignored the decision by the U.S. Federal Reserve on the reduction of its program of monetary stimulus, and focused on the reduction in U.S. oil inventories.


Market review for 18.12.13: The Yen fell against all major currencies after the negative report on the trade balance of the country.

Asian and European trading sessions:

Euro: The euro fell against the dollar amid weak data on changes in the volume of construction in the euro zone. The production in the construction sector of the euro zone declined sharply in October, and this development added questions about the sustainability of economic recovery in the region. The production in the construction sector fell by 1.2% compared with September, which was the strong decrease of this index since January. The reduction observed for the second consecutive month. As it was followed from the previously published Eurostat data, there was a decline in October in industrial production and retail sales, which increased the likelihood of the recovery process of the euro zone economy in the last quarter of the outgoing year. The euro zone economy returned to growth in the 2nd quarter after falling over each of the previous six quarters. However, despite the growth in the 2nd quarter by 0.3% in the 3rd quarter of the region's economy grew by only 0.1%. The EUR / USD pair fell to $ 1.3745 during the European session.

British Pound: The pound rose sharply against the U.S. currency after upbeat data on the labor market, according to which the number of unemployed in the UK in November 2013 fell more than expected, and the unemployment rate was the lowest since April 2009. According to the Office for National Statistics, in November, the number of Britons who received unemployment benefits fell 36.7 thousand, although the analysts expected the fall by only 35.2 thousand. The unemployment rate in August-October, calculated in accordance with the methodology of the International Labour Organization, fell to the lowest level since April 2009 and was 7.4 %. Earlier, the Bank of England has promised that it will keep its key interest rate at a low level until unemployment falls below 7 % .The GBP / USD pair rose to $ 1.6370 during the European session.

Japanese Yen: The Yen fell against all major currencies after the negative report on the trade balance of the country. As it was reported today in the Ministry of Finance in Tokyo, in November, Japan reported the largest trade deficit, which amounted to Y1, 29 trillion. In accordance with the average estimate of economists, the index should make Y1350 billion yen. Imports rose by 21.1 % compared with a year earlier, with the support of the upcoming increase in demand due to the sales tax in April. The exports rose by 18, 4% .The USD / JPY pair traded in a narrow range Y102.80 - Y103.05.

American trading session:

Euro: The euro currency regained some ground against the dollar, on the eve of the announcement of the outcome of the meeting of the Federal Reserve System. Also, the market participants disregarded data on the business climate of Ifo. The business climate index rose to 109.5 in December from 109.3 in November. The economists expected the index to rise to 109.7. The current conditions index fell to 111.6 in December from 112.2 in the previous month, while expectations were at the level of increase to 112.5. The expectations index improved more than expected to 107.4 from a revised 106.4 in November. The consensus was at a slight increase to 106.5.

Gold: The gold prices fell slightly in anticipation of the announcement of the Fed meeting. Note that many investors expected to hear hints about when the U.S. central bank will reduce its program of quantitative easing, known as quantitative easing. The cost of the December gold futures dropped to $ 1229.90 per ounce on the COMEX today.
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Oil: The crude oil futures rose in today's trading, rising above $ 97 per barrel (WTI), as many investors were waiting for the announcement of the decision of the Federal Reserve's program of monetary stimulus. The cost of January futures grew to $ 97.50 per barrel on the New York Mercantile Exchange.


Market review for 17.12.13: The British Pound fell on annual inflation report, which showed its lowest level in four years.

Asian and European trading sessions:

Euro: The euro fell against the dollar after failing to keep the conquered positions early in the session. The published data on inflation in the euro zone, revealed that consumer prices in the euro zone fell in November compared to October due to lower energy prices and labor costs. Despite the decline in prices in November compared with October, the annual inflation rate rose to 0.9 % from 0.7%, according to a preliminary estimate. However, even after this increase the inflation remained far below the target level of the European Central Bank 2.0% and the slowdown in labor costs indicated that in the coming months a significant growth is unlikely. One more report showed that the economic expectations for Germany improved by 7.4 points in December 2013. The ZEW indicator of economic sentiment in Germany now stands at 62.0 points (historical average: 24.2 points). This is the best result of the indicator since April 2006. The EUR / USD pair rose to $ 1.3785 and then fell to $ 1.3745 during the European session.

British Pound: The pound fell against the dollar, retreating from highs. Annual inflation in the UK fell in November to its lowest level in four years, official data showed. Deceleration must persuade the Bank of England to keep interest rates at a record low until unemployment falls. Office for National Statistics reported that the annual inflation rate fell to 2.1% in November from 2.2% in October, with at least November 2009. The decline was due to falling prices for utilities and food, which grew more slowly than in the previous year.
The UK inflation fell from 5.2% y / y in September 2011 to nearly 2% of the target level of the Bank of England in November 2013. The Central Bank predicted that the annual inflation rate is likely to rise in the short term, and then fall below 2% in early 2015 .The GBP / USD pair rose to $ 1.6340, and then fell to $ 1.6260 during the European session.

American trading session:

U.S. Dollar: The dollar has risen considerably, reaching almost a session high as market participants' attention more and more switched to the announcement of the Fed meeting. It would be the last meeting for Fed chairman Bernanke in this post - in the next month, he will give his powers Janet Yellen. The markets expected the Fed may decide to small decrease in monthly program to purchase assets, which currently stands at $ 85 billion per month. Also, as it became known, the U.S. current account deficit, which was the sum of the balance of trade in goods and services, income, and net unilateral transfers, declined in the third quarter to 94.8 billion compared with the revised downwards from 98.9 to 96, $ 6 billion deficit in the second quarter. The deficit decreased to 2.2 % of GDP, compared to 2.3% of GDP in the second quarter.

Canadian dollar: The Canadian dollar declined significantly against the U.S. dollar, responding thus to the U.S. balance of payments data.

Gold: The gold prices fell significantly today, while offsetting the previous session’s growth, due to the expectations of the Fed meeting announcement. The cost of February gold futures dropped to $ 1229.60 per ounce on the COMEX today.

Oil: The prices of WTI crude oil has remained almost unchanged, amid fears that the U.S. Federal Reserve may loosen its monetary stimulus program, as well as expectations that U.S. crude inventories declined for the previous weeks. The cost of WTI January futures fell to $ 97.30 per barrel on the New York Mercantile Exchange.


Market review for 16.12.13: The Euro rose after strong data on business activity in the Eurozone and Germany.

Asian and European trading sessions:

Euro: The euro rose against the dollar after strong data on business activity in the euro zone and Germany. The Eurozone private sector actively grew in December more than it was expected by economists. On a seasonally adjusted composite index of production, which measures the performance of the manufacturing sector and the services sector rose to 52.1 December from 51.7 in November. Economists had expected a modest increase to 51.9. Activity index for the manufacturing of Germany rose in December to its highest level in thirty months, indicating a much more rapid increase in activity. The seasonally adjusted purchasing managers' index (PMI) for the manufacturing rose to 54.2 in December from 52.7 in November. Value in December was the highest in thirty months. The economists had expected the index to rise to 53.1. The EUR / USD pair rose to $ 1.3790 during the European session.

British Pound: The pound rose against the dollar, recovering from the lows. An economic calendar for Britain today presented only data on the housing market. According to Rightmove real estate agency, the average asking price for homes for sale on the website Rightmove, was 1.9 % lower in December compared to November, but remained 5.4% higher than at the end of 2012. In November, house prices fell by 2.4% m / m and raised 4.0 % y / y. The GBP / USD pair fell to $ 1.6290, and then rose to $ 1.6353 during the European session.

Japanese Yen: The yen strengthened, departing from the five-year low, in anticipation of the meeting of the Open Market Committee Federal Reserve, which will be held December 17-18. Investors' opinions on the possible solutions to the Central Bank following this meeting differ. About 34 % of those surveyed analysts expect the American Central Bank will begin to curtail quantitative easing program at the upcoming meeting. Against this background, a volatility of currency trading was sharply increased. The USD / JPY pair rose to Y103.20 during the European session.

American trading session:

Canadian dollar: The Canadian dollar was trading lower against the U.S. dollar, but has regained some of the previously lost positions. The moderate impact on the couple had the data that showed that investments in securities of non-residents of Canada in October totaled $ 4.4 billion and mainly occurred in corporate debt instruments.

Gold: The gold futures rose sharply, allowing recovering of all early losses, and updating the session high. Such dynamics were related to the fact that many traders were waiting for the Fed meeting, which will take place this week, and can provide hints about the quantitative of easing program, which plays an important role for gold. The cost of February gold futures rose to $ 1242.15 per ounce on the COMEX today.

Oil: The oil prices rose today, while rising above $ 97 per barrel (WTI), against a background of renewed concerns over supplies from Libya. As it became known, Libya failed to reach agreement with tribal leaders to put an end to the blockade of several oil-exporting ports. The price of January futures of WTI rose to $ 97.60 a barrel on the NYMEX.


Market review for 12.12.13: The Swiss franc strengthened against the dollar, responding thus on the statements of the head of the SNB.

Asian and European trading sessions:

Euro: The euro traded mixed as the reaction to the publication of the monthly economic report from the ECB and the statements of the head of the ECB Draghi .The ECB confirmed that due to the prevailing downside risks, the monetary policy will remain accommodative as much as needed to support the economy in the euro zone. This year, the euro zone’s GDP is expected to reach 0.4%, and in 2014 and 2015 at around 1.1 % and +1.5 %, respectively. According to the Central Bank, the euro zone could face a long period of low inflation, followed by acceleration to a level close to the target, namely 2%. The EUR / USD pair fell to $ 1.3760, but later came back to $ 1.3785 during the European session.

British Pound: The pound rose sharply against the dollar, helped by data from the Conference Board, which showed that the leading indicator for the British economy grew in October, registering with the fourth monthly increase in a row, but in a lesser degree than in the previous month, indicating moderate economic growth in early 2014. According to the report, the leading economic index increased in October by 0.4 % on a monthly basis, thus reaching the level of 108.4 points. At the same time the index, which measures current economic situation, rose 0.1 % to 105.2 points, after increasing 0.2 % in September. The GBP / USD pair rose to $ 1.6420.

Swiss franc: The currency strengthened against the dollar, responding thus to solve the SNB and statements of the head of SNB Jordan." The Swiss economy is still facing problems due to lack of growth momentum in the euro area, and the growth is likely to decline in the last quarter of this year," said the president of the Swiss National Bank Thomas Jordan today. "The economy has developed favorably in the third quarter, but given the weak economic situation abroad, the risks continue to dominate in Switzerland” - Jordan said at a news conference. The Swiss central bank reiterated its earlier position to prevent the Swiss franc falling below 1.20 francs per euro, promising to buy foreign currency in unlimited quantities, and to take additional measures if necessary. The Swiss National Bank as it was expected by most economists, kept its key interest rate in the range of 0% - 0.25 % for 10 - consecutive quarter.

American trading session:

U.S. Dollar: The U.S. dollar rose against major currencies on the back of strong retail sales data in the U.S. The key to the U.S. economy holiday sales season started on a positive note: in November retail sales rose by 0.7% compared with the previous month, which is slightly higher than economists' forecasts for a rise of 0.6%. Compared with the same period last year, the retail sales in November rose 4.7 %. According to experts, the published data supplemented piggy encouraging news regarding the U.S. economy, which contributed to enhanced solutions for speculation the U.S. Federal Reserve next week to start folding bond-buying program, which now consumes 85 billion U.S. dollars monthly. At the same time, the latest data from the Department of Labor showed that the number of people who applied for the first time unemployment benefits rose sharply last week. However, experts note that the Thanksgiving Day holiday could distort the data. According to the report, the number of initial claims for unemployment insurance rose to a seasonally adjusted 68,000 in the week ended Dec. 7, at the same level reached 368,000. Add that it was the biggest jump in this indicator over a year. Economists forecasted that the number of complaints rise to the level of 321000 to 298000 , which was originally reported last week.

Canadian dollar: The index for new homes rose in Canada in October was weaker than expected. The index on the primary market rose in October by 0.1 %, while economists had expected prices to rise 0.3%. . The USD / CAD pair rate raised more than half the figure, updating the session high, which was a reaction to this weak report.

Gold: Gold prices decline amid falling stock markets and a rise in the dollar because of the fear reduction incentives Fed soon. Cost February gold futures on the COMEX today dropped to $ 1224.20 per ounce.

Oil: The cost of oil brand West Texas Intermediate rose moderately after data showed that U.S. retail sales rose by strengthening economic outlook largest oil consumer in the world. The price of January futures rose to $ 98.20 a barrel on the New York Mercantile Exchange.


Market review for 11.12.13: The British pound significantly declined against the U.S. dollar.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the dollar, retreating from session lows, helped by a report on Germany. Final data, which were presented by the Federal Statistical Office showed that inflation in Germany, agreed to the procedure of the EU increased markedly in November, and confirmed preliminary estimates. According to the report, inflation in accordance with the harmonized consumer price index rose to 1.6% in November from 1.2% in October. November figure corresponded to preliminary estimates. On a monthly basis the harmonized index of consumer prices increased in November by 0.2%, compared with a decline of 0.3% in the previous month. The result was in line with a preliminary estimate. Meanwhile, the Department of Statistics reported that the consumer price index rose in November by 1.3 % per annum, and confirmed earlier estimates and forecasts of experts. This followed growth of 1.2 % in October.
On a monthly basis, consumer prices rose by 0.2 %, which corresponds to the initial estimates, and the expectations of economists. Recall that in October, prices fell by 0.2 %. The EUR / USD pair fell to $ 1.3740 during the European session.

British Pound: The pound declined significantly against the dollar, despite the fact that Britain's economic calendar is empty today. Many market participants were waiting for the speech of the representative of the Bank of England Mr. Will. The recent rise in inflation expectations among Britons is not a cause for concern, said Will. In August, representatives of the Bank of England had promised not to raise key interest rate until the unemployment rate in the UK has been reduced to 7% threshold, which, according to representatives of the Bank is unlikely to be achieved until 2015, although the condition of these guidelines was that inflation expectations are stable. He also said that only if the recent rise in inflation expectations would be sustainable, it will come to the conclusion that the reference did not load.

American trading session:

British Pound: The course of the pound continued to be influenced by yesterday's statement of the Bank of England Governor Mark Carney , who noted that the UK economy needs further political support and promised to remain vigilant about the risks for the housing market . "We need to provide more incentives but these incentives can create risks" - Carney said. "We have to take other measures to reduce these risks. If we do not, we can create a big problem in the future, or we will have to pull back too soon from the current monetary policy, which we planned to spend. "

Gold: The gold prices declined after three days of growth, but still close to three-week high, supported by a weak dollar and short covering. The cost of February gold futures dropped to $ 1252.10 per ounce on the COMEX today.

Oil: The oil prices rose slightly after the government reported that stocks in the U.S. last week fell the most in almost a year. The price of WTI January future dropped to $ 97 65 per barrel on the New York Mercantile Exchange.


Market review for 11.12.13: The British pound significantly declined against the U.S. dollar.

Asian and European trading sessions:

Euro: The euro exchange rate rose slightly against the dollar, retreating from session lows, helped by a report on Germany. Final data, which were presented by the Federal Statistical Office showed that inflation in Germany, agreed to the procedure of the EU increased markedly in November, and confirmed preliminary estimates. According to the report, inflation in accordance with the harmonized consumer price index rose to 1.6% in November from 1.2% in October. November figure corresponded to preliminary estimates. On a monthly basis the harmonized index of consumer prices increased in November by 0.2%, compared with a decline of 0.3% in the previous month. The result was in line with a preliminary estimate. Meanwhile, the Department of Statistics reported that the consumer price index rose in November by 1.3 % per annum, and confirmed earlier estimates and forecasts of experts. This followed growth of 1.2 % in October.
On a monthly basis, consumer prices rose by 0.2 %, which corresponds to the initial estimates, and the expectations of economists. Recall that in October, prices fell by 0.2 %. The EUR / USD pair fell to $ 1.3740 during the European session.

British Pound: The pound declined significantly against the dollar, despite the fact that Britain's economic calendar is empty today. Many market participants were waiting for the speech of the representative of the Bank of England Mr. Will. The recent rise in inflation expectations among Britons is not a cause for concern, said Will. In August, representatives of the Bank of England had promised not to raise key interest rate until the unemployment rate in the UK has been reduced to 7% threshold, which, according to representatives of the Bank is unlikely to be achieved until 2015, although the condition of these guidelines was that inflation expectations are stable. He also said that only if the recent rise in inflation expectations would be sustainable, it will come to the conclusion that the reference did not load.

American trading session:

British Pound: The course of the pound continued to be influenced by yesterday's statement of the Bank of England Governor Mark Carney , who noted that the UK economy needs further political support and promised to remain vigilant about the risks for the housing market . "We need to provide more incentives but these incentives can create risks" - Carney said. "We have to take other measures to reduce these risks. If we do not, we can create a big problem in the future, or we will have to pull back too soon from the current monetary policy, which we planned to spend. "

Gold: The gold prices declined after three days of growth, but still close to three-week high, supported by a weak dollar and short covering. The cost of February gold futures dropped to $ 1252.10 per ounce on the COMEX today.

Oil: The oil prices rose slightly after the government reported that stocks in the U.S. last week fell the most in almost a year. The price of WTI January future dropped to $ 97 65 per barrel on the New York Mercantile Exchange.


Market review for 10.12.13: The yen rose today, which was associated with the publication of data on Japan.

Asian and European trading sessions:

Euro: The euro fell slightly against the dollar retreating from a session high influenced by weak report on industrial production in France. Data from the National Bureau of Statistics Insee, published earlier today showed that industrial production in France unexpectedly fell in October, registering with the second monthly decline in a row, which was another sign of a weak start to the last quarter of 2013 in the euro area.
According to the report, industrial production in the second largest economy in the euro zone fell in October by 0.3 % on a monthly basis, which followed after a similar drop in September. Analysts had expected growth in October by 0.2%. Reduction in October confirms steady downtrend issue in the industrial sector. Falling for the three months to October was 0.6 % compared with the previous three-month period.
In addition, data showed that production in the manufacturing sector of the industry - a key component of the overall figures for the manufacturing sector rose by 0.4 % in October, due to increased production of vehicles and electronic equipment. The EUR / USD pair rose to $ 1.3769 during the European session.

British Pound: The pound traded mixed against the dollar, which is primarily due to the release of data on Britain. The Office for National Statistics reported that industrial production in the UK rose in October, while the figures for international trade continued to disappoint. The report showed that production in the manufacturing sector rose by 0.4 % between September and October, which helped increase the total volume of industrial production by 0.4%. The production in the manufacturing sector turned in October by 2.7 % higher than the same period a year earlier, which allowed fixing the largest annual growth rate since May 2011. The GBP / USD pair traded in the range of $ 1.6415 -$ 1.6465 during the European session.

Japanese Yen: The yen rose against the U.S. dollar, which was associated with the publication of data on Japan. The orders for machinery and equipment in Japan rose by 15.4 % y / y in November, nearly doubling the October value of 8.4 %. Meanwhile, it became known that the level of consumer confidence in Japan improved in November, but less than economists had forecasted. The unadjusted consumer confidence index was 41.9 points, compared with 41.2 in October. Economists expected the index to rise to the level of 44 points. Sub- index of overall confidence rose to 39.1 in November from 37.7 a month earlier. At the same time, the sub- index, which assesses the expectations regarding the growth of household income rose to 39.1 from 38.1. We also add that consumers' willingness to buy durable goods was less positive in November - the corresponding indicator fell to 42.4 from 42.9 in October. Employment sub-index rose to 47.1 from 46.1. The USD / JPY pair dropped to Y102.75 during the European session.

American trading session:

Euro: The euro strengthened to a six-week high against the dollar due to the reduced likelihood of tighter monetary policy. Even if Fed officials decide to start reducing asset repurchase at a meeting in December, it will probably be a small change, in order to avoid the sale of the bond market, which could increase the long-term interest rates and to strike at the U.S. housing market.

Gold: The price of gold rises the third consecutive session, as a weakening dollar boosted demand for the metal from foreign buyers. The cost gold futures rose to $ 1267.50 per ounce on the COMEX today.

Oil: The cost of oil brand West Texas Intermediate rose to six-week high on forecasts that U.S. crude stocks decline for the second time in a row. The price of WTI January futures rose to $ 98.75 per barrel, its highest level since October 28 on the New York Mercantile Exchange.


Market review for 09.12.13: The Australian dollar showed a two-day growth after publishing a report on China's trade surplus.

Asian and European trading sessions:

Euro: The euro rose slightly against its competitors, which was helped by positive data on the balance of payments in Germany. As it became known, the surplus of the current account balance Germany in October did not fell as much as it was expected. It declined to €19.1 billion against revised €20.0 billion in September. It's also was more than economists forecasts on €16.8 billion. Nevertheless, the positive part of this was offset by other data, which showed that the trade surplus with adjustments for seasonal and calendar factors in October fell to €16.8 billion compared with €18.7 billion in September. It was also less than economists’ forecasts on €17.4 billion.

Japanese Yen: The yen traded cautiously against the dollar, despite the fact that the published figures were worse than expected. Report from the Cabinet Office showed that the Japanese economy in the third quarter increased by 0.3 %. According to preliminary data, the growth was at 0.5%. The capital investments were lower than the original estimate, due to weak foreign demand. Compared with the first half of the year growth has slowed considerably - when he was about 4.0 %, which overtook the U.S. growth. The USD / JPY pair traded in a narrow range of Y102.85-Y103.35 during the European session.

Australian dollar: The Australian dollar showed a two-day growth after publishing a report on China's trade surplus. It turned out that in the past month, the trade surplus of China has increased to the maximum value of more than four years. This means that global demand helped to maintain the recovery of the second largest economy in the world. The data from the General Administration of Customs in Beijing revealed that the surplus of 33.8 billion dollars grew because the exports grew by 12.7 % compared with a year earlier , while imports gained 5.3% .

American trading session:

Euro: It should also be noted that the euro reacted very weak on the report on industrial production, which showed a decrease in volume by 1.2 % in October, although the growth by 0.8% was expected. The EUR / USD pair rose to $ 1.37230 during the European session.

Gold: The gold prices rise on recovery in stock markets and investor uncertainty in continuation of U.S. Fed incentives. The December gold futures rose to $ 1238.70 per ounce on the COMEX today.

Oil: The Brent oil price fell after a report showed that industrial production in Germany fell, increasing concern about the state of Europe's largest economy. The spread between Brent and WTI declined for the fourth time in five days. The price of January futures on U.S. light crude oil WTI (Light Sweet Crude Oil) traded in a range of $ 97.31 - $ 97.97 per barrel on the New York Mercantile Exchange.


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Market review for 02.12.13: The dollar rose sharply against the euro, despite the strong performance of European PMI.

Asian and European trading sessions:

Euro: The euro fell against the dollar amid mixed data on manufacturing activity in the euro area.
According to the company Markit Purchasing Managers Index (PMI) rose to 51.6 from 51.3 in October in the euro zone. The EUR / USD pair fell to $ 1.3528 during the European session.

U.S. Dollar: The dollar fell against most major currencies after the PMI for the manufacturing of China came out better than the original estimate. The monthly survey of the manufacturing sector in China, conducted by the bank HSBC, revealed that in November, the corresponding figure was 50.8 compared to the initial estimate of 50.4. Last month, the index was at 50.9. The results showed that production growth continues for the fourth consecutive month.

American trading session:

British Pound: The pound declined significantly against the dollar, having lost all positions earned in the first hours after the opening of trading today. Even the strong results of the British PMI failed to prevent today's sell the pair before the meeting of the Bank of England and the publication of the autumn forecasts, scheduled for Thursday. Today's report showed that manufacturing activity in the UK expanded at the fastest pace since February 2011, as the sector gained momentum from production and new orders. PMI from Markit / Chartered Institute of Purchasing & Supply rose to 58.4 in November from a revised 56.5 in October. November result was well above the consensus forecast of 56.5. In addition, the PMI index indicated an increase in activity for eight consecutive months. Recovery occurred in all sub-sectors covered by the survey, amid rising production and new business. The GBP / USD pair rose to $ 1.6430, and then retreated to $ 1.6365 during the session.

Euro: The dollar rose sharply against the euro, despite the strong performance of European PMI, which surprised investors. Most likely, this strengthening of the American currency was due to the fact that this week will be a meeting of the ECB, which will attract the attention of investors, whose views on the next steps of the Bank diverge.

Gold: The gold prices fell sharply, dropping to a week with a minimum of what was due to the strengthening of the dollar. The cost of the December gold futures dropped to $ 1227.00 per ounce on the COMEX today.

Oil: The cost of January futures on U.S. light crude oil WTI got support from positive U.S. data and China. The price rose to $ 93.30 a barrel on the New York Mercantile Exchange.


Market review for 28.11.13: The euro rose against the background based on many positive economic news and reports.

Asian and European trading sessions:

Euro: The euro rose against the background of achieved agreement between two major political parties of Germany - CDU / CSU and SPD - the creation of a coalition government , and against the background of leading index of consumer confidence in Germany , which grew to the maximum level in more than six years. The euro rose against the dollar after data indicated the acceleration of inflation in Spain and Germany. The preliminary data showed that the inflation rate in Spain rose slightly in November. Also, the data on the consumer price index in Germany showed a similar trend. In November a preliminary German CPI rose by 1.3 % -yearly term and 0.2 % monthly, exceeding the forecast of 1.2% and 0.1% respectively. The data on the labor market in Germany also supported euro’s growth. The seasonally adjusted number of unemployed in November rose by 10,000 people. The EUR / USD pair rose to $ 1.3620 during the European session.

British Pound: The British pound rose against the dollar after the publication of the Bank of England’s report on financial stability. The Bank of England announced its intention to curtail the incentive program in the field of mortgage lending due to the fact that the UK property market is gaining momentum of growth. Instead, it chosen to focus on the CB scheme of supporting small businesses. The GBP / USD pair rose to $ 1.6355 during the European session.

Australian dollar: The Australian dollar retreated from a two-month low after the change in volume of capital expenditure in the private sector rose unexpectedly. In the third quarter the index jumped by 3.6 % compared with the previous period, when it grew by only 1.6 %. The average prediction economists reduction was calculated at 1.2 %.

American trading session:

Japanese Yen: The Yen fell to the highest level in six months against the dollar, as the prospects of monetary policy of the USA and Japan are slightly different, and the positive dynamics of the global stock markets hurts safe-haven currencies such as the yen. The USD / JPY e pair rose to Y102.38 during the European session.

Gold: The gold prices rose after three days of decline due to demand in China, but the decline in the number of applications for unemployment benefits in the U.S. was holding back its growth. The cost of the December gold futures rose to $ 1245.80 per ounce on the COMEX today.

Oil: The price of WTI January futures on U.S. light crude oil traded near the lowest price for almost six months after U.S. crude stocks, as the world's largest oil consumer, rose 10 th consecutive week.


Market review for 27.11.13: The substantially pound rose, which was associated with the release Britain's GDP.

Asian and European trading sessions:

Euro: The euro rose to a month high after German Chancellor Angela Merkel reached a coalition agreement with the Social Democrats, who called for the establishment of a national minimum wage and promise to increase spending on pensions and infrastructure without raising taxes. The euro was also supported amid rising short-term rates in the market. Interbank lending rates in the euro rose yesterday, as the levels of excess liquidity in the financial system fell to a minimum of more than 2 years. The EUR / USD pair rose to $ 1.3615.

British Pound: The substantially pound rose against the U.S. dollar, which was associated with the release of a report by Britain's GDP. Note that the data published by the Office for National Statistics showed that the UK economy grew in the third quarter of this year, which was caused by the most rapid growth of household spending in more than 3 years, which was partly offset by a sharp decline in exports. Note that this situation is likely to increase fears that the recovery may not be possible. The report showed that exports from the UK fell by 2.4% in the third quarter, registering with the highest rate of more than two years. The Office for National Statistics reported that the economy grew by 0.8 % in the third quarter, confirming an earlier estimate. The largest contribution to this rise came from consumers who have increased their spending by 0.8 % - the eighth consecutive increase and the fastest pace in more than three years. The GBP / USD pair rose to $ 1.6295 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar rose against other major currencies, supported by data on the labor market and consumer sentiment. The data provided by the Ministry of Labor showed that the number of people who filed for unemployment benefits, have fallen again last week, recorded six drop in seven weeks, providing more evidence that the job market is steadily improving. According to the report, the seasonally adjusted number of initial claims for unemployment benefits for the week ending November 23 fell to 10K - to the level of 316K, while economists predicted that the value of this indicator will increase to 331K.The report also showed that the number of secondary applications for unemployment benefits fell by 91,000 to 2.776 million in the week ended November 16. Another report showed that U.S. consumer sentiment improved in November, as the increased expectations for economic growth. The consumer sentiment at the end of November was at the level of 75.1, which was higher than the final value of 73.2 in October and above the median estimate of economists in 73.1. The preliminary data on the index in November was 72.0.

Gold: The gold prices show moderate growth while high housing market and the U.S. labor market strengthened fears that the Fed will soon begin reducing incentives. The cost of the December gold futures rose to $ 1254.90 per ounce on the COMEX today.

Oil: The WTI oil prices fell to its lowest level in nearly six months after government data showed that U.S. crude stocks rose the 10th consecutive week . The price of January futures fell to $ 92.03 a barrel.


Market review for 26.11.13: The euro strengthened after the speech of the head of the People's Bank of China.

Asian and European trading sessions:

Euro: The euro strengthened after the speech of the head of the People's Bank of China Mr. Zhou Xiaochuan who said that the European currency is an important part of China's foreign exchange reserves. The EUR / USD pair rose to $ 1.3580 during the Asian and European session, yet later slightly decreased.

British Pound: The pound traded lower against the dollar, despite the significant growth in the first half of the European session. The initial strengthening of the British currency was associated with the release of the expectations for inflation. However, the statements of representatives of the Bank of England have put pressure on the pound, against which he has fallen sharply. The head of the Bank of England, Mr. Carney, who spoke today at the Ministry of Finance, reiterated that the decline rates to 7% will not trigger an automatic increase of the interest rate. The GBP / USD pair rose to $ 1.6195, but then fell to $ 1.6150 level.

Japanese Yen: The yen rose, departing from the six-month low after the publication of the minutes of the October meeting of the Bank of Japan. The document showed that one of the members of the Board of Governors Sayuri Shirai noticed the risks of lowering inflation’s rate in the country. The USD / JPY pair fell to Y101.30 during the European session.

Australian dollar: The Australian dollar rose after the speech of the Vice President of the RBA Philip Lowe. He said in answer to the question about the intervention:" We cannot rule out further intervention Central Bank as it long-standing practice, in the past we have also been willing to intervene in the foreign exchange market at strengthening currency or deterioration of the market."

American trading session:

U.S. Dollar: The pressure on the dollar was provided by the consumer data in the United States. The report from the Conference Board showed that consumer confidence index, which fell sharply in October, continued its deterioration and in November. Index currently is 70.4 points, compare with 72.4 point in October. Note that the current situation index fell to 72.0 from 72.6, while the expectations indexes were at 69.3 from 72.2.

Gold: The gold prices decline on weak physical demand and uncertainty in term of reducing the incentives by U.S. Fed. The cost of the December gold futures dropped to $ 1240.90 per ounce on the COMEX today.

Oil: The cost of WTI January futures ranged amid predictions that tomorrow report will show that the U.S. crude inventories rose in 10th consecutive week. The price traded in a range of $ 93.75 - $ 94.70 per barrel on the New York Mercantile Exchange.


Market review for 25.11.13: The data from the U.S. National Association of Realtors made a U.S. dollar weaker today.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar, which was associated with the comments of representatives of the ECB. The ECB Governing Council member Mr. Noyer said that the interest rates should remain low for an extended period of time, and if necessary they can be further reduced, as officials try to ensure price stability in the euro area. The EUR / USD pair fell to $ 1.3510 during the European session.

British Pound: The pound declined significantly against the dollar, as the report showed that the number of mortgage approvals in the UK fell unexpectedly in October. The number of mortgages approved for home purchase in October was 42,808, compared with 43,182 in September, while economists forecasted the value of this index will rise to the level of 45200. Nevertheless, it became known that the number of permits for house purchase increased by 33% compared to October last year. Meanwhile, data showed that gross mortgage lending was £9.9 billion in October, which was the highest level since December 2009 (when lending stood at £10 billion) .The GBP / USD pair fell to $ 1.6184 during the European session.

Japanese Yen: The yen fell to a six-month low after reaching an agreement with Iran on its nuclear program. Iran and "six" (five permanent members of the UN Security Council and Germany) on Sunday night during the next round of talks in Geneva have reached an agreement on the Iranian nuclear program (INP). The USD / JPY pair rose to Y101.93, and then decreased slightly during the European session.

American trading session:

U.S. Dollar: The recent data from the National Association of Realtors made a U.S. dollar weaker. The data showed that the number of Americans on the secondary housing market unexpectedly fell in October, registering with the fifth consecutive monthly decline. According to the report, the seasonally adjusted index of pending sales of existing homes fell last month by 0.6 % - to the level of 102.1, reaching its lowest level in nearly a year. Economists forecasted that the value of this indicator will increase by 2.2%, after falling 4.6 % in September.

Gold: The Gold prices slightly offset incurred losses due to the increase in the dollar after the promise collapse Iran’s nuclear program in exchange for a partial release of international sanctions. The cost of the December gold futures dropped to $ 1225.20 per ounce, and then rose to $ 1245.40 per ounce on the COMEX today.

Oil: The oil prices showed a negative trend today amid announcement of the outcome of negotiations "six" with Iran over its nuclear program. The price of WTI January futures fell to $ 93.10 a barrel on the NYMEX.


Market review for 21.11.13: The U.S. dollar significantly rose against its competitors in response to the output of positive U.S. data.

Asian and European trading sessions:

Euro: The euro rose against the dollar after the publication of the mixed the PMI reports. In Germany, business results exceeded forecasts, and in France and the euro zone disappointed investors. The rate of growth of business activity in the euro area in November continued to slow. According to preliminary estimates Markit, a composite Purchasing Managers Index (PMI) euro zone in November fell to 51.5 from 51.9 in October. Although the indicator is above the threshold level of 50 indicates an increase in activity compared with the previous month, the rate of growth of activity were the weakest in three months. The EUR / USD pair rose to $ 1.3380 during the European session.

Japanese Yen: The yen fell to a two-month low against the dollar after the announcement of the results of the two-day meeting of the Bank of Japan. The Central Bank kept its refinancing rate and the asset purchase program unchanged, as expected. The decision was unanimous. The regulator also did not change the outlook on the economy, which, according to the Central Bank, and gradually recovering and exports are gaining momentum. The Bank of Japan confirmed the promise to achieve the expansion of the monetary base by ¥60-70 trilliona year. The USD / JPY pair rose to Y100.50 level.

British Pound: The British pound rose against the dollar after the publication of the Confederation of British Industry showed the growth of British industrial orders and production in the last three months which reached its highest level since 1995. According to the survey of industrial trends, 36% of companies said that their total order book was above normal, and 25% informed lower, which makes the balance of 11%. It was the highest level since March 1995. The GBP / USD pair rose to $ 1.6140 during the European session.

Australian dollar: The Australian dollar fell after the negative report on Chinese manufacturing. For the first time in the last four months of preliminary PMI index for the manufacturing sector from HSBC Holdings Plc and Markit Economics fell to 50.4, while the median forecast of analysts, were at the index growth to 50.8.

American trading session:

U.S. Dollar: The U.S. dollar significantly rose against its competitors in response to the output of positive U.S. data. One report showed that the number of Americans who first applied for unemployment benefits fell for the fifth time in six weeks, becoming the latest sign of improvement in the labor market. The number of initial claims for unemployment benefits, fell by 21,000 to a seasonally adjusted 323,000 in the week ended November 16, while the economists had forecasted it at 333,000 initial claims. The value of the previous week was revised up to 344,000 from 339,000, which was originally reported. Four-week moving average of claims fell to 338,500.
The positive was also a report on manufacturing activity. Preliminary results from Markit survey showed that in the U.S. November purchasing managers index rose to 54.3, compared with the consensus forecast of 52.6. and October index which was at 51.8 .

Gold: The gold prices continued their decline yesterday, dropping to a four-month low today, which was due to speculation that the U.S. Federal Reserve may begin to phase out its program of monetary stimulus in the near future. The cost of the December gold futures dropped to $ 1240.20 per ounce on COMEX today.


Market review for 20.11.13: The euro fell with association to speculation about the introduction of the negative rates by the ECB.

Asian and European trading sessions:

Euro: The euro fell against its competitors on the comments of the representative of the ECB Mr. Weidmann , who said that the ECB is not yet technically ready to wrap up emergency measures . Furthermore, the pressure on the single currency price had data on index of producer prices in industry in Germany, which showed decline by 0, 7% year on year in October, following a 0.5% drop in September. Economists forecasted a slower decline of 0.6% in October. Meanwhile, the price of capital goods rose by 0.7% compared to October 2012, and consumer prices rose by 1.8%. The producer price index fell by 0.2% compared to September, when it showed 0.3% growth. The index according to the expectations of economists was to grow by 0.1% in the month term. The EUR / USD pair fell to $ 1.3510 during the European session.

U.S. Dollar: The dollar fell against the euro and yen after the Federal Reserve Chairman Mr. Bernanke said that the basic interest rate of the central bank is likely to remain near zero for another “long time " after the ending of assets’ purchases and the unemployment rate falls below 6.5%.

British Pound: The British pound rose against the dollar and the euro after the publication of the minutes of the last meeting of the Bank of England. The Minutes from November 6-7 showed that the committee voted unanimously for having to leave the rate by 0.5 % and the asset purchase program at £ 375 billion. The GBP / USD pair rose to $ 1.6160 during the European session.

Japanese Yen: The yen suspended its decline after the release of data on the trade balance of the country. In October, the trade deficit Japan rose more than analysts had expected. Imports grew at the fastest pace since 2010, and were also outweighed exports shown. The deficit amounted to 1.09 trillion. Yen, which is 10.9 billion dollars. Imports increased by 26.1 % compared with a year earlier, while exports gained 18, 6% .The USD / JPY pair fell to the level of Y99.94 during the Asian session.

American trading session:

Euro: The euro exchange rate fell against the U.S. dollar, which was associated with the resumption of speculation about the introduction of the negative rates by the ECB. The market continued to speculate that the ECB is considering introducing negative interest rates on deposits. It is expected that this measure provides for the reduction of deposit rates from 0% to -0.1 %.

U.S. Dollar: The U.S. dollar significantly gained against its competitors, in response to the positive statistics on the United States. It is learned that retail sales rose in October on the back of sustained growth of car purchases.

Gold: The gold prices fell markedly today, losing about 1%, due to the expectations of the publication of minutes of the last meeting of the Operations Committee on the open market, which may provide some clues regarding future monetary stimulus program. The cost of the December gold futures dropped to $ 1261.90 per ounce on COMEX today.

Oil: The oil prices rose today, while continuing yesterday's trend, against the background of the fact that the volume of U.S. inventories rose last week, less than expected. The cost of the WTI December futures rose to $ 93.75 a barrel.


Market review for 19.11.13: The Australian currency rose after the publication of the RBA minutes.

Asian and European trading sessions:

Euro: The Euro fell against the dollar after the Organization of Economic Cooperation and Development (OECD) lowered its growth forecast for the World economy. The global GDP, according to the Organization, will grow by 3.6 % in 2014 compared to the May estimate of 4%. The OECD explained its decision to clear slowdown of emerging economies and the weak recovery of the developed countries. Meanwhile, the impact on the single currency had mixed data on the index of sentiment in the business environment of the institute ZEW. The indicator of economic sentiment in Germany, the ZEW rose to 54.6 from 52.8 in October. The result coincided with the forecast of economists. Next news for today was the report on current economic situation, the index of which fell to 28.7 from 29.7, in contrast to expectations of an improvement to 31.The economic expectations in the euro area rose slightly in November, the corresponding index rose to 60.2 from 59.1. The result was lower than the forecasts of economists who had expected the index to rise to 63.1.The EUR / USD pair rose to $ 1.3545 , and then fell to $ 1.3490: during the European session.

U.S. Dollar: The dollar index traded around week low after the president of the Federal Reserve Bank of New York William Dudley said the situation in the U.S. economy may be markedly improved and restrained growth of GDP could be more powerful in the next 2 years.

Australian dollar: The Australian currency showed a two-day growth, after the publication of minutes of the last meeting of the central bank. The Central Bank of Australia said that there was much evidence of the positive impact of lower interest rates on economic growth. The RBA has kept the possibility of further easing monetary policy to support economic growth and combat the high rate of the national currency.

American trading session:

British Pound: The pound strengthened against the dollar, rising at the same time to the maximum session, due to the expectations of tomorrow's publication of minutes of meetings of the Bank of England. It should be noted that during the last meeting of the Bank of England did not bring any surprises markets, leaving the key lending rate at a record low 0.5 %. The GBP / USD pair fell to $ 1.6059 during the European session.

Gold: The gold prices after a little hesitation have stabilized near the opening level. The cost of the December gold futures rose to $ 1274.90 per ounce on COMEX today.

Oil: The oil prices have not changed, while continuing to trade near a five-month low, as the Organization for Economic Cooperation and Development has lowered its forecasts for global growth. The cost of the WTI December futures rose to $ 93.10 a barrel on the NYMEX.


Market review for 18.11.13: The euro rose on current account surplus and the trade balance data for the euro area.

Asian and European trading sessions:

Euro: The euro rose against the dollar on current account surplus and the trade balance data for the euro area. The European Central Bank informed today that the current account surplus fell to a seasonally adjusted €13.7 billion in September from €17.9 billion in August. Also, the data showed that the trade surplus fell to €13.7 billion from €14.7 billion in August. In addition, the services account surplus fell to €7.6 billion in September from €8.2 billion in August. The EUR / USD pair rose to $ 1.3520 during the European session.

U.S. Dollar: The U.S. dollar remained under slight pressure, continuing to remain under the influence of comments of Janet Yellen, voiced last week. The Yellen dovish statement and its responses to the Committee's questions regarding the role of the Federal Reserve have convinced markets that the Bank will continue to conduct ultra accommodative policy.

Japanese Yen: The yen rose against most major currencies ahead of a meeting of the Bank of Japan, which will take place this week. The USD / JPY pair fell to Y99.75 and stepped down during the European session.

American trading session:

U.S. Dollar: The U.S. currency was supported when the president of the New York Fed's expressed more optimistic statements about the economic prospects for the U.S., though declined to comment on how they may be the impact on monetary policy. The presented data also provided support for the U.S. currency. The National Association of Home Builders released a report saying that its indicator of the state of the housing market was 54 in November, being in line with the revised index down in October. The results were below expectations. The economists expected the index to rise to 56 compared with 55, which was originally reported in October.

Canadian dollar: The Canadian dollar continued to strengthen against its competitors after small correction. The trading dynamics were affected by comments of Deputy Governor of the Bank of Canada Mr. Tiff Maklema, who said that the financial reforms of Great Twenty countries after the economic crisis, have helped reduce the risk of future collapse in the world and has led to the fact that the risk is less affected by monetary policy Canada.

Gold: The gold prices declined moderately today, because the correction in the stock market and weak physical demand. The cost of the December gold futures rose to $ 1280.80 per ounce on COMEX today.

Oil: The cost of WTI December futures rose to $ 94.54 a barrel on the New York Mercantile Exchange.


Market review for 14.11.13: The yen fell against all of its major counterparts amid growth of Asian’s stock and weak GDP report.

Asian and European trading sessions:

Euro: The euro stopped a three-day growth after the ECB Governing Council member Peter Praet said in his today’s newspaper interview that the controller can begin to use negative interest rates and start buying assets. At the last week, the ECB cut rates and announced his readiness to decide on a further incentive to accelerate inflation. Afterwards, the euro fell against the dollar, which has been associated with the release of a weak report on the euro area from the European Union's statistics agency Eurostat. According to data, the euro area’s gross domestic product grew in the third quarter by just 0.1 % compared with the previous quarter. The EUR / USD pair fell to $ 1.3420 during the European session.

British Pound: The pound rose against the dollar , recovering from early fall rate after retail sales report , which showed that by the end of last month in the UK retail sales unexpectedly fell, which was associated with a reduction in demand for electrical goods and clothing. The GBP / USD pair dropped to $ 1.5985 area , but then recovered to $ 1.6050 level.

Japanese Yen: The yen fell against all of its major counterparts amid rising stock markets in Asia. Also, the published negative data on the growth of the Japanese economy in the third quarter supported this trend. According to a government report, growth of Japan’s GDP slowed to 1.9 %, against 3.8% growth in the second quarter. Japan's economy shrinking second consecutive quarter, as weak consumer spending and a slowdown in export growth surpassed the strengthening of investment in real estate. The USD / JPY pair rose to Y99.75 area.

American trading session:

U.S. Dollar: The U.S. dollar fell against major currencies after the deputy chairman of the U.S. Federal Reserve Ms. Janet Yellen signaled that no major changes in the central bank will be done during her being in a position of the head of FRS. Ms. Yellen pointed out that the Fed would consider folding its program of bond purchases by 85 billion dollars a month for the next meetings on monetary policy, although she did not say if it supports these early steps.

Gold: The gold prices rose for a second straight session. Positive price dynamics caused by technical purchases of gold, which in the previous trading days made the assets prices significantly cheaper, providing favorable conditions for opening long positions. The cost of the December gold futures on COMEX today rose to $ 1294.80 per ounce level.

Oil: The oil is the brand West Texas Intermediate fell to a five-month low after a report of the Energy Information Administration, which showed a 4.6% increase in stocks in the terminal Cushing, Oklahoma. The cost of the WTI December futures fell to $ 92.50 , and then rose to $ 93.98 a barrel on the NYMEX today.


Market review for 13.11.13: The pound rose sharply against its colleagues, which was helped by optimistic data on unemployment in Britain.

Asian and European trading sessions:

Euro: The euro fell slightly, which was associated with the release of a weak report on the euro area. The data published by the Statistical Office Eurostat showed that the September industrial production in the euro zone fell more than expected, after recording moderate growth in the previous month. According to the report, the seasonally adjusted industrial production fell in September by 0.5% on a monthly basis, which followed a 1% increase in the previous month. The economists had forecasted decline in September by 0.2%. The EUR / USD pair fell to $ 1.3405 during the European session.

British Pound: The pound rose sharply against its colleagues, which was helped by optimistic data on unemployment in Britain, and followed statements from the Committee on the monetary policy of the Bank of England. The Office for National Statistics reported that the unemployment rate fell in July -September to 7.6% level, compared with 7.7% in the three months to August. The GBP / USD pair set a high at $ 1.6010 during the European session.

Japanese Yen: The yen traded near a two-month low, after today speech of the Bank of Japan board member Ryuzo Miyao . The banker said that Japan is still far from achieving the inflation target of 2% and the Central Bank in the next year may expand incentive programs. Also today in Japan were published government data on orders for machinery and equipment, which showed a decline in September by 2.1 %. The USD / JPY pair fell to Y99.35 on the Asian session.

American trading session:

U.S. Dollar: The dollar rose on Preta’s comments which put a sign that the European Central bank may take further action, despite the fact that the U.S. Federal Reserve is likely to curtail incentives in the coming months.

Gold: The gold prices rose for the first time in five sessions, as many market participants took profits on short positions after the gold fell to one-month low. The cost of the December gold futures rose to $ 1280.80 per ounce on COMEX today.

Oil: The WTI futures rose after the demonstrators in the port of Libya Hariga stopped the tanker from loading which was informed by the spokesman for the state’s National Oil Corporation, Mohamed Elharari. The cost of the December futures rose to $ 95.50 a barrel on the NYMEX.


Market review for 31.10.13: The British Pound dropped when the annual inflation rate in the UK fell in October to its lowest level in more than a year.

Asian and European trading sessions:

U.S. Dollar: The dollar strengthened against its counterparts amid signs that the world's largest economy is gaining momentum. Note that many market participants are waiting for release of the report on the performance of the index of economic activity from the Federal Reserve Bank of Chicago, which is based on 85 economic indicators.

British Pound: The pound fell markedly against the U.S. dollar, which was associated with the release of weak data on Britain. The Office for National Statistics said that the annual inflation rate in the UK in October fell to its lowest level in more than a year. The report showed that the results of last month’s annual inflation fell to 2.2 %, compared with 2.7 % in September and with the forecasts of the economists that the index will rise up by 2.5%. The annual growth rate was the lowest since September 2009. The GBP / USD pair fell to $ 1.5855 area.

Japanese Yen: The rate of yen fell after the spread between yields on Japanese and U.S. 30 - year yields widened to the highest level since 2011, which was due to the stabilization of the situation in the U.S. economy. Additional pressure on the Japanese currency had a two-day growth in Asian stock markets. This situation has led to a drop in demand for safe-haven assets.

Australian dollar: The Australian dollar fell after data showed that the trust of the business community of the country has declined in October from the. The confidence index fell to 5 from 12 in September.

American trading session:

Euro: The euro rose against the dollar on the data on the index of economic activity from the Federal Reserve Bank of Chicago, which showed that the modest improvements in manufacturing have helped the index of economic activity to grow slightly in September , although less than predicted by experts . The EUR / USD pair rose to $ 1.3455 area.

U.S. Dollar: After the report on the index of economic activity from the Federal Reserve Bank of Chicago, which showed that in September the value rose to the level of 0.14 points, compared with a revised downwards index for August at 0.13 points, the dollar started its correction. The economists estimated that the index would rise to the level of 0.15 points. In addition, it was reported that the average value of the index of economic activity for the last three months has improved to the level -0.03 -0.15. The index still remains below its historical rate of growth for seven consecutive months.

Gold: The price of gold fell below $ 1290 an ounce, as investors were uncertain in reducing the incentives by the Fed. The price of December gold futures dropped to $ 1272.00 per ounce on COMEX today.

Oil: The cost of oil fell for the first time in three days on forecasts that the U.S. crude inventories rose to the highest level since June. The cost of WTI December futures on fell to $ 94.30 per barrel on the New York Mercantile Exchange.


Market review for 13.11.13: The Australian dollar fell against the U.S. dollar, in response to data from China.

Asian and European trading sessions:

Euro: Despite the lack of economic reports, the euro rose against the dollar. The EUR / USD pair started this trading week higher, recovering from a sharp fall last week at the ECB and the employment report for October on the weakening dollar. During the European session, the pair rose to $ 1.3408 area.

British Pound: The GBP/USD pair tried to restore confidence after imposing losses suffered on Friday. From the opening level of 1.5997 prices have grown to a local maximum of 1.6020, but slipped to a minimum $1.5965 and closed trading near $1.5992. The Bank of England on Wednesday will publish a quarterly inflation report as well as the employment and retail sales results, each of the events could cause fluctuations in the British currency.

Japanese Yen: The publication of GDP in Q3 could bring surprises projections indicate a slowdown in growth to 0.4 % from 0.9 %. The retail sales suggest that the figure could be much higher, which will trigger the growth of stock markets in Japan, and strengthening of USD / JPY.

American trading session:

Australian dollar: The Australian dollar fell against the U.S. dollar, in response, to data from China, which were published over the weekend. From the report it was reported that China's economic recovery is gathering pace, aided by a significant increase in industrial production and exports.

Gold: The gold prices visited a three-week low, as good indicators of employment in the United States, released on Friday, forced investors fear the Fed reduce the incentives in the near future. The cost of the December gold futures dropped to $ 1278.10 per ounce on COMEX today.

Oil: The oil prices rose as Iran was not able to negotiate with the West over its nuclear program, and the estimated fuel consumption in China increased. The cost of the December futures on WTI rose to $ 95.35 a barrel on the New York Mercantile Exchange.


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Market review for 07.11.13: The Euro fell sharply after the ECB decided to lower its key rates as well as the lending rate to a new record low.

Asian and European trading sessions:

Euro: The euro exchange rate fell sharply against major currencies after the ECB decided to lower its key policy rates as well as the lending rate to a new record low. Some analysts actually predicted it after last week's euro zone inflation data came out much worse than expected. The Governing Council of the ECB lowered its main refinancing rate by 25 basis points up to 0.25 %. The bank also lowered the rate of lending by 25 basis points to 0.75 %, while the deposit rate remained unchanged at 0.00%. The pressure on the single currency previously had data on German industrial production. The volume of German industrial production fell more than expected to 0.9% in September. The industrial production declined in spite of the consensus forecast of economists, who had expected its 0.2% growth. The value in August was revised upwards by 0.2 percentage points, and recorded a growth of 1.6%. The two-month average showed a slight increase in production of 0.6%, according to the Ministry of Economy. The EUR / USD fell to $ 1.3350 during the European session.

British Pound: The pound previously ignored the decision of the Bank of England to keep monetary policy unchanged and fell after the ECB decision. The last meeting of the Bank of England did not bring any surprises for markets, leaving the key lending rate at a record low 0.5 %, where it has been since March 2009, while the purchase of assets remained at £ 375 billion the central bank announced its intention to keep rates at a low level as long as the rate b / d in Britain will not fall below 7%, which is not expected before 2016. The GBP / USD pair fell to $ 1.6015 during the European session.

Australian dollar: The Australian dollar fell after the government's employment report for October. According to data published in Australia last month, was created only 1,100 jobs, while economists had forecasted an increase of 10K jobs.

American trading session:

Japanese Yen: The currency had a very volatile session today. Firstly, the yen declined significantly against the dollar, in response to the publication of the U.S. GDP. Later, the USD/JPY pair slid to new lows against a reduction of U.S. stocks market. Experts also pointed out that when a couple has broken this morning, investors rushed to buy it, even though many have placed stop orders at Y99 area. These stop orders were triggered when the pair fell back to the level of Y99, causing large dollar sales and pitting the pair to Y98.50. There were "large dollar purchases at lower level”, so it can mean that the pair is not likely to remain below Y99 for long.

Gold: The gold prices declined significantly today, down with up to three-week low, and losing all previously earned position achieved after the decision of the European Central reduce the interest rate to a record low. The cost of the December gold futures fell to $ 1305per ounce level on COMEX today.

Oil: The cost of oil futures fell today, reaching at the same level of $ 94 per barrel, which was due to unexpected decline in rates by the European Central Bank and the significant strengthening of the dollar. The cost of the WTI December futures fell to $ 94.04 a barrel on the NYMEX today.


Technical analysis for 7.11.13

EURUSD
The pair has declined to the support level at 1.34882.
Resistance: 1.35984, 1.36804, 1.37486
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322. If the pair stays above this level the pair will rise to 1.62050.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing 0.91079. If the pair stays above this level the pair will rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141. If the pair stays below this level the pair will decline to 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 06.11.13: The price of oil fell to $ 93.50 per barrel, which is the lowest level in more than four months.

Asian and European trading sessions:

Euro: The euro traded in a range amid mixed statistics on retail sales in the euro zone and industrial orders in Germany. The retail sales in the euro zone fell in September when the consumer spending remained weak against the backdrop of high unemployment and slow wage growth .The European Union’s statistics agency announced on Wednesday that sales in September compared with August fell by 0.6 %, although were up 0.3 % compared to the same period in 2012 . The data was worse than expected.
The orders in the industrial sector in Germany in September rebounded in September by 3.3 % compared with the previous month, far exceeding forecasts of economists, who expected an increase of 0.6 %. In the previous two months, the volume of orders decreased. Strong performance of orders in September provided a jump in foreign demand: foreign orders jumped by 6.8 % compared with the previous month, offsetting a 1.0% decline in domestic demand. Compared to the same period of the previous year, the total volume of orders adjusted for the number of working days increased by 7.9%, while the unadjusted orders jumped 11.0%. The EUR / USD pair traded in the range of $ 1.3485 - $ 1.3530 during the European session, the

British Pound: The pound rose against the dollar, supported by data on industrial production in Britain. According to the latest results from the Office for National Statistics, the British industrial production rose in September after two consecutive declines, and the recovery was stronger than economists expected. Total production increased by 2.2% year on year in September, after falling 1.5% in August and 1.1% decline in July. The consensus forecast of economists was at the level of growth of 1.8%. Manufacturing output grew by 0.8% per annum in September. This happened after falling 0.2% in August and 0.4% drop in July. The result corresponded to the forecast of economists. On a monthly basis, total production increased by 0.9% compared with a forecast of 0.7 percent growth. Manufacturing output increased by 1.2% in September compared with the previous month, in line with economists' forecasts. The GBP / USD pair rose to $ 1.6120 during the European session.

American trading session:

Euro: The euro exchange rate rose sharply against the dollar, although it has lost some of the previously won positions in response to rumors that report, quoting official sources in the ECB that the decline in inflation does not become a reason to lower the rates of the Central Bank at tomorrow's meeting.
The EUR / USD pair fell to $1.3500 level.

Gold: The gold prices rose slightly today, breaking with the longest string of declines in nearly six months. The cost of the December gold futures rose to $ 1316.90 per ounce on COMEX today.

Oil: The price of oil fell to the lowest level in more than four months on speculation that U.S. crude inventories increased last week, which could become the seventh consecutive weekly increase. The cost of the WTI December futures fell to $ 93.50 a barrel on the New York Mercantile Exchange.


Technical analysis for 6.11.13

EURUSD
The pair has declined to the support level at 1.34882.
Resistance: 1.35984, 1.36804, 1.37486
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322. If the pair stays above this level the pair will rise to 1.62050.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing 0.91079. If the pair stays above this level the pair will rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141. If the pair stays below this level the pair will decline to 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 05.11.13: The pound rose sharply against the dollar, which was associated with the release of strong data on service sector activity in Britain.

Asian and European trading sessions:

Euro: The euro exchange rate has not shown reaction to the data on producer prices and lowering the eurozone forecasts for economic growth in the European Commission. The prices for goods shipped enterprises euro zone fell in September at the fastest annual pace in more than three and a half years. The European Union’s statistics agency reported on Tuesday that, despite the growth of 0.1 % in September compared with August, producer prices were 0.9 % lower than in September 2012, which was the biggest annual drop since January 2010.
Also, the European Commission today published updated economic forecast that next year the euro zone economy will grow by only 1.1 %. Earlier, it was expected that this figure will be 1.2%. The projected EU economy growth would be in 2014 by 1.4 % and in 2015 by 1.9 %.
The European Commissioner for Economic and Monetary Affairs Mr.Rehn reported today that the unemployment rate will continue to remain at extremely high levels. The European Commission expects that this year and next year, the rate will remain at around 12.2 %, and in 2015 will decrease to 11.8 %.
The deficit of E -17 was projected to decline over the next year to around 2.5 % , and in 2015 - to 2.4 %.The EUR / USD pair is trading in the range of $ 1.3470 - $ 1.3510 during the European session.

British Pound: The pound rose sharply against the dollar, which was associated with the release of strong data on service sector activity in Britain. The survey taken by Markit Economics and the Chartered Institute of Purchasing & Supply (CIPS) demonstrated that the activity in the UK service sector expanded in October at the fastest pace in more than sixteen years. Seasonally adjusted Business Activity Index rose to 62.5 in October from 60.3 in September. The October value represented the strongest growth in activity since May 1997.
The composite index PMI reached a historic high 61.5 in October, up from 60.2 in September. The GBP / USD pair rose to $ 1.6070 during the European session.

Japanese Yen: The yen rose against most of its major counterparts amid falling stock market in Asia, which led to increased demand for safe haven. The USD / JPY pair fell to Y98.156 during the European session.

Australian dollar: The Australian dollar fell against the U.S. dollar after the RBA Governor Glenn Stevens said the Australian dollar exchange rate is “uncomfortably high." “In order to achieve balanced economic growth will probably require a lower rate of the Australian dollar," - said Mr. Stivens today.

American trading session:

U.S. Dollar: The dollar strengthened slightly due to positive U.S. data, which showed that in October, the index of business activity in the U.S. service sector, which is calculated by the Institute for Supply Management (ISM) rose, reaching at the same level of 55.4, compared the September reading at around 54.4. According to expert estimates, the value of this index was down slightly to 54.2. All major sub- indexes in September remained in expansion, which was influenced by the growth of employment and business activity.

Japanese Yen: The yen declined significantly against its competitors, having lost all previously earned position.

Gold: The gold prices fell today, losing all previously won positions, which was due to release a report on U.S. economic activity. The cost of the December gold futures dropped to $ 1308.90 per ounce on COMEX today.

Oil: The price of oil fell moderately today to the lowest level in more than four months on speculation that U.S. crude inventories increased last week, which could become the seventh consecutive weekly increase. The cost of the WTI December futures fell to $ 93.50 a barrel on the New York Mercantile Exchange.


Market review for 04.11.13: The U.S. dollar fell which was associated with the release of U.S. industrial orders data.

Asian and European trading sessions:

Euro: The euro was supported today by data on business activity in the manufacturing sector and the report on confidence of investors. The final data from Markit Economics showed that the Eurozone manufacturing purchasing managers' index rose to 51.3 in October from 51.1 in September. The October result coincided with the preliminary estimates and forecasts of experts. The level of investor confidence in the euro area has significantly grown for the fourth consecutive month from 6.1 in October to 9.3 in November, beating economists' expectations. The economists had expected a slight increase to 6.6. The level of confidence of German investors reached a record 30.2 in November while in October it resulted on 28.3. The November's value was the highest since the beginning of entering the data in 2009. Improving investor expectations contributed to the growth of the index. The EUR / USD pair rose to $ 1.3515 during the European session.

British Pound: The pound rose against its competitors, which was associated with the release of strong data on activity in the construction sector in Britain. The activity in the construction sector in the UK continued to increase in October, with the maximum rate of growth reached more than six years. Published data was evidence that the UK economic recovery continued rise in the 4th quarter of this year, which began in January. Accordingly data released by the Markit, the index of purchasing managers in the construction sector (PMI) in October rose to 59.4 against 58.9 in September showed again that the housing as the main factor of growth in October. The GBP / USD pair rose to $ 1.5980 level during the European session.

Australian dollar: The Australian dollar rose after today's release of data showed that the retail sales grew at the fastest pace in seven months. The September index rose by 0.8 %, while analysts had expected growth of just 0.4 %. After the release of positive data, it is likely that the Australian central bank will not lower interest rates at its next meeting, which will take place tomorrow.

American trading session:

U.S. Dollar: The dollar fell, which has been associated with the release of several data from U.S. The Ministry of Commerce reported that up to September, the volume of industrial orders increased significantly, which followed a two-month decline. However, it was noticed a sharp decline in orders for machinery and other goods, which may indicate a slowdown in economic growth. According to the report, the volume of industrial orders rose 1.7% in September, compared with a decline of 0.1% in August and a decrease of 2.8% in July.
The decline for the second time in three months indicates a weak activity in the manufacturing sector in the third quarter. In addition, the data showed that orders for durable goods rose 3.8% in September, mainly due to increase in orders for aircraft. The large increase in demand for aircraft helped offset the 0.7% drop in demand for cars and auto parts. This decline is expected to be temporary, given the strength of car sales this year. Note also that the demand for non-durable goods fell by 0.2 %.

Gold: The gold prices rose slightly today as the dollar lost some of their positions. However, the precious metal remains under pressure on talk that the European Central Bank may ease monetary policy, as well as renewed speculation that the Federal Reserve may curtail monetary stimulus at the end of this year. The cost of the December gold futures rose to $ 1317.50 per ounce on COMEX today.

Oil: The oil prices stabilized near four-month low as the dollar weakened against most currencies. The cost of the WTI December futures fell to $ 94.50 a barrel on the New York Mercantile Exchange.


Technical analysis for 5.11.13

EURUSD
The pair has declined to the support level at 1.34882.
Resistance: 1.35984, 1.36804, 1.37486
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has declined below 1.60322 and aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is testing 0.91079. If the pair stays above this level the pair will rise to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141. If the pair stays below this level the pair will decline to 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 31.10.13: The euro fell sharply against its competitors on unexpectedly weak unemployment report as well as data on CPI.

Asian and European trading sessions:

Euro: The euro fell sharply against its competitors, which has been associated with unexpectedly weak report on unemployment in the euro area, as well as data on CPI. The latest release from Eurostat showed that in the last month, the unemployment rate in the euro zone rose unexpectedly, returning with a record high at around 12.2%. Many experts expected that in September, the unemployment rate will be remained at 12.2%. The data also showed that the unemployment rate for the European Union in September remained unchanged from the previous month for which unemployment was revised upwards. Also it was reported that amount of people out of work in the eurozone in September totaled to 19.447 million, compared to 19.387 million in August. The total number of unemployed in the EU has been at the level of 26,872 million, compared to 26.811 million a month earlier. Meanwhile , the another report showed that inflation in the eurozone fell to its lowest level in nearly four years in October , increasing the pressure on the European Central Bank, and forcing soften monetary policy to support the fragile economy of the region. The EUR / USD pair fell to $ 1.3620 during the European session.

Japanese Yen: The yen strengthened against the U.S. dollar after the Bank of Japan decided to leave unchanged the unprecedented easy monetary policy, where the Prime Minister Mr. Shinzo Abe is trying to overcome 15 years of deflationary pressure on Japanese economy. The Bank of Japan left its key interest rate at 0, 0-0.1 %. The Bank of Japan has confirmed the basic lines of monetary policy, saying that would annually purchase government bonds at 60-70 trillion yen (611-712 billion dollars). The monetary policy of the Central Bank aims to achieve the inflation target of 2%. The USD / JPY pair fell to Y98.15 during the European session, the

American trading session:

Canadian dollar: The Canadian dollar rose after strong GDP data for Canada. The data presented by the Statistics Canada showed that up to August 's real gross domestic product grew by 0.3 %, which was followed after increasing 0.6 % in July and a decline of 0.5 % in June. Also, it became known that the output in goods-producing industries grew by 0.4 % in August, led by an increase in the sector of oil and gas (2.8 %). Also,the report showed that wholesale trade rose in August by 0.4 % , helped by the increase in wholesale sales of goods of personal and household goods . Wholesale of machinery, equipment, materials, motor vehicles and parts also rose in August. But these gains were partially offset by lower wholesale sales of other products in the category of agricultural products.

Gold: The gold prices fell after Wednesday night's U.S. Federal Reserve announced that the program of incentives will be continued, noting some improvement in the U.S. economy. The cost of the December gold futures dropped to $ 1320.50 per ounce on COMEX today

Oil: The cost of oil fell for the third day at a time, as U.S. crude stocks rose and the dollar strengthened against the euro. The cost of the December futures on U.S. light crude oil WTI fell to $ 96.00 a barrel on the New York Mercantile Exchange.


Technical analysis for 31.10.13

EURUSD
The pair is returning to 1.37486. If the pair breaks this level the pair will decline to 1.36804.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.36804, 1.35984, 1.34882
GBPUSD
The pair has declined to the support level at 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635 and rolling back to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 30.10.13: The Swiss Franc rose against the dollar due to release of positive data from Switzerland.

Asian and European trading sessions:

Euro: The euro exchange rate gained previously lost positions against the dollar. The currency was supported by the mixed employment data from Germany, as well as a positive report on the level of business and consumer confidence. As it was informed the unemployment rate seasonally adjusted rose to a record level of June 2011 , while the unemployment rate remained near record levels recorded before the reunification of Germany. In October, the unemployment rate fell by 47 800, while the total number of unemployed amounted to 2,801K. Index seasonally adjusted increased by 2K, and the unemployment rate remained at 6.9%.
As for the report on the euro area, it showed that the sentiment indicator in the economy, which is a sensor sentiment among consumers and businesses, rose to 97.8 in October, up from 96.9 in September. The level of confidence has increased among households and enterprises, but on the decline among retailers, service providers and construction firms. The EUR / USD pair rose to $ 1.3780 during the European session.

Swiss Franc: The Swiss franc rose against the dollar, which was due to release of positive data from Switzerland. The study, presented by the bank UBS, showed that the consumption indicator for Switzerland has grown substantially in the last month, which basically helped by increased sales of new cars, the recovery in the tourism sector and the retail sector. According to the report, consumption indicator rose in September to a level of 1.56 points, compared with 1.32 in August. In addition, studies revealed that the number of new car registrations rose again in September, reaching a level with 22600 units, and showing the second-best result in the last 10 years. We also add car sales increased by 7 percent compared with the same month of the previous year.

American trading session:

U.S. Dollar: As it was shown by recent data that have been submitted by Automatic Data Processing (ADP), in October, the employment in the private sector markedly increased, but still not enough to confirm the estimates of economists. According to the report, in October, the number of employed increased by 130K people, compared with a revised downward from the previous month at 145K.The average forecast of this indicator would have grown by 151K. The data of Department of Labor revealed that the end of last month, consumer prices in the U.S. showed modest growth, underscoring the weak inflation and supports the decision by the Federal Reserve to keep buying program bonds unchanged - at $ 85 billion per month. The September consumer price index rose 0.2 % in August, while the core index, which excludes prices of food and energy costs, increased by only 0.1 %, while the expectations were on growth of general and basic prices by 0.2 %. In addition, it was reported that the annualized consumer price index increased by 1.2 %. Base prices, meanwhile, rose by 1.7 % per year, after increasing by 1.8 % in the previous month. According to experts, the rise was by1.8% up. The Department of Labor reported that the increase in overall prices was associated with higher costs for energy (+0.8 %), health care (+0.1 %) and rents (+0.2 %). However, food costs were unchanged, while clothing prices fell. But the report indicated that inflation remains below the Fed's annual target of 2%, reflecting the weak recovery of the U.S. economy.

Gold: The gold prices rise as investors bet on the continuation of the Fed's stimulus policy that will be favorable for the growth of gold prices. The cost of the December gold futures rose to $ 1360.00 per ounce on COMEX today.

Oil: The cost of oil brand WTI fell to $ 96.80 a barrel extending the second monthly decline after a government report showed that U.S. crude inventories rose to four-month high . The cost of the December futures fell 1.4% after the Energy Information Administration said that inventories rose 4.09 million barrels to 383.9 million barrels last week. The report also showed that the supply of the terminal Cushing, Okla., delivery traded in New York WTI, rose 2.18 million barrels to 35.5 million barrels , reaching a two-month high .


Technical analysis for 30.10.13

EURUSD
The pair is returning to 1.37486. If the pair breaks this level the pair will decline to 1.36804.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has declined to the support level at 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635 and rolling back to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 29.10.13: The Australian dollar fell after the speech of the RBA Governor, Mr. Stevens.

Asian and European trading sessions:

British Pound: The pound fell today despite a report that showed that in September it was approval of the 66,735 new home loans, up from 63,396 in August, which was the highest since February 2008 and exceeded the forecasts of economists - they had expected growth of 66K in the last month. The data showed that the interest rates on loans for housing construction fell in September, while total mortgage lending for the month was 15.6 billion pounds, registering the highest since October 2008. The data showed an improvement in production, which stimulates the revival of the mortgage lending and housing market activity. The number of mortgage approvals net mortgage lending expanded to 1.03 billion pounds and consumer loans amounted to 411 million pounds was informed by Bank of England. The GBP / USD pair fell to $ 1.6050 during the European session.

Japanese Yen: The yen rose against all major currencies after the release of macroeconomic data, which recorded growth in retail sales, surpassed the expectations of most economists. The Ministry of Economy of Japan reported that in September the index rose by 3.1 % in annual terms, while the average of analysts’ was expecting growth of 1.9%. The unemployment rate fell last month to 4% from 4.1 % in August with expectations average of unemployment at 4%. The USD / JPY pair, however, rose to Y98.00 during the European session.

Australian dollar: The Australian dollar fell after the RBA Governor Glenn Stevens said: “the Australian dollar exchange rate is not supported by cost and labor productivity in the economy and terms of trade are likely to decrease, rather than expand”.

American trading session:

U.S. Dollar: The dollar rose against its competitors as many market participants expected the announcement of the results of the two-day meeting of the Federal Reserve , which begun today . The market participants expected that and it is likely that the Committee will consider the weak U.S. economic reports as a reason not to reduce the amount of stimulus measures this year. It should be noted that the vast majority of analysts agree that the central bank will continue the program of asset purchases, which is now on $ 85 billion a month. In the accompanying statement, the central bank is likely to confirm the possibility of folding the program purchases until the end of the year.

Euro: The EUR / USD pair increased significantly to the level of $ 1.3788, reaching maximum of the session, which was associated with the release of weak data on U.S. consumer confidence. The euro showed mixed performance in relation to the U.S. dollar - highs in the comments of Mr. Novotny and weak consumer confidence data, and then turned around and went down.

Gold: The gold prices adjusted to five-week highs in anticipation of the Fed meeting. The gold investors have decided to refrain from taking action before a meeting of the U.S. Federal Reserve, scheduled for this week. The cost of the December gold futures dropped to $ 1339.80 per ounce on COMEX today.

Oil: The cost of WTI oil brand fell for the first time in four days on estimates that U.S. oil reserves, the largest oil consumer in the world, rose last week to a four-month high. The cost of the December futures fell to $ 97.82 a barrel on the New York Mercantile Exchange.)


Technical analysis for 29.10.13

EURUSD
The pair is returning to 1.37486. If the pair breaks this level the pair will decline to 1.36804.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
GBPUSD
The pair has risen to 1.62050. If the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635. If the pair stays below this level the pair will reach 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair is trading in the Triangle. Upper level is 99.016, lower level is 97.056.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached support at Fibonacci level 38% at 0.95141.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 28.10.13: The British pound fell, losing all previously earned positions.

Asian and European trading sessions:

Euro: The euro was lower against the dollar as investors were waiting the U.S. data on industrial production and pending transactions on the house sales. The EUR / USD pair fell to $ 1.3775 during the European session.

U.S. Dollar: The data, recently presented by the Federal Reserve showed that at the end of last month, the volume of industrial production in the U.S. has grown significantly, thereby exceeded the average forecasts of experts, who predicted growth by 0.4 % and capacity utilization - to 78.1 %. According to the report, in September, the volume of industrial production increased by a seasonally adjusted 0.6 % compared with August, while capacity utilization rose by 0.4 percentage points - to the level of 78.3 %.

British Pound: The pound fell against the dollar, losing all previously earned the positions. The recent strengthening of the British currency was due to the release of the report from Hometrack, which showed that the average price in the sale of housing in the UK continued to rise in October, which was due to increased demand among buyers. However, the number of proposed homes for sale declined, raising questions about the health of the housing market. According to the report, the average asking price for a house in the UK rose by 0.5 % in October compared with the previous month, when prices rose at the same pace. The GBP / USD pair fell to $ 1.6150 during the European session.

Japanese Yen: The yen continued its three-week decline after the deputy head of the Bank of Japan Kikuo Iwata confirmed the intention of the Central Bank to continue the program of unprecedented monetary easing. The key event of the week, the meeting of the Bank of Japan that will be held on October 31will indicate further movement of the Japanese yen. The USD / JPY pair rose to Y97.79 during the European session.

American trading session:

U.S. Dollar: The dollar’s exchange rate was moderately higher against its competitors’ rates after the release of mixed U.S. data. The report showed that the number of Americans who signed contracts to buy housing, dropped sharply in September, registering with the fourth monthly decline in a row, which was mainly due to an increase in interest rates on mortgages and fiscal uncertainty. The National Association of Realtors reported that the index, which measures the number of pending home sales in the secondary market, fell by a seasonally adjusted 5.6%, compared to August, reaching at the same annual rate of 101.6, the lowest level since December 2012. It was the first time in more than two years, the number of pending home sales were lower than a year earlier. Note that according to the average forecast of experts, the index should have grown by 0.5 %, after falling 1.6 % in August.

Gold: The gold prices rose to a five-week high as traders expect the maintaining stimulus measures by Fed announced at a meeting this week. The cost of the December gold futures rose to $ 1362.80 per ounce on COMEX today.

Oil: The crude oil futures for West Texas Intermediate rose 1% after the state-owned national oil corporation said that the volume of production in Libya, the holder of the largest oil reserves in Africa, fell to 250,000 barrels per day due to labor protests. The cost of the December futures rose to $ 98.89 per barrel on NYMEX.


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Market review for 24.10.13: The dollar fell slightly, which was associated with the release of weak U.S. employment data.

Asian and European trading sessions:

Euro: The euro fell after the publication of disappointing purchasing managers' index (PMI) in the euro zone.
The data showed that manufacturing activity in the services sector in October did not grew a fourth consecutive month, but the pace of growth slowed compared with the last few months falling unexpectedly to 51.5 from 52.2 in September, while , according to forecasts , it has been a little increase to 52.3. Services PMI fell to 50.9 in October from 52.2. On the other hand, the growth of manufacturing activity improved slightly in October, the corresponding index rose to 51.3 from 51.1 in September. It was expected the index to rise to 51, 4 . The EUR / USD pair rose to $ 1.3826 during the European session, and then fell to $ 1.3760.

U.S. Dollar: The dollar fell against most major currencies, as recent partial shutdown of the government effected economic growth in the United States. Against this background, there were views that the Federal Reserve would be forced to extend the duration of the program of monetary stimulus.

Australian dollar: The Australian dollar rebounded slightly after yesterday's fall, after a preliminary PMI index for the manufacturing sector from HSBC Holdings Plc and Markit Economics in China, which is the largest trading partner of Australia, raised to 50.9, exceeding analysts' forecast, the expected value of 50.4. This month, China's manufacturing strengthened more than expected, and this was a sign that the economic recovery is gaining momentum this quarter.

American trading session:

British Pound: The pound regained previously lost ground against the dollar in anticipation of tomorrow's GDP report Britain. It is expected that the results of tomorrow's GDP report will support the positive tone of the British macro received during the last quarter. Office for National Statistics may report on the economic growth of 0.8% in the 3rd quarter. Yesterday, the Bank of England published the minutes of the meeting, which reflected the confidence of members of the Committee in the growth of the UK economy, as well as hints to the fact that the data for the 3rd quarter may be stronger than expected. The GBP / USD pair rose to $ 1.62100 during the session.

U.S. Dollar: The dollar fell slightly, which was associated with the release of weak U.S. employment data. The Ministry of Labor said that the number of initial claims for unemployment benefits fell from a seasonally adjusted by 12K to 350K in the week ended October 19. Applications for the previous week were revised slightly higher from the initial value. Figures for the last week exceeded economists' expectations at 341,000 new claims. However, there has been the second consecutive decline, which indicated that employment in the private sector also suffered from a 16-day shutdown of the federal government. The total number of today's report does not include the benefits of federal employees who file for unemployment benefits through a separate program. Report on Thursday showed that the four-week moving average of claims, which smoothes out volatile weekly data, rose by 10,750 last week to 348,250.

Gold: Gold prices rose significantly today, almost reaching the level of $ 1350 per ounce after the U.S. data showed that the number of applications for unemployment benefits was less than expected. The cost of the December gold futures rose to $ 1347.80 per ounce on COMEX today.

Oil: The cost of the WTI December futures Oil prices fell today, dropped to $ 96.45 which was associated with an increase in production and reserves of oil in the United States.


Technical analysis for 24.10.13

EURUSD
The pair is testing 1.37486. If the pair stays above this level the pair will rise 1.38554.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has risen to 1.62050. If the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635. If the pair stays below this level the pair will reach 0.88418.
Resistance: 0.89635, 0.91079, 0.92026
Support: 0.88418, 0.87214, 0.85939
USDJPY
The pair may return to 98.718 if stays above 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has reached 0.96579. Support is at the Moving Average (200) at 0.95611.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Market review for 23.10.13: The yen rose against all its major counterparts amid a sharp rising demand for safe-haven assets, while the Canadian dollar declined significantly on negative forecasts for Canadian economy.

Asian and European trading sessions:

Euro: Euro fell against the U.S. dollar amid evidence of continued growth of debts of the euro area governments in the 2nd quarter of 2013 year. That indicated that the one of the most difficult problem of European Union has not been solved. According to agency Eurostat data released on Wednesday, the eurozone public debt in relation to the aggregate euro area GDP in the 2nd quarter increased to 93.4 % versus 92.3 % in the 1st quarter and to 89.9 % in the same period the previous year. According to the rules of the European Union, governments must keep their debt at a level not exceeding 60 % of GDP. The EUR / USD pair fell to $ 1.3735 during the European session.

British Pound: The British pound reduced its power after the release of the protocol of the Bank of England reflected the unanimous sentiment of the Committee members on keeping loose monetary policy. In respect of new policies transparent communication, the newest head of the Bank of England M. Carney stated: "At the moment it seems likely that in the 2nd half of 2013 unemployment will be lower and the rate of production - faster than expected in the August inflation report ".However, saying further, " On the basis of the latest statistics on the labor market is still too early to make any confident verdicts on the extent of the growth of productivity." The GBP / USD pair fell to $ 1.61120 during the European session.

Japanese Yen: The yen rose against all of its major counterparts amid a sharp rising demand for safe-haven assets. It occurred after the volume of bad loans in China soared to a peak in July, stimulating demand for safer assets. The yen rose against all major currencies. The USD / JPY pair fell to Y97.10 during the European session.

Australian dollar: The Australian dollar touched highs against its counterparts after the publication of the inflation data revealed that in the last quarter the consumer price index rose more than economists’ forecasts. This increased the likelihood that the Reserve Bank of Australia completed its two-year program to mitigate the monetary policy.

American trading session:

Canadian Dollar: The Canadian dollar declined significantly against its counterparts, which associated with the application of the Bank of Canada. As it was expected, the Bank of Canada decided to keep interest rates unchanged at 1% at the October meeting. However, in the statement issued after was announced that the Bank of Canada expects modest growth in 2013, and the uncertain economic conditions may have a negative impact on exports and business investment in Canada. According to Central Bank estimates, the growth rate of real GDP should accelerate from 1.6 % in 2013 to 2.3 % in 2014 and 2.6 % in 2015.

Euro: The euro rose against the dollar, while restoring previously lost ground, after the European Commission said that the level of consumer confidence in the euro area increased more in October , reaching with its highest level in 27 months, which is likely to indicate continued increase in consumer spending , albeit slowing pace .
According to the report, a preliminary index of consumer confidence in the euro zone rose this month to the level of 14.5, compared with 14.9 in September. Meanwhile, data showed that the level of sentiment in the EU has remained unchanged for October - the corresponding index was 11.7 points. In September, the figure has exceeded its long-term average at 12.3, the first time since June 2011. Introduced today, the report showed that spending growth may continue in the third quarter as well.

Gold: The cost of the December gold futures dropped to $ 1334.10 per ounce on COMEX today. The gold declined moderately today, departing from the four-week high as investors started to close their positions after yesterday's employment report, which was weaker than expected.

Oil: The price of oil fell today, dropping to $ 96 per barrel, which was the lowest value since July. This trend was triggered by release of data on U.S. oil reserves, which indicated increase again. The cost of the WTI December futures fell to $ 96.60 a barrel on the New York Mercantile Exchange.


Market review for 22.10.13: The U.S dollar fell under pressure as the Nonfarm Payrolls data came out much worse than expected.

Asian and European trading sessions:

U.S. Dollar: The dollar brought signs of stability today as investors were much more confident in opening large positions before the employment data that should tell how much the U.S. Federal Reserve will continue to purchase bonds at the current rate. The U.S. dollar traded in a narrow range against most major currencies, as market participants are waiting for the publication of data on the change in Nonfarm Payrolls, as well as official data on unemployment in the United States. According to the median forecast of analysts in the U.S. economy in the past month there were created 179K jobs, higher than the August figure of 169K, however, and is expected that the official unemployment rate would be at 7.3 %.

Japanese Yen: The yen continued to fall against most currencies in anticipation of the publication of the inflation data, which are likely to be the highest since 2008. According to the median forecast of economists, the nationwide consumer price index excluding fresh food, last month, will grow by 0.7 % compared with a year earlier. The measures for accelerating of inflation, which applies the Bank of Japan, already accelerated the consumer price index in August by 0.8 %, which is the fastest pace since November 2008. The USD / JPY pair rose to Y98.43 during the European session.

American trading session:

U.S. Dollar: The Department of Labor reported that the number of people employed in the U.S. increased less than expected. It was shown the reduced growth of the economy pace. Employment growth in September was by 148K, while employment growth in August was revised up to 193K (higher than originally reported). The average score of economists was at 179K. Thus, the data came out much worse than expected. It was also reported that the unemployment rate fell to a five-year low, 7.2% - the lowest since November 2008. This result was better than expected 7.3 %. However, the dollar's decline could not stop even data on construction spending. The Ministry of Commerce reported that the seasonally adjusted construction spending rose in August by 0.6%, reaching at this annual level of $ 915.100 billion, while economists expected spending to increase by about 0.4%.

Euro: The euro exchange rate increased significantly against the dollar, in response for the weak employment data in the U.S. The EUR / USD pair rose above $ 1.3750 after U.S. employment data, the highest level since November 2011.

Gold: Gold prices rose significantly, reaching in this three-week high, after weak figures on employment in the United States have raised expectations that the Federal Reserve will keep its incentive program continued in 2014. The cost of the December gold futures rose to $ 1343.25 per ounce on COMEX today.

Oil: The cost of oil futures declined moderately, as market participants continued to analyze yesterday's report on oil. The cost of the WTI November futures fell to $ 98.45 a barrel on the New York Mercantile Exchange.


Technical analysis for 23.10.13

EURUSD
The pair is testing 1.37486. If the pair stays above this level the pair will rise 1.38554.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has risen to 1.62050. If the pair stays below this level the pair will decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to 0.89635. If the pair stays below this level the pair will reach 0.88418.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair may return to 98.718 if stays above 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has reached 0.96579. Support is at the Moving Average (200) at 0.95611.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Technical analysis for 22.10.13

EURUSD
The pair has broken 1.35984 and aiming to 1.37486.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair has checked 1.62050 and rolling back to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair may return to 0.91079 if stays above 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair may return to 98.718 if stays above 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has reached 0.96579. Support is at the Moving Average (200) at 0.95611.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Market review for 21.10.13: The U.S. existing homes sales fell in September and cause the U.S. dollar to lose its previously gained positions.

Asian and European trading sessions:

Euro: The euro traded in range and was stable against the dollar amid data on producer prices in Germany. The producer prices in September and October fell by 0.5% on an annual basis. The prices of non-durable consumer goods increased by 2.1%and the prices of intermediate goods and energy decreased by 2% and 1.4% respectively, compared with September 2012. On a monthly measurement of producer prices rose 0.3%, offsetting a 0.1% drop in August. It was predicted that the prices would increase by only 0.1%. The EUR / USD pair is trading in the range of $ 1.370 - $ 1.3675 during the European session.

British Pound: The pound fell slightly against the U.S. dollar, in response, the statistics from the Markit Economics survey. The report said that the UK household finances remained under pressure in October, but the assessment of the employment situation has improved slightly .The seasonally adjusted index of household finances, which measures the overall presentation of the financial well-being of households, was 41 in October and has remained in negative territory. The October value was slightly better than the values of 40.8 in September, and was above the long-term average of 37.9. Meanwhile, the survey found that the trend in the labor market improved during October. Indicator of activity in the workplace remained above the neutral mark the ninth consecutive month. The GBP / USD pair rose to $ 1.6182 during the European session, and then dropped to $ 1.6140.

Japanese Yen: The yen fell against all major currencies after the release of the trade deficit of the country. The Ministry of Finance reported today in Tokyo, that in September, imports exceeded exports by 932.1 billion yen. This value was higher than previously expected by analysts to increase 918.6 billion. An additional pressure on the Japanese currency had speech of Governor of the Bank of Japan Mr.Kuroda, who promised to continue easy monetary policy to achieve stable inflation. The USD / JPY pair rose to Y98.29 during the European session.

American trading session:

U.S. Dollar: The dollar declined significantly against the euro, and lost the all previously earned positions which associated with the release of weak U.S. data. The sales of existing homes fell in September
by 1.9 % from the previous month to a seasonally adjusted annual rate of 5.29 million. Also, as it was reported by the National Association of Realtors, the pace of the previous month was revised down to 5.39 million from 5.48 million previously voiced. Nevertheless, the data show that the pace of sales in July and August were the best since 2009. Economists had expected sales rate in September at 5.3 million.

Gold: The December gold futures stabilized today at $ 1316.80 per ounce level on COMEX.

Oil: The cost November futures on WTI moderately declined today, dropping below $ 100 per barrel, after it was submitted a growth in oil inventories in the U.S. rose to the highest level in three months. The prices fell to $ 99.79 a barrel on the New York Mercantile Exchange.


Market review for 17.10.13: The U.S. dollar got hammered after the U.S. signed an interim agreement on the budget.

Asian and European trading sessions:

Euro: The euro jumped to a new 8 - month high against the dollar, despite announced agreement on the U.S. budget, in which the government will be funded until January 15, and the extension of the debt ceiling will be increased until February 7. The EUR / USD pair rose to $ 1.3665 during the European session.

U.S. Dollar: In addition, the pressure on the U.S. currency also had a message saying that today the Chinese rating agency Dagong announced its decision to downgrade the U.S. credit rating by one position to A- from A, leaving a negative outlook. The agency, in its decision, referred to concerns about the country's ability to solve the problem of the debt crisis, as well as the damage done to the economy by long government’s “shutdown ".

British Pound: The pound rose sharply against the dollar, which was helped by the publication of data by the Office for National Statistics. Accordingly report, the volume of retail sales of last month rose moderately, helped by higher sales and thereby exceeded the forecasts of experts. According to the report , the September volume of retail sales increased by 0.6 % ( on a monthly basis ), which followed a decline of 0.8 % in the previous month. Many experts believed that this figure will rise to 0.5 %. In addition, the annualized retail sales rose last month by 2.2 %, compared with a gain of 2.1 % in August, and the experts' forecasts were at 2% increase. The Office for National Statistics reported that the sales of furniture accounted for half of the total monthly rise, making it possible to add about 0.3 percentage points. The data also showed that with the exception of fuel, total sales rose by 0.7 % between August and September and by 2.8 % compared with September 2012. The GBP / USD pair rose to $ 1.6120 during the European session.

Japanese Yen: The yen fell after the U.S. Senate voted 81 - "for", and “18" - against the order to stop the 16 -day shutdown of government and raise the U.S. debt ceiling. The USD / JPY pair fell to Y97.80 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar got hammered by the strong downward pressure after the U.S. signed an interim agreement on the budget, it has agreed the day before. This has forced traders and investors to reconsider their predictions as to when the U.S. Federal Reserve will begin to phase out its program to stimulate the economy - at least in 2014. The market participants considered this decision as short-lived, because as less than 3 months later the Americans will have to solve the fundamental problem of the new spending and the budget deficit.

Gold: The value of gold has shown strong growth while the dollar fell, as the vague situation around the U.S. debt limit would prevent the growth and trigger the Fed to delay reduction programs stimulate the economy. The cost of the December gold futures rose to $ 1323.90 per ounce on COMEX today.

Oil: The cost of the November futures of WTI oil brand fell to $ 100.00 a barrel on the NYMEX. The oil fell after a report of the American Petroleum Institute (API) reported an increase in inventories last week.


Market review for 16.10.13: The U.S. Senate announced an agreement on raising the debt limit and the end of the period of work shutdown of the U.S. government.

Asian and European trading sessions:

Euro: The euro exchange rate rose on continued uncertainty ahead of tomorrow's “Deadline “of the budget issue in USA. The support for the euro had also data, submitted today which showed that by the end of August trade surplus euro area increased substantially as a modest rebound in exports outpaced import growth. According to the report, the seasonally adjusted trade surplus rose in August to the level of 12.3 billion Euros, compared with a profit in the amount of $ 11 billion in July, which was revised down from 11.1 billion Euros. Despite sharp increase in the surplus was slightly less than expected growth to 12.4 billion Euros. The exports in August amounted to 157.4 billion Euros, which was 1.0% more than in July, while imports amounted to 145.1 billion Euros, an increase of only 0.2% compared with the previous month. The EUR / USD pair rose to $ 1.3565 during the European session.

U.S. Dollar: The pressure on the U.S. currency had a decision of the rating agency Fitch Ratings, which downgraded the outlook for the highest rating of the U.S. to "negative." Agency refers to the inability of the government to increase the borrowing limit, the deadline of which is approaching quickly.

British Pound: The pound rose sharply against the U.S. dollar, which was associated with access better-than -expected data for unemployment benefits on Britain.
The Office for National Statistics said that by the end of last month the number of people claiming, significantly decreased, in the month of September, the number of applications for unemployment benefits fell by 41,700, reaching 1,350,000 at the same level. It is worth noting that according to the average forecasts of experts the value of this index was reduced by 24.3 thousand and added that in September 2012 the number of applications for benefits dropped by 214,500. The analysts forecasted the level of applications to remain unchanged. Meanwhile, data showed that the unemployment rate for the three-month period, calculated by the standards of the International Labour Organization, has remained constant - at around 7.7 percent, which was in line with the forecasts of experts, but less than 0.1 percentage points than the three-month period from March to May. The GBP / USD pair rose to $ 1.6065 during the European session.

Japanese Yen: The yen fell for the first time in three days after Senate leaders resumed talks, which lasted for 15 days in order to avoid a U.S. default, which reduced demand for safe-haven currencies like Japanese Yen.
The USD / JPY pair fell to Y98.28during the European session.

New Zealand dollar: The New Zealand's currency rose today, after the release of the inflation report, recorded growth. The level of consumer prices in the third quarter increased by 0.9 % compared to the second quarter, when the index rose by 0.2 %. The data exceeded the forecasts of economists expect the growth rate to 0.8 % and increases the likelihood that the central bank may raise interest rates.

American trading session:

U.S. Dollar: The U.S. dollar rose against most major currencies, after Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell, the Senate announced an agreement on raising the debt limit and the end of the period of shutdown of work of the government. Reid called the agreement "historic cross-party agreement." It will fund the government through mid-January, and increases the government debt ceiling until February 7. It also provides a mechanism for reaching an agreement on the budget for the long-term budget issues, which should be completed no later than December 13.

Gold: The gold prices were falling on the background of ongoing negotiations in the U.S. to raise the upper limit of the national debt. The cost of the December gold futures dropped to $ 1267.60 per ounce on COMEX today.

Oil: The cost of WTI oil brand rose on optimism that U.S. lawmakers will agree on a deal to raise the debt ceiling and avoid default. The November futures rose by 0.85% against on the optimism to $ 102.48 a barrel on the New York Mercantile Exchange.


Technical analysis for 17.10.13

EURUSD
The pair is trading between resistance 1.35984 and support 1.34882.
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.60322 and 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is rolling back to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has risen to 98.718. If the pair stays below 98.718 the pair will decline to 98.271.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair’s resistance is at the Moving Average (200) at 0.95611, support is 0.94635.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Technical analysis for 16.10.13

EURUSD
The pair is trading between resistance 1.35984 and support 1.34882.
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.60322 and 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has broken 0.91079 and aiming to 0.92026.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has risen to 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair’s resistance is at the Moving Average (200) at 0.95611, support is 0.94635.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Technical analysis for 15.10.13

EURUSD
The pair is trading between resistance 1.35984 and support 1.34882.
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.60322 and 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has risen to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the Moving Average (200) at 0.95611.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


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Market review for 10.10.13: The U.S. dollar reached top levels after the market speculated information about the readiness to start negotiations on the short-term increase in the debt limit issue.

Asian and European trading sessions:

U.S. Dollar: The U.S. dollar reached top levels today after the market speculated information about the readiness to start negotiations on the short-term increase in the debt limit issue from anonymous assistants of both parties in Congress.

British Pound: Despite that the meeting of the Monetary Policy Committee of the Bank of England did not bring any surprises, the pound rose slightly against the dollar. As it was expected, the Bank left rates unchanged at 0.50 % and the asset purchase program at 375 billion pounds. The Minutes of the meeting will be published on Wednesday, October 23. The GBP / USD pair bounced to a session high of $ 1.5960 after a publication of report.

Japanese Yen: The yen had fallen against most of its major counterparts ahead of today's speech of Governor of the Bank of Japan Haruhiko Kuroda. The presentation held at the Council on Foreign Relations in New York. The USD / JPY pair showed growth during the European session; however meet an resistance around Y97, 95.

Australian dollar: The Australian dollar weakened after the publication of the block of macroeconomic statistics on the employment market in the region. Despite the fact that the rate of the number of employed in Australia rose in September 9100 jobs data fell short of analysts' expectations of more positive planning to see the growth of not less than 15,000. However, the official unemployment rate, retreated in the past month with a four-year high of 5.8 % compared to 5.6% brought some positive, while analysts had expected the rate will remain unchanged.

American trading session:

Euro: The euro exchange rate kept the top and recovered from lows against the dollar. The couple could not determine the direction against the background of cautious optimism about reaching an agreement in the United States. The EUR / USD pair bounced to a session high of $ 1.3540 after a publication of report.

Gold: The gold prices fell slightly, dropping lower then to $ 1,300 an ounce today, as there were early successes in resolving the issue of the budget and the national debt ceiling

Oil: The cost of oil futures increased significantly, rising at the same time above $ 111 per barrel, which is primarily due to the reports of the kidnapping and release of the Prime Minister of Libya. The cost of the November futures on U.S. light crude oil WTI rose to $ 103.17 a barrel on the New York Mercantile Exchange.


Technical analysis for 10.10.13

EURUSD
The pair has declined to support line at 1.34882.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is aiming to 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair has risen to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has risen to 0.94635 and rolling back to 0.93493
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 09.10.13: The U.S. President Mr. Barack Obama will nominate Janet Yellen as head of the Federal Reserve System.

Asian and European trading sessions:

Euro: Industrial orders in Germany did not support the expectations of +1.2 % and +3.9 %, they fell to -0.3 % in monthly term and on +0.1 % yearly. The Euro was under pressure, the EUR / USD pair decreased lower than $ 1.34950 and continued further decline.

U.S. Dollar: The dollar strengthened against the major currencies during the European session. For the growth of the dollar did not interfere the fact that the U.S. government is in shutdown and there is no sign of progress on the budget issue.

British Pound: The pound fell against the U.S. dollar, which was triggered by the release of weak data from Britain. The industrial production in the UK unexpectedly fell in August to the lowest in almost a year. It
fell by 1.1% from July. According to the Office for National Statistics, the median forecast of economists’ rate was to increase by 0.2%. The decline of manufacturing of pharmaceutical (factories production declined by 1.2%) was largest decline and contributed to the overall bad result. During the European session the pound dropped significantly, which was also a result of negative report for the trade balance in country. The GBP / USD pair fell below $ 1.5990 showing the lows of $ 1.5950, and putting into question the strength of British economic recovery in the third quarter.

Japanese Yen: The yen fell against all major currencies after the White House spokesman, said today that U.S. President Barack Obama will nominate Janet Yellen as head of the Federal Reserve System. The news thereby increased demand for higher-yielding assets. The USD / JPY pair consolidated under Y97 ,20-Y97, 60 levels during the European session, the

American trading session:

U.S. Dollar: The White House spokesman said today that the U.S. President Barack Obama will nominate Janet Yellen as head of the Federal Reserve System. The dollar rose significantly against the euro, the most likely cause of what may be called expectations regarding publication of the minutes of the last meeting of the Committee on the open market.

Gold: The price of gold dropped significantly due to profit-taking by traders. In addition, the nomination of Janet Yellen has revived hopes of the players on the fact that the U.S. would still be able to avoid a default on the debt. The cost of the December gold futures dropped to $ 1300.60 per ounce on COMEX today.

Oil: After the Administration of Energy department reported a bigger -than-expected gain in U.S. inventories the cost of oil futures declined substantially, enhancing their earlier losses. The cost of the November futures on U.S. light crude oil WTI fell to $ 100.55 a barrel on the NYMEX.


Technical analysis for 09.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.62050 and 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has tested 0.89635 and rolling back to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is rolling back to 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611. If the pair stays below resistance 0.94635 the pair will decline to 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 08.10.13: The situation on market is uncertain on a lack of progress in the budget issue at U.S. country.

Asian and European trading sessions:

British Pound: The British pound responded by declining after information that the Bank of England will conduct the LTRO operations. The currency traded relatively volatile and its decline was not too long: the GBP / USD pair could return to previous levels, and even then refreshed the session high. The Bank of England has not reported the detailed information on the operations of LTRO; the issue probably will be cleared up at a meeting of the Monetary Policy Committee, the results of which will be announced on Thursday. The GBP / USD pair shown low below $ 1.6015, but then managed to climb to around $ 1.6115 level where it met a resistance.

Japanese Yen: The United States President Barack Obama has once again publicly called on Congress to resume funding the government and increase the “ceiling" of the public debt. This was his subject to talk about in his speech at the Federal Emergency Management Agency. After that yen reached an eight- week high against the dollar, and rebound meeting the resistance; the USD / JPY pair rose to Y97.20.

Swiss Franc: The Franc rose against the euro, after the head of the Swiss National Bank Thomas Jordan said that the policy to curb the growth of the Swiss franc against the euro, which was introduced two years ago to avoid the dangers of deflation and recession, was the correct measure to ensure price stability in the foreseeable future. Recall that the restriction of the EUR / CHF pair at 1.20 was introduced on September 11, 2011 to deal with the growth of the franc, which could undermine the competitiveness of the Swiss economy, which is the euro zone’s main export market.

American trading session:

U.S. Dollar: The data showed that exports to the U.S. economy grew by 1.9 % to 30.1 billion dollars, registering the highest level since December 2011. Imports from the U.S. rose 0.1 % to $ 26.1 billion. Thus, the trade surplus with the U.S. increased from $ 3.4 billion in July to 4.0 billion in August. The “greenback” was supported by this news.

Canadian Dollar: The Statistics Canada reported today that by the end of August trade deficit increased slightly, despite the forecasts of experts who waited a decline. Accordingly report, the Canada's merchandise exports in August rose by 2.1 % to 39.8 billion, and imports rose 1.8% to 41.1 billion, resulting in a trade deficit rose to $ 1.3 billion, compared with $ 1.2 billion in July. After the publication the Canadian dollar declined significantly against their colleagues.

Gold: The gold rose on the background of the news that the Chinese market was opened after a week-long national holidays, where have seen a small interest in buying the asset. Also a lack of progress in the budget issue in U.S. supported the gold prices. The cost of December gold futures rose to $ 1327.80 per ounce on COMEX today.

Oil: The prices for November futures on U.S. light crude oil WTI grew moderately, rising above $ 103.65 a barrel on the New York Mercantile Exchange, due to the fiscal crisis in the United States.


Technical analysis for 08.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is trading between 1.62050 and 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 07.10.13: The Canadian dollar fell on the number of building permits which were significantly worse than expected.

Asian and European trading sessions:

Euro: The euro fell back from progress highs against the U.S. dollar made at the beginning of the European session after the published data that were weaker than expected. The index of investor confidence was below expectations, the October value has decreased, contrary to expectations of growth rate fell from 6.5 points in September to 6.1 points in October, with the forecast that was at 10.9 points. Another report recorded that the euro zone GDP outcome by the end of the 2nd quarter was down by 0.6 % in year on year term, which was lower than the pre-assessment and forecast of -0,5% .The EUR / USD pair shown high of $ 1.3592 , then retreated to around $ 1.3568 level .

U.S. Dollar: The situation with the budget issues in the United States continued to dominate on the market and keep the U.S. dollar under pressure. It was added to concerns about the need to raise the debt ceiling, which will continue to put pressure on the U.S. dollar. The currency showed a moderate decline against major currencies.

Japanese Yen: The Bank of Japan has confirmed that private consumption is likely to remain stable, which will support the improvement in employment and an increase in revenue. The Bank of Japan also forecasted exports at a moderate grow pace on the background of improvement in overseas economies.
The yen rose against major currencies after the Secretary of Treasury department Jacob Lew said that Congress should increase the ceiling of government dept until October 17, or the United States will reach a “dangerously low " level of cash and runs the risk of defaulting on their payments. The USD / JPY pair tested the important support area Y96.85/50, which limited the further depreciation of the pair during the European session

American trading session:

Australian dollar: The recent report , published yesterday by the Australia Group and the Housing Industry (AiG) resulted in September, that the activity in the construction sector in Australia has continued to decline, but the rate of decline was the weakest in almost three and a half years . According to the report, the index of construction activity rose last month to the level of 47.6 points, compared with 43.7 points in August. Despite this significant improvement index remained below 50 points, indicating that the reduction of activity, while the growth of the above markers involves extension.

Canadian Dollar: The Canadian dollar fell against its counterparts after data on the number of building permits were significantly worse than expected. The data from Statistics Canada show that in August, the number of building permits fell to a record high, recorded in July, which was associated with a decrease in commercial projects, such as retail stores and office buildings. The total number of permits fell in August by 21.2 % to 6.34 billion Canadian dollars to 21.4 - percent increase in July. Economists had forecasted a decline of only 2.4%.

Gold: The gold prices rose markedly, as investors assessed the effect of reducing the dollar after U.S. policymakers failed to make progress on the settlement of the issue of the budget. The cost of the December gold futures rose to $ 1323.80 per ounce on COMEX today.

Oil: The cost of the WTI November futures on fell to $ 103.35 a barrel on the New York Mercantile Exchange after in an interview with Associated Press Mr. Obama said that it is a probability of agreement on raising the nation's debt ceiling to $16.7 trillion in the Congress.


Market review for 03.09.13: The slowdown of activity in all sectors of the British economy made a Pound suffering some losses today.

Asian and European trading sessions:

U.S. Dollar: The dollar fell to eight-month low against the euro amid the ongoing U.S. government shutdown. This fact will lead to slower economic growth in the country and can be a signal for a possible expansion of quantitative easing program, which will undoubtedly have a negative impact on the U.S. currency.

British Pound: A bit support for the pound was provided by the data on activity in the services sector of UK economy. As it became known, the activity of in this key sector of the British economy in September has remained its maximum marks, although decreased to 60.3 compare the 60, 5 in August. The economists had expected a decline to 60.4. The data also shown, that the index of activity in all sectors of the economy grew up in the 3- m quarter of up to 15 -year-old a maximum, that gave grounds to hope of growth of GDP in the quarter by 1.2 % . The GBP / USD pair fell to $ 1.6180 level during the European session.

American trading session:

U.S. Dollar: The U.S. dollar weakened against most major currencies except the pound, on the extension of shutdown of the U.S. government. Besides, the index of business activity in the U.S. service sector dropped significantly. The Institute for Supply Management (ISM) announced today that in September, the index of business activity in the U.S. service sector sharply fell reaching at the level of 54.4, compared with the August reading of 58.6 on the mark. According to expert estimates, the value of this indicator should have been only reduced to 57.2 .The greatest pressures exerted on the growth of the sub- index of employment and business activity. Also, the sub- index of new orders showed a slight decrease. The growth was noticed only in the sub-index of prices.
In addition, the report of the Ministry of Labour showed that by the end of last week, the number of American workers who first applied for unemployment benefits rose slightly, but remained near six-year low. According to the report, the seasonally adjusted number of initial claims for benefits for the week ending Sept. 28, an increase of 1 million people, reaching at the same level of 308,000 people. The result was significantly better than the forecasts of experts who had expected growth to 315K from 305K, which was originally reported last month.

Euro: The euro edged higher against the U.S. dollar to eight-month high against the evidence that the index of business activity in the U.S. service sector dropped significantly. The EUR / USD pair rose to $ 1.3650 during the session.

Gold: The cost of the December gold futures dropped to $ 1302.00 per ounce on COMEX today. Gold prices declined on weak economic performance and closing of the U.S. Government.
Oil: The cost the November futures of WTI fell to $ 103.21 a barrel from its highest level in nearly two weeks, while the partial suspension of the U.S. government has increased concerns that economic growth will slow down.


Market review for 02.10.13: The Euro rose sharply on the background of speech of the ECB President Mario Draghi.

Asian and European trading sessions:

British Pound: The pound did not even consider the weak data on the UK, which showed that up to September growth in the UK construction sector unexpectedly slowed. According to the report, the purchasing managers' index for the construction sector fell in September to a level of 58.9, up from 59.1 in August, which was the highest figure in six months. The experts were forecasted a rise to the level of 60.1. However, despite the decline, the index remains above the 50 mark for the fifth consecutive month, signaling a dramatic expansion of the total production in the construction sector. The other data showed that all three of the construction sector recorded a higher level of activity in September. Residential construction was the strongest, and the production growth was the fastest since November 2003 .The commercial construction , meanwhile, increased by the highest rate since May 2012 , and the growth of civil construction activity fell , retreating from the August high .The GBP / USD pair rose to $ 1.6230 during the European session.

Japanese Yen: The Japanese yen has increased significantly against the dollar, which was due to concerns about the U.S. budget, which continues to put pressure on market sentiment. The USD / JPY pair continued to fall for the second day in a row, having lost about 150 points after peaked at Y98.72 before the U.S. announced to stop the government's work.

New Zealand dollar: The New Zealand dollar weakened for a second day, after the central bank announced a possible decrease in interest rates.

American trading session:

U.S. Dollar: The pressure on the dollar strengthened after data showed that the number of jobs in the private sector in September rose less significant than it was expected. Accordingly report of ADP, the number of jobs increased by only 166K position last month.

Euro: The European single currency rose sharply against its competitors on the background of the speech of the ECB President Mario Draghi at the press conference as well as after the a vote of confidence was obtained by the government of Italian Prime Minister Mr. Letty. At a press conference, the ECB decided to leave rates unchanged at 0.5 % in October, saying that the rates will be left at this level or even lower for a long time. The Central Bank will keep accommodative policy to support economic activity in the eurozone.

Gold: Amid weakening dollar and stronger euro the gold prices rebounded from a two-month low. The cost of the October gold futures rose to $ 1323.30 per ounce on COMEX today.

Oil: The cost of the November futures on U.S. light crude oil WTI rose to $ 103.88 a barrel on the New York Mercantile Exchange. The oil futures extended gained after a government report showed that crude oil inventories have fallen to their lowest level since February 2012. According to the Ministry of Energy, crude oil inventories in the U.S. rose by 5.472 million barrels to 363.732 million barrels, while gasoline stocks rose by 3.495 million barrels to 219.73 million barrels, and the distillate stocks fell by 1.68 million barrels to 129.179 million barrels. Congestion of oil to the United States amounted to 89.0% against 90.3 % a week earlier. Oil reserves in Cushing terminal fell by 0.059 million barrels to 32.788 million barrels.


Technical analysis for 03.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has risen to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has reached support at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 01.10.13: The U.S. dollar fell after the U.S. Senate refused to accept the budget law. The Gold, however, took a nasty spill again.

Asian and European trading sessions:

Euro: The euro traded higher against the dollar gaining back its previous losses. The initial driver for the growth of European currency was the fact that the U.S. Senate refused to accept the budget law, as amended Republicans. The data for Germany showed that by the end of last month, the number of people who registered as unemployed has increased significantly. The issue added a little pressure on the euro, as the result was contrary to the expectations of experts. According to the report, the seasonally adjusted number of unemployed rose in September by 25K people, compared with the upwardly revised figure of 9K of previous month. According to the average forecasts of experts the value of this indicator should has came out down by 5K. Also negatively impacted the currency the report, which showed that by the end of September the euro area manufacturing sector continued to expand, albeit at a slower pace than it was seen in the previous month. The purchasing managers' index for the sphere of production fell in September to a level of 51.1, compared with 51.4 in August which was in line with the preliminary estimates released last month. The EUR / USD pair rose to $ 1.3590, and then fell to $ 1.3535 during the European session.

U.S. Dollar: The dollar fell against the pound to the lowest level since January 3 after the U.S. Senate refused to accept the budget law, as amended Republicans. Document against 54 senators voted for - 46. Earlier, the lower house for the third time this week returned the bill to the Senate.

British Pound: The British pound strengthened against the dollar, also responding to the shutdown of work of the U.S. government. The dynamics of currency trading were not impacted by the results of report on seasonally adjusted purchasing managers' index for the manufacturing sector, which demonstrated the fall in the last month to the level of 56.7. The economists had expected this indicator will rise to the level of 57.5 in September. Meanwhile, the other data showed that the volume of new orders in the manufacturing sector continued to grow strongly, with significant contribution from the domestic market. In order to cope with the increased workload, many companies significantly increased its staff showing the fastest pace since May 2011. The GBP / USD pair rose to $ 1.6265 during the European session.

Japanese Yen: The yen fell after report on the level of confidence among large manufacturers in Japan rose to the highest level since the time of onset of the global credit crisis in 2007. The Bank of Japan's Tankan index of activity in the sector of large manufacturers rose in September to 12 points level, compared to 4 in June. The USD / JPY pair traded near the of Y98.00 level today.

American trading session:

U.S. Dollar: The U.S. dollar reduced losses against the euro and other currencies after strong data on manufacturing activity and on expectations that the suspension of the federal government will be short-lived. According to the Institute for Supply Management (ISM) the reports published on Tuesday increased activity in the U.S. manufacturing, which unexpectedly accelerated in September reached its highest level this year amounting to 56.2 against 55.7 in August. The employment prospects have improved as the ISM data, index valued by Markit is above 50 levels, which indicates an increase in activity.

Gold: The gold, contrary to expectations, does not receive support in the form of a demand for “safe haven." after a partial suspension of the U.S. government's has been announced. On the contrary, after experiencing a short-term upward trend line price of gold dropped significantly. The cost of the October gold futures on dropped to $ 1285.00 per ounce COMEX today confirming the continuation of the downtrend.

Oil: The November futures of U.S. light crude oil WTI brand was down for third day after the U.S. government partially suspended work for the first time in 17 years, threatening to slow the economy and curb fuel use.


Technical analysis for 02.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806. The pair should stay above 1.34882 to be able workout the figure.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has risen to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is aiming to support at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 13: The political tensions in Italy and the issue of refinancing of the U.S. government budget commitments were played by the market participants today.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.3475 during the Asian session. The report from the Statistical Office Eurostat showed that in the month of September the annual rate of inflation in the euro zone fell to its lowest level in three and a half years, which suggested that the European Central the bank has an opportunity to postpone for a while region's economy stimulus, if it would be necessary. The EUR / USD pair is trading during the European session traded in a narrow range with no particular trend.

British Pound: The pound fell against the dollar, as many market participants were waiting for tomorrow's publication of the results of the index of manufacturing activity PMI, which accordingly the forecasts of economists, will rise to two-year high in September and will reach 57.5. Meanwhile, today's data showed that the business lending in August fell to £3.8 billion dropping during last six months by more than three times then its average decline. Compared with a year earlier the loans declined by 3.6%. The volume of loans to small and medium-sized companies fell by 3.2% compared to the same period of time. The GBP / USD pair dropped to $ 1.6125 during the European session.

Japanese Yen: The yen rose against all major currencies and reached a three-week high against the euro amid growing demand for safer assets related to the possible dissolution of the Italian government. The USD / JPY pair fell to Y97.54 during the European session.

American trading session:

U.S. Dollar: The dollar fell to a month low against the yen after the U.S. Senate has not held its meeting yesterday, and brought it to on Monday. The meeting will consider the law on the refinancing of the government budget commitments which have to pass the House of Representatives.

Euro: The euro edged higher against the U.S. dollar despite the political tensions in Italy against the background of some improvement of risk sentiment. Talks about the fact that the Italian senators from PdL party could support the Prime Minister Enrico Letta, circulated among the market participants and positively affected the dynamics of the euro. The Fitch agency issued a statement on the situation in Italy, warning that if on Wednesday at the voting the government of Enrico Letta will not receive a vote of confidence, the financial goals of the country might be jeopardized.

Gold: Despite of the uncertain future of the Fed's incentive program, the gold rose today in price. The threat of closure of U.S. government agencies was the main reason for that. The cost of the October gold futures on COMEX rose to $ 1350.95 an ounce and then fell to $ 1322.50 an ounce.

Oil: The cost of WTI oil brand fell to its lowest level in nearly three months, while the U.S. government facing off funding, which could reduce demand in the world's biggest consumers of oil. The cost of the November futures fell to $ 101.00 a barrel on the NYMEX.


Technical analysis for 01.10.13

EURUSD
The pair has drawn the Pennant. The end of the figure maybe expected at 1.36806.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair has risen to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken support level at 0.91079 and aiming to 0.89635.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair is trading around 98.718. Support is at 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rise to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 26.09.13: The U.S. dollar strengthened today in association with increased political uncertainty in Italy, as well as the release of important U.S. data.

Asian and European trading sessions:

Euro: Euro fell against the dollar amid political instability in Italy. Italian President Napolitano unexpectedly canceled his participation in a conference in Rome due to “suddenly emerged political instability." In addition, the volume of lending to the private sector in the euro area fell again in August. This was a signal of the one of the key signs that showed that the sustained recovery in the euro area has not yet emerged. Data released on Thursday by the European Central Bank showed that the volume of lending to the private sector decreased by 2.0% compared to August of last year. The EUR / USD pair fell to $ 1.3480 during the European session.

British Pound: The British pound fell against the dollar after the final data showed that annual GDP in the second quarter was revised down. The released final data by Office of National Statistics (ONS) showed that the UK economy the expanded by 0.7% in the second quarter compared with the previous quarter, which was in line with the preliminary estimates. The GBP / USD pair fell to $ 1.6034 during the European session.

Japanese Yen: The yen fell against all major currencies after the news agency Kyodo News reported that the Japanese government is planning to commit to "immediately" begin a study on the effectiveness of corporate tax rates. The head of the investment department of the Government Pension Investment Fund of Japan (GRIF), which manages 121 trillion yen ($ 1.23 trillion), Takatoshi Ito said that the beginning of the Olympics -2020 Japan should raise the sales tax to a level of at least 20 % in order to prevent a “catastrophe “on its bond market. The USD / JPY pair rose to Y99.20 during the European session.

American trading session:

U.S. Dollar: The U.S. dollar strengthened strongly against its competitors which was associated with increased political uncertainty in Italy, as well as the release of important U.S. data. Also the course of trade was affected by U.S. data that showed that the gross domestic product, the broadest measure of all goods and services produced in the economy, rose by a seasonally adjusted 2.5 % in the second quarter, in line with the preliminary value voiced last month. The economists forecasted that the revised second quarter growth rate of 2.7%.Meanwhile, another report, which was submitted to the Department of Labor, showed that the number of Americans applying for first time unemployment benefits remained near six-year low last week, indicating improvement in the employment situation. The Initial jobless claims fell by a seasonally adjusted 5,000 to 305,000 in the week ended Sept. 21. Value was lower than the forecast of economists in 319,000 new claims. The Ministry of Labour has revised slightly upwards the number of complaints in the previous week to 310,000 from 309,000.

Gold: The Gold futures traded lower, due to the release of today's U.S. data. The cost of the October gold futures dropped to $ 1323.40 per ounce on COMEX today.
Oil: The Oil prices rose today, despite the weakening of political disputes and improved supply situation, as many traders begun to open trade after a sharp fall in prices at the beginning of the month. The cost of the November futures on WTI rose to $ 103.95 a barrel on the NYMEX.


Market review for 25.09.13: The Consumer confidence in Germany rose to the highest since June 2007.

Asian and European trading sessions:

Euro: The Consumer confidence in Germany rose to the highest post-crisis levels since June 2007. As it was revealed by the research group GfK, the GfK consumer climate index rose to 7.1 in October, while the index September’s was also revised up by 0.1 points to 7.0. The result was in line with analysts' forecasts. The component “willingness to buy " added 0.6 points to 45.0 points in September , and remains at the highest level since December 2006 . The economic expectations component rose by 8.9 points to 10.7. On the other hand, expectations of household income declined 3.5 points to 33.7 and fell to second month in a row after four consecutive periods of growth. The euro rose against the dollar to the level of $1.3520.

British Pound: The British pound rose against the dollar after data on retail sales in the UK. Accordingly the Confederation of British Industry (CBI), the retail sales in September rose to its highest rate in 15 months. The volume index of retail sales in September reached 34, the highest level since June 2012, when it was only 42. The result indicated that consumer confidence, which is an important part of the economy, continues to strengthen. The GBP/USD pair moved up to the level of $1.6060 during the European session.

New Zealand Dollar: The New Zealand dollar fell against all major currencies, after the official data released today recorded the growth of the trade deficit of the country up to NZ $ 1,2 billion ($ 989 million) in August. The result was the worst in the last five years.

American trading session:

U.S. Dollar: The dollar declined significantly against the euro, which was associated with the release of data on Germany and the United States. The U.S. data showed that orders for manufactured durable goods showed a slight increase in August as demand for aircraft and military equipment declined. Another data revealed that the total orders for durable goods rose in August by 0.1 % to a seasonally adjusted $ 224.92 billion while economists forecasted that orders will remain unchanged from the previous month. Meanwhile, another report showed that sales of new U.S. homes rose in August by 7.9 % to a seasonally adjusted annual rate of 421K recovering from a big drop in July. The increase was due to increased sales of new buildings in three of the four regions. The sales rose at the fastest pace of growth since January, while economists had expected sales to rise to 422K, compared with the initial estimate of sales in July of $ 394,000. On Wednesday, the U.S. Commerce Department revised the July sales down to 390,000.

Gold: The cost of the October gold rose moderately to $ 1333.00 per ounce, completely offsetting its earlier decline.

Oil: The cost of the November futures of WTI oil futures rose slightly to $ 103.39 a barrel on the NYMEX against reducing the likelihood that new talks on Iran's nuclear program will bring a rapid improvement in relations with the United States.


Technical analysis for 26.09.13

EURUSD
The pair has declined to support level at 1.34882. If the pair breaks this level the pair will decline to 1.34218. If the pair stays above 1.34882 the pair will rise to 1.35984.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322 for support. If the pair breaks this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to the support level at 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading around 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has drawn the Pennant. If the pair breaks upper level of the Pennant the pair will workout the figure and rises to 0.95611.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 24.09.13: The currency of Australia and New Zealand fell against most major currencies amid falling Asian stock indexes.

Asian and European trading sessions:

Euro: After data on business sentiment in Germany, which were weaker than expected the euro exchange rate fell slightly against the dollar. The Ifo survey showed that business climate index rose to 107.7 in September from a revised 107.6 in August, while many economists' expected it at the level of 108.4. Also, the Ifo business expectations index rose to 104.2 in September from 103.3 in the previous month, where accordingly to forecasts the index had to grow to 104 mark. The current conditions index fell slightly to 111.4 from 112 in August with forecast an increase to 112.6. The EUR / USD pair fell to $ 1.3470 during the European session.

British Pound: The British pound fell against the dollar after the data that showed that the approved applications for mortgage loans increased in August, both in quantity and in value terms in the UK. The data presented by the British Bankers Association (BBA) confirmed that the number of mortgages approved for house purchase rose to 38,228 which is the highest level since 2009. However, the August level was below the consensus of the forecast of 38650. In value terms, mortgage applications to purchase homes rose to 6 billion British pounds from 5.8 billion pounds in July. In addition, the data showed that the level of unsecured borrowing rose by 0.3% compared with a year earlier. As part of the annual growth of credit cards was 6.7 % surpassing the personal loans and overdrafts, which grew by 5.1%. The GBP / USD pair fell to $ 1.5956 during the European session.

New Zealand Dollar and Australian Dollar: The currency of Australia and New Zealand fell against most major currencies amid falling Asian stock indexes, departing from theirs the four-month high.
.

American trading session:

U.S. Dollar: The dollar allowed for its competitors to recover some of the lost ground which was helped by the U.S. data, demonstrated that the consumer confidence presented by Conference Board fell in September. The Index is currently 79.7 compared to 81.8 in August. The current conditions index rose to 73.2 from 70.9. And the expectations index fell to 84.1 from 89.0 last month.

Gold: The gold prices declined moderately today, registering with the decline in the fourth session in a row, which was associated with the strengthening of the dollar. The cost of the October gold futures dropped to $ 1315.00 per ounce on COMEX today.

Oil: The cost of WTI oil futures fell slightly, dropping at the same time below $ 102.80 per barrel as geopolitical tensions eased, and there were some new evidence of increases in oil supplies from Libya and Iraq.


Technical analysis for 25.09.13

EURUSD
The pair has declined to support level at 1.34882. If the pair breaks this level the pair will decline to 1.34218.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322 for support. If the pair breaks this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to the support level at 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading around 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 0.94635 and 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 23.09.13: The oil prices fell markedly on a possible improvement in US- Iranian relations.

Asian and European trading sessions:

Euro: The euro exchange rate fell slightly against the dollar after the data on manufacturing activity in the euro area came out weaker than economists' expectations. However, the Purchasing Managers 'Index rose primarily due to improved activity in the services sector. The production index rose in September more than expected to a 27- month high of 52.1 compared with 51.5 in August, while the economists had expected a rise to 51.7. The index of purchasing managers in the services sector reached 52.1 compared with 50.7 in August. Activity in the services sector rose a second month in a row and expanded at the fastest pace since June 2011. Meanwhile, the index of manufacturing activity fell to 51.1 in September from 51.4 in August, yet industrial production increased for the third consecutive month. The EUR / USD pair fell to $ 1.350 area during the European session.

U.S. Dollar: The dollar was higher today against all currencies excluding the yen ahead of today's speech, the president Federal Reserve Bank of New York and Atlanta Fed Dudley Dennis Lockhart. Recall that last week, the Fed unexpectedly refrained from lowering monthly asset purchases, saying that more signs of sustainable recovery of the labor market.

Australian Dollar: The Australian dollar rose after today's publication of the preliminary data of the manufacturing index from HSBC PMI on China’s economy. This month the index rose to 51.2, from 50.1 in August, while analysts had expected growth of only 50.9.

American trading session:

U.S. Dollar: The little pressure on the U.S. dollar had data on the index of business activity in the industry. The index of manufacturing activity in the U.S. PMI Markit weakened to 52.8 versus 54.2 and 53.1 which was its previous result. The decrease was primarily due to a reduction in new orders, including export, as well as the deterioration of the employment situation.

Japanese Yen: Against the background of the fact that the U.S. Treasuries rose and their yields fell on discussing the Fed's rate of economic growth, the yen rose against most major currencies. The yield on 10-year bonds fell by 1 basis point to 2.726 %. The yield on 30 -year bonds also fell by 1 basis point to 3.755 %, and 5 - year securities - 1.5 basis points to 1.469 %. The speeches by leaders of the Fed after the decision of keeping the asset purchase program again raised the question of when the Fed is ready to stop easy monetary policy.
The USD / JPY pair fell to Y98.80 during the session.

Gold: The cost of October gold futures dropped to $ 1327.60 per ounce on the COMEX today expanding the losses of the previous session. Many investors continued to weigh the Fed's comments with regard to stimulus.

Oil: The cost of the WTI November futures fell to $ 103.44 a barrel on the NYMEX. The oil prices fell markedly, as the higher the volume of production in Iraq and a possible improvement in US- Iranian relations have improved the outlook for oil supply.


Technical analysis for 24.09.13

EURUSD
The pair has declined to support level at 1.34882. If the pair breaks this level the pair will decline to 1.34218.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is testing 1.60322 for support. If the pair breaks this level the pair will decline to 1.58543.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has declined to the support level at 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair is trading around 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 0.94635 and 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.91360


Market review for 19.09.13: The New Zealand dollar rose after a report of GDP showed an increase.

Asian and European trading sessions:

U.S. Dollar: The U.S. dollar index fell to its a seven-month low to 80 mark, after the Federal Reserve decided to leave interest rates at the current level of 0.25 %, and keep the size of the monthly program of asset purchases at the previous level of $ 85 billion. The authorities found it necessary to wait for the new signs of steady improvement in the economy.

Japanese Yen: After the Ministry of Finance of Japan stated at the publication of the Government's report on the trade balance of the country that the trade deficit decreased to ¥960 billion y ($ 9.8 billion) in August, while analysts expected a rise in the deficit to ¥1,100 billion the yen continued to fall against all major currencies after. The USD / JPY pair rose to Y99.0 area.

New Zealand Dollar: The New Zealand dollar rose after a report published today gross domestic product report for the second quarter showed an increase by 2.5 %, exceeding the average forecast of analysts, who expected to see growth of 2.3%.

Swiss franc: The Swiss franc rose slightly against the dollar amid the release of economic forecasts SECO. The State Secretariat for Economic Affairs (SECO) on Thursday cited the increase in domestic demand and raised its economic forecast for Switzerland for 2013 and 2014,
.

American trading session:

U.S. Dollar: The U.S. dollar rose slightly against its competitors after data on the labor market and U.S. housing, which were announced by the Department of Labor, showed that at the end of last week, the week ending September 14, the number of American workers who first applied for unemployment benefits rose slightly, increasing by 15K people, and reaching a level of 309K. The result was significantly better than the forecasts of experts who had expected growth to 323K from 292K, which was originally reported last month.

British Pound: The pound fell markedly against the dollar, which in the first place was due to the publication from the Office for National Statistics of the weak performance on Britain. As it was shown by data, at the end of last month the amount of UK retail sales unexpectedly contracted due to marked decline in sales in food stores. According to the report, in a monthly basis, retail sales including automotive fuel, fell last month to 0.9%, while experts averaged this value by growth by 0.5%. Also, the data showed that sales excluding automotive fuel fell 1 percent after rising by 1.2% in July, while economists forecasted that they will remain unchanged.

Gold: The cost of the October gold futures on COMEX today rose to $ 1375.80 per ounce. The prices rose after the U.S. Federal Reserve decided to leave unchanged its program of bonds purchasing. A promise of continuing pursuing a policy of "cheap money” has increased the demand for the precious metal.

Oil: The cost of WTI oil brand fell for the fourth time in five days after the oil production in Libya has increased and President of Syria Bashar al-Assad said that Syria will provide information about its chemical weapons. The cost of the October futures fell to $ 107.00 a barrel on the NYMEX.


Technical analysis for 19.09.13

EURUSD
The pair has risen to the Fibonacci 50% 1.35073.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has risen to 1.61352. The pair may rise to the resistance level at 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken 0.92026 and declined to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has declined below 98.718, but may return for a test to 98.718 again.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken 0.94635 and aims to the Moving Average (200) at 0.95959.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 18.09.13: The Dollar lost its battle. The Fed left the bond purchases at the same amount.

Asian and European trading sessions:

Euro: The course of trade of euro area did not even consider the data, which showed that by the end of July construction output in the euro zone rose again, although recorded improvement at a slower pace than the previous month, yet showing fourth monthly increase in a row. Many of experts assumed that the sector continues to recover from an unusually cold winter. According to the report, the July construction output rose on a monthly basis from seasonally adjusted 0.3% to the level of 0.9 %.The EUR / USD pair did not reacted on these news and continued trading in a narrow range as many market participants awaited the decision of the FOMC meeting.

U.S. Dollar: The dollar was kept tight, as many market participants were waiting for the announcement of the results of the two-day meeting of the FOMC. Many forecasts anticipate that today the U.S. Federal Reserve is expected to begin a retreat from the ultra - loose monetary policy through the small decline in bond purchases, while stressing that interest rates will remain at a level close to zero for a long time. Most economists expect the Fed will roll monthly purchase by a modest $ 10 billion to total $ 75 billion, which would signal the beginning of the end of an unprecedented monetary expansion.

British Pound: This month, members of the Committee of the Bank of England voted unanimously to maintain the policy unchanged. The pound rose significantly against the dollar, which was associated with the publication of the protocol of the Bank of England. The”minutes” meeting, which was held on September 3-4, showed that “no member believed that additional incentives would be appropriate at the present time." In the report, published today, was revealed that the politicians have voted " 9-0 " for the conservation program of bond purchases at around 375 billion pounds (598 billion dollars) and for keeping interest rates unchanged at a record low of 0.5%. The GBP / USD pair rose to $ 1.5980 during the European session.

Japanese Yen: The yen weakened against most major currencies, against the background of Japanese stocks, which led to a drop in demand for safe-haven assets. The USD / JPY pair fell Y9.77, then rebounded to Y99.00 area.

American trading session:

U.S. Dollar: The U.S. Fed's decision on interest rates was on keeping the interest rate at 0.25 % with 0.25 % forecasted and leaving the buying bonds without any change. The FRS upheld thresholds for unemployment and inflation. In its statement it reads that the continuation of bond purchases at 85 billion dollars a month will contribute to stronger economic improvement. The U.S. Dollar sharply fell against the Pound, to its lowest level since January and against the euro, the lowest level since February.

Gold: The gold took advantage of the weak dollar strengthening to the highs of $1368 per troy ounce level after the news of FOMC meeting.

Oil: The cost of West Texas Intermediate oil brand rose after a government report showed that U.S. inventories fell to the lowest level since March 2012. The cost of the October futures rose to $ 107 a barrel on the NYMEX today.


Technical analysis for 18.09.13

EURUSD
The pair is testing 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is trading around 1.58543.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading between 0.93069 and 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trading between 99.888 and 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has reached the Moving Average (100) at 0.93139 and may roll back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Market review for17.09.13: The market in anticipation of an outcome of started today Federal Reserve of U.S. meeting.

Asian and European trading sessions:

Euro: The euro rose today against almost all its competitors due to the anticipation of the announcement of the outcome of meetings of the Open Market Committee of the Federal Reserve of U.S., which begins today and will end tomorrow. According to the median forecast of economists, the majority of the voting committee may decide to reduce the amount of monthly purchases of bonds to $ 75 billion to $ 85 billion
The Statistical Office Eurostat reported today that the seasonally adjusted trade surplus of the euro zone fell in July to a level of €11.1 billion, compared with a revised downward from the previous month at €13.5 billion. According to the average of experts surplus in trade in goods would have increased to 15.3 billion from €14.9 billion, which was originally reported. In addition, the data showed that exports in July totaled €155.9 billion, down 1.6% from June, while imports reached €144.8 billion, which is 0.1 % less than in the previous month. The EUR / USD pair rose to $ 1.3369 during the European session.

British Pound: The pound was slightly under pressure due to weak results of important macroeconomic reports. It is learned from the Office for National Statistics, at the end of last month, the growth of annual inflation slowed again, registering the second monthly decline in a row. According to the report, in the month of August consumer price index in UK rose by 2.7 % per annum, compared with an increase of 2.8 % in July, which was confirmed the experts' forecasts. In addition, it was reported that on a monthly basis the consumer price index rose 0.4 %, after the previous month. Meanwhile, the core inflation, which excludes the cost of energy, food, alcoholic beverages and tobacco products, remained unchanged in August - at the level of 2 %, confounding economists' expectations for a moderate increase to 2.1 %. Another report from the Office for National Statistics showed that producer prices rose in August by 1.6 % per annum, compared with an increase of 2.1% a month earlier. Experts estimate the growth of this index was up 1.8%. In monthly terms, wholesale prices rose by 0.1 %, which followed a 0.2 percent increase in July. It was assumed that the growth will be 0.2 %. The pound rose slightly against the dollar; the GBP / USD pair rose to $ 1.5940, and then fell to $ 1.5878 which was accompanied by a release of weak data for UK.

American trading session:

Euro: The data published today institute ZEW of German showed that the index of sentiment in the business environment has grown significantly in the month of September, registering with the second monthly increase and exceeded the estimates of many experts. According to a report this month, the indicator of economic sentiment for Germany's business climate rose to 49.6, up from 42 in August. Meanwhile, studies have shown that the current conditions index also rose, registering the third consecutive monthly gain. The value of this index in September rose to the level of 30.6, up from 18.3 last month. It was the best figure since June last year. The currency received slight support on this data.

U.S. Dollar: The data published on U.S. inflation demonstrated that the consumer prices at the end of last month rose less than expected, continuing with a series of "soft" reports on inflation, which will affect the decision of the Federal Reserve officials on future policy. According to the report, the August consumer price index rose by 0.1 %, compared with an increase of 0.2 % in the previous month. Core CPI, which excludes food prices and energy costs, also rose by 0.1 % added that the CPI was slightly below forecasts of experts - at the level of 0.2 %, while the growth of the underlying index confirmed their expectations. In addition, it was reported that on an annual basis, consumer prices rose in August by 1.5 %, which was followed after increasing by 2.0 % a month earlier. Meanwhile, the core consumer price index rose by 1.8 %, compared with growth of 1.7 % in July. According to experts, the value of these indicators would grow by 1.6 % and 1.8%, respectively.

Canadian Dollar: The sales volume manufacturers in Canada rose in July by 1.7 % to 49.5 billion Canadian dollars. The results gave some hope for the growth GDP in Canada in July, as the data of producers’ show that the economy is growing. The currency grew against its competitors.

Gold: The gold prices have stabilized slightly above the five-week low, as investors await news from the Fed about the reduction incentive program. The cost of the October futures of gold traded in the range of $ 1306.60 - $ 1323.70 per ounce today on the COMEX.

Oil: The cost of U.S. light crude oil WTI became cheaper again today after agreement with Russia to eliminate chemical weapons to Syria, and on speculation that the Federal Reserve will start reducing incentives. The cost of the October futures fell to $ 105.30 a barrel on the NYMEX.


Market review for 16.09.13: The news that the U.S. Treasury Secretary Larry Summers withdrawn his candidacy for the post of chairman of the Federal Reserve System was in markets focus today.

Asian and European trading sessions:

Euro: During the European session the EUR / USD pair rose to $ 1.3375 level. The impact on the trading dynamics of the asset had Mr. Draghi speech and data for the euro area. The European Central Bank President Mario Draghi confirmed again the benchmark for future policy of ECB, saying that interest rates will be remained at current or lower levels for an extended period, as the economy is still fragile. The consumer price data showed that on an annualized basis the index in August rose by 1.3 % matching the preliminary estimates, while slowing the pace of its growth compared to July, when the value of this index increased by 1, 6%. As for the monthly inflation, it was at 0.1% in August, which completely corresponded to experts estimates.

U.S. Dollar: The dollar fell to a two-week low against the euro after former U.S. Treasury Secretary Larry Summers has withdrawn his candidacy for the post of chairman of the Federal Reserve System. In a letter to Barack Obama, he wrote that he wanted to avoid unnecessary conflicts.

British Pound: The pound rose sharply against its competitors, also responding to the gathering of the race of the candidates for the post of head of the Fed. The trading dynamics were also affected by information from Rightmove. As it became known today, the agency Rightmove expects housing prices in the country will grow by 6% this year, which is much faster than the earlier forecast of 4 percent growth. The Rightmove also raised its forecast for UK house prices, which was primarily due to the fact that demand continues to exceed supply, amid concerns that the new scheme the government to increase the activity in the housing market will fuel the real estate "bubble". However, the house prices fell by 1.5% on a monthly basis in September which was a part of the summer traffic; the market continued to record a fall in prices. The GBP / USD pair rose to $ 1.5960, and then retreated to $ 1.5910 during the European session.

Japanese Yen: The yen fell against its competitors after the Syrian Minister of National Reconciliation Mr. Heidar Ali said that Damascus pleased with the agreement reached by U.S. Secretary of State John Kerry and the Minister of Foreign Affairs of Russia Sergey Lavrov on the subject of chemical weapons in Syria. The USD / JPY pair fell to Y98.68 level then was able to Y99.16 area.

American trading session:

U.S. Dollar: The U.S. dollar rose against other major currencies against the background of mixed statistics, which were presented by the Federal Reserve Bank of New York. According to the reports, in September, the index of manufacturing activity from the Federal Reserve Bank of New York fell to 6.29 , compared to 8.24 in August. According to the average forecast of economists, the value of production index would have grown to the level of 9.2. The fall was due to the deterioration of the employment situation. The industrial output rose moderately at the end of last month, which was another sign of recovery of the manufacturing sector. The seasonally adjusted volume of industrial production increased in August by 0.4 %, which was followed after zero growth in July, while the level of use of the existing production capacity increased by 0.2 percentage points - to the level of 77.8 %. However, the growth of industrial production was slightly below forecasts of experts - at the level of 0.5 %.

Gold: The cost of the October gold futures dropped to $ 1307.10 per ounce today on COMEX. The gold prices declined as investors' confidence that the Fed will begin reducing incentives in September.

Oil: The cost of U.S. light crude oil WTI brand fell to two-week low after the plan for the elimination of chemical weapons to Syria reduced the risk of disruptions in the export of oil from the Middle East. The cost of the October futures fell to $ 106.10 a barrel on the New York Mercantile Exchange.


Technical analysis for 17.09.13

EURUSD
The pair is testing 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.58543 and aiming to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
USDCHF
The pair is trading between 0.93069 and 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is trading between 99.888 and 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has reached the Moving Average (100) at 0.93139 and may roll back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


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Market review for 12.09.13: The gold prices have declined substantially, losing nearly 3% ahead of the Fed meeting next week.

Asian and European trading sessions:

Euro: The euro today was lower at the earlier trading session on weak data on industrial production in the euro area. According to Eurostat, the industrial production fell by 1.5% in July compared with the previous month rise by 0.6% in June and forecasts of reduction by 0.1%. The intermediate goods fell by 0.7%, while the production of energy fell by 1.6%. The production of capital goods and durable consumer goods fell by 2.6% and 2.2%, respectively. The consumer non-durable goods fell by 0.9%. On an annual basis, the industrial production decline deepened to 2.1% from 0.4% in June exceeding the consensus forecast of a 0.1% drop. The EUR/USD pair fell to $ 1.3285 during the European session.

British Pound: The pound rose to the comments of the head of the Bank of England and crossed the mark of $ 1.5800, but later backed down and continued to decline. Mr. Carney statements were more aggressive than usual. The head of the Bank of England said that "the monetary authorities set the medium-term inflation target of 2.5 % instead of 2% due to the fact that 35 % of the unemployed are still long-term unemployed." Mr. Fisher and Mr. Miles also noted that "the achievement of 2.5 % level of inflation will force the Bank to reconsider the policy," and "the positive reaction of markets on improvement the GDP may be temporary." The GBP / USD pair dropped to $ 1.5785 on these statements during the European session.

Japanese Yen: The yen rose after Tokyo published the data on the volume of new orders for machinery and equipment in Japan. In July, this figure did not change and was at June’s data at -2.7 %, while analysts had expected growth of new orders for 2,4% .The USD / JPY pair fell to Y99.20 during the European session.

Australian Dollar: The Australian dollar fell against all of its major counterparts after the Bureau of Statistics today in Sydney issued a negative report on employment in Australia. In details, in the last month, the number of employees in the country declined by 10K, which was revised for the worse values in the July 11K jobs, while the experts had expected increase.

New Zealand Dollar: The New Zealand dollar strengthened against all of its major counterparts after the Reserve Bank of New Zealand hinted about a possible rise in interest rates in the first half of 2014.

American trading session:

U.S. Dollar: The dollar fell sharply against most of its counterparts, losing the all previously earned positions as too optimistic data on treatment for unemployment benefits had been distorted because of the invalid parameters submitted by the different states. As it was learned, the primary applications for unemployment benefits in the U.S. unexpectedly fell in the week ended Sept. 7 to the lowest level in more than seven years. The Labor Department said that initial applications for unemployment benefits fell to 292K, which was by 31K less than the previous week's 323K which has not been revised. The decrease came as a surprise to economists, who had expected that the primary applications will grow to 332K.

Gold: The gold prices have declined substantially, losing nearly 3% and dropping to $ 1330.50 per ounce ahead of the Fed meeting next week at which the central bank could shed light on the future of its program of quantitative easing.

Oil: The cost of the October futures rose to $ 108.43 a barrel on the NYMEX as investors expected to see that diplomatic efforts to eliminate chemical weapons Syria will avoid attack by the United States, which could further disrupt the oil supplies from the Middle East.


Technical analysis for 12.09.13

EURUSD
The pair has reached 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is aiming to the resistance level at 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53348
USDCHF
The pair is working out Single Top. The pair will reach 0.92026 if stays below 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
If the pair stays below 99.888 the pair will decline to 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has reached the Moving Average (100) at 0.93139 and rolling back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Market review for 11.09.13: The British pound has grown substantially after positive results of the report on employment in UK.

Asian and European trading sessions:

British Pound: The GBP / USD pair during the European session crossed the mark of $ 1.5800 and continued to rising to $ 1.5840 after the release of the report on employment in the UK. According to the Office for National Statistics, the number of people who claimed unemployment benefits fell by 32,600 people to 1.40 million, to its lowest level since February 2009. The economists had expected a fall of 21,200. As a result, the unemployment rate in August fell to 4.2% from 4.3% in July; while the experts forecasted this value remain unchanged at 4.3%. The unemployment rate in the three months to July was 7.7%, which is lower by 0.1 percentage points lower than in the period from the last period of February to April. Unemployment rates were slightly lower than expected 7.8%.

Japanese Yen: The yen fell to a seven-week low against the dollar after U.S. President Barack Obama at a closed meeting with senators urged the Senate to delay the vote on approval of military intervention in Syria before considering possible solutions for the conflict. The additional pressure on the Japanese currency had a growth of stock indices on all Asia Pacific financial markets. Later, the USD / JPY pair fell to Y100.10 on correction

American trading session:

Euro: The euro rose sharply against the U.S. dollar reaching $ 1.3300 areas. The euro has grown substantially since the deposition of the vote on approval of military intervention in Syria has reduced demand for refuge assets.

Gold: The gold prices fell slightly today which was associated with a reduced likelihood of military action against Syria. Also, the physical demand from Asia and other region remains weak, despite the fact that the price of gold fell below the psychologically key level of $ 1,400 an ounce. The cost of the October gold futures dropped to $ 1362.50 per ounce on COMEX today.

Oil: The oil prices moderately increased, approaching with up to a its daily highs, for the first time after followed a fall of more than 4 % in the last two days against reducing concerns about a military strike on Syria. The cost of the October futures on U.S. light crude oil WTI rose to $ 107.77 a barrel on the NYMEX.


Market review for 10.09.13: The U.S. dollar fell against almost all its competitors on postponing of military intervention in Syria.

Asian and European trading sessions:

Euro: The euro fell against the dollar after the data on industrial production in France came out weaker than expected. The information presented today by the statistical office Insee, showed that the volume of French industrial production fell unexpectedly by 0.6% in July compared with the previous month June where the rate was at 1.4% decline. The production, according to expectations, would have to be higher by 0.5%. The EUR / USD pair fell to $ 1.3225 level during the European session.

Japanese Yen: The yen fell today against its competitors as the Bank of Japan announced its firm intention to continue easing the monetary policy. This was stated in the minutes of the last meeting of the Central Bank, which was held last week. The USD / JPY pair rose to Y100.40 area during the European session.

Australian Dollar: The Australian dollar rose to a six-week high on the background of improved business confidence after the election. Accordingly to the National Australia Bank, the business confidence in Australia in August rose to its highest level since May 2011 against the expected victory of the coalition of the Liberal and Conservative parties in the recent elections.

American trading session:

U.S. Dollar: The dollar fell against the euro losing the all previously earned a position on the background of the fact that the information that has been published today in Washington by the Labor Department of U.S. The report resulted that the number of vacancies in the private sector in the U.S. decreased in July by 180K to 3.69 million compared with the revised 3.87 million the previous month. The pace of hiring also increased. The other main news that put pressure on the dollar today was the information that the U.S. secretary of state John Kerry said the United States will study the offer from Russia to Syria. Note that Russian diplomats over the past day could seriously change the approach to the Syrian issue.

Gold: The gold prices declined significantly today, while losing about 2%, dropping to $ 1362.00 per ounce after Syria accepted the offer of Russia to give up chemical weapons in order to prevent a strike by the United States.

Oil: The prices of the WTI October futures fell sharply today to $ 106.70 a barrel on the NYMEX, registering with the second session decline in a row, which was connected with an attempt to resolve the Syrian diplomatic issue, and the decision of the Senate of the United States to postpone the vote on military intervention in Syria.


Technical analysis for 11.09.13

EURUSD
The pair has found support at 1.31674 and rising to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to 1.57309. The pair may decline to support level at 1.56722 if stays below 1.57309.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53348
USDCHF
The pair’s support is 0.93069, resistance is 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to the channel line at 100.707.
Resistance: 101.207, 102.567, 105.649
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has reached the Moving Average (100) at 0.93139.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Technical analysis for 10.09.13

EURUSD
The pair has found support at 1.31674 and rising to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair’s is trying to break resistance is 1.56722, is the pair stays above this level the pair will rise to the channel line at 1.57962.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is aiming to the support level at 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
If the pair stays below 99.888 the pair will workout Double Head and decline to 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is aiming to the Moving Average (100) at 0.93139.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.91366, 0.90284


Market review for 09.09.13: The Japanese Yen became cheaper after the International Olympic Committee decided that the 2020 Summer Games will be held in Tokyo, the capital city of Japan.

Asian and European trading sessions:

Euro: The euro strengthened after strong data on investor confidence. The EUR / USD rose to $ 1.3262 during the European session. The index of confidence of European investors Sentix jumped in August to around 6.5 - against the July results of 4.9 strengthening for the first time after 26 months of negative performance.The economic analysts had expected it growth to only -4.0.

U.S. Dollar: The U.S. dollar tried to grow on earlier sessions still on the background of last week expectations that the Fed will shut down the incentive programs in September.

Japanese Yen: The yen fell against other major currencies at the beginning of today's session. The currency became cheaper after the International Olympic Committee decided in a vote that the 2020 Summer Games will be held in Tokyo, the capital city of Japan. Later, however, the pressure on the Japanese currency had a published report on Japan's GDP for the second quarter of 2013. The result of it increased by 3.8 % compared to the second quarter of 2012 and previously reported increase 2.6 % in the April-June. The analysts had expected a more significant revision - to 3.9 %. The Cabinet of ministers expects economic growth of 2.8% in the current financial year ending 31 March 2014. The USD / JPY pair rose to Y100.07 level and than fell to Y99.25 during the European session.

Australian Dollar: The Australian dollar hit a three-week high against the U.S. colleague after the trade surplus of China in August 2013 increased by 60.1 % to $ 28.5 billion from $ 17.8 billion in July. The index reached its highest level since January 2013.

American trading session:

U.S. Dollar: The dollar declined significantly against its major counterparts on the uncertainty around the reduction of quantitative easing programs in the U.S. The markets were still analyzing the data on non-farm payrolls, which were released on Friday. The investors expect that the Fed will begin reducing incentives in September, despite the negative statistics.

British Pound: The pound was strong today as the British currency is still prevalent among traders. The GBP / USD pair rose sharply to $ 1.5685 during the European session, leaving behind a mark of $ 1.5700 and tested the multi-week peak around $ 1.5732. The experts pointed out that there is still the balance of risks indicates a weakening of the pound by the end of the year, as there is no confidence in the stability of the British economy recovery.

Gold: The gold prices fell slightly today, as many market participants continue to analyze the U.S. employment data published on last Friday. The cost of the October gold futures rose to $ 1389.20 per ounce on COMEX today.

Oil: The cost of the October of WTI oil futures declined markedly today falling to $ 108.82 a barrel on the New York Mercantile Exchange. The oil dropped from the two-year high against the background of the fact that President Barack Obama is struggling to convince Congress of the need for a military strike on Syria.


Market review for 05.09.13: The dollar was strong after positive ADP report, unemployment data and activity in the U.S. service sector.

Asian and European trading sessions:

Euro: The euro restored all the previously lost positions against the dollar ahead of the ECB press conference and U.S. data. The trading dynamics of the currency were partly influenced by today’s placement of bonds by Spain and France. The results of today auction, which was done through the sale of 10 - and 5- year bonds attracted €4 billion, reaching the upper limit of the target range €3 -4 billion. The EUR / USD pair rose from $ to $ 1.3220 during the European session.

British Pound: The pound rose sharply against the dollar, against the decision of the Bank of England, which left the key lending rate at a record low 0.5 % on today's meeting. The Bank of England intends to maintain the rate at a low level, at least as long as the rate of unemployment in the country will not fall under the 7% mark, therefore the Central Bank has kept the buyout of assets on £ 375 billion. During the European session, the GBP / USD pair rose to $ 1.5665 area.

Japanese Yen: The yen fell against the dollar, after strengthening against all major currencies when the Bank of Japan raised its assessment of the economic growth of the country, and left its program of quantitative easing unchanged. It should be noted that today, the Bank of Japan said that the country's economy is recovering. The government plans to raise the consumption tax from 5% to 8% in April next year, and a decision about the strategy to be announced in early October. In addition, in order to achieve the target level of 2% inflation over the current leniency policy, the Bank of Japan unanimously decided to keep the key policy of increasing the money supply by ¥60-70 trillion in the year through the purchase of government bonds in Japan. During the European session, the USD / JPY pair reached the level of Y100.15.

American trading session:

U.S. Dollar: The big contribution for strengthening of the dollar made a positive data on activity in the U.S. service sector. According to national survey of managers conducted by ISM, the economic activity in the non-manufacturing sector in the U.S. rose 58.6 % in August from 56.0 % in July. This showed that the growth in the non-manufacturing sector has accelerated. In addition, the data submitted by the Department of Labor today showed that at the end of last week, Initial Jobless Claims reached with levels seen before the recession. The report showed that for the week ended Aug. 31 , the number of those who applied for a first time unemployment benefits fell moderately from a seasonally adjusted at 9K, down to the level of 323K, while many economists predicted that this figure will drop to 330K from 332K.The dollar index was up today and reach the 82.60 areas.

Euro: The EUR / USD continued its decline as a reaction to the speech of ECB President Mr. Draghi who announced that the increase in GDP forecast for 2013 will be by 0.4 % from July's forecast of 0.6%, mentioning the existed risks. He also reiterated that interest rates should remain at current levels or below “for an extended period ", while the central bank is ready to act at any time. again updating the session low , which has helped the publication of positive data on the index of business activity in the services sector. The pair is currently trading at $ 1.3124 EUR / USD turned and fell below $ 1.3200 after data ADP employment and appeals for unemployment benefits, as well less than was recorded in the previous week. Note that the latter figure was the lowest since October 2007, which were several months before the start of the last recession.

Gold: The gold prices were falling for the fourth time in five sessions because of the strong dollar after the data on ADP report, unemployment and activity in the U.S. service sector. The cost of the October gold futures dropped to $ 1363.50 per ounce on COMEX today.

Oil: The cost of the October futures of WTI oil brand rose to $ 108.50 a barrel on NYMEX, rising after the U.S. Energy Department data showed a drop of oil stocks in last week.


Market review for 04.09.13: The pound was significantly higher today due to positive report on the performance of the PMI of services sector index.

Asian and European trading sessions:

Euro: The euro retreated from session highs against the dollar, against the background of the weak retail sales data. According to the report, in July retail sales rose by 0.1 % compared to the previous month. Many experts believed that the value of this index will rise by 0.5 %, after falling 0.7 % in June, which was revised upwards from -0.5 %. On an annual basis, retail sales fell in July by 1.3 %.The expected fall was projected at by only 0.3 %.Meanwhile, the report on GDP in the second -quarter showed a growth by 0.3 %, thus confirming the predictions of experts and the previous estimate. On an annualized basis, the GDP fell by 0.5%, which was slightly lower than originally reported - at 0.7% reduction. The EUR / USD pair rose to $ 1.3188, but then fell to $ 1.3171 during the European session.

British Pound: The value of the pound was significantly higher against the dollar, which was helped by a report on the index of the PMI services sector. The results of recent studies that have been presented Markit Economics and BME showed that the activity in the UK service sector has grown considerably in last month, registering with the fastest pace of expansion in more than six and a half years. The growth of the overall index was led by increase in the number of new orders received by the British services sector, which rose at the fastest pace in more than 16 years, due to the ongoing strengthening market confidence and improve marketing. In details: the seasonally adjusted index rose in August to a level of 60.5 from 60.2 in July beating the economists’ expectation of decline to 59.8. In addition, the prices for the products recorded a slight increase. The study showed that the British service providers still believe that the activity will continue to grow over the next year. The GBP / USD pair rose to $ 1.5640 during the European session.

Australian Dollar: The Australian dollar significantly grew against its U.S. counterpart, responding thus to the GDP report, which were published today by the Australian Bureau of Statistics. At the end of the second quarter the Australia's economy grew in quarterly terms by 0.6% which is fully in line with the experts, and followed the same growth in the last two quarters. Meanwhile, it became known that the annualized growth of 2.6 %. According to the average forecast of economists an increase was at by 2.5 %.

American trading session:

Euro: The euro rose against the dollar despite the fact that the previously weak retail sales data from the blocked part of the positive GDP report. The EUR / USD pair rose to $ 1.3216 during the American session.

Canadian Dollar: The USD / CAD rate fell sharply approaching towards a session low, which was associated with the announcement of the rate decision and the publication of the accompanying statements of the Bank of Canada. The decision was on leaving the basic interest rate of the Bank of Canada at 1.00% which absolutely matched the 1.00% forecasted.

Gold: The gold became cheaper, the cost of the October gold futures dropped on COMEX today to $ 1384.50 per ounce. All these were on background of profit taking issues after a significant increase on Tuesday, when U.S. President Barack Obama received the support of the Congress leaders in the plans of the military operation in Syria. The support for gold prices, however, provided a strike in the gold mines of South Africa.

Oil: The cost of the October futures of WTI oil brand fell to $ 106.95 a barrel on the New York Mercantile Exchange for the third time in four days at a time, on discussed military strike against Syria.


Market review for 03.09.13:The U.S.Dollar got pushed on the growth of manufacturing activity in August in the U.S.

Asian and European trading sessions:

Euro: The slight support for the Euro currency provided today the report on the euro area, which showed that the producer price index for the industrial sector, not included construction, rose in July by 0.2% year on year, after a 0.3% increase in June and forecast of many economists of growth by 0.1%. The EUR / USD pair fell to $ 1.3155 during the European session.

British Pound: The data on the index of business activity in the construction sector had a significant support British currency. The results of studies that have been conducted by Chartered Institute of Purchasing and supply, as well as by the Markit Economics company showed that the business activity in the construction sector rose unexpectedly in August, which was supported by the improvement in output and new orders.
According to reports, the purchasing managers' index for the construction sector rose last month to the level of 59.1 from 57 in July, against the projected decline to 58.4.In addition, the volume of new orders rose at the fastest pace since March 2012. The data also indicated a sharp increase in civil engineering activities and an increase in commercial construction the highest rate since May 2012. Finally, as it was reported that among the three areas of activity in the sector, housing shows the best results - construction output grew at the fastest pace since June 2010. The GBP / USD pair rose to $ 1.5600, but then fell to $ 1.5530 during the European session. The pound fell against the dollar, losing all previously earned positions on expectations of the publication of data on the U.S.

Japanese Yen: Japan's currency fell against all major currencies after a report published today about the monetary base in the country rose in August to a 40 year high. Index increased by 42 % compared with a year earlier, to ¥177 trillion ($ 1.78 trillion).

Australian Dollar: The Australian dollar rose after the rate decision and the statement by the RBA on keeping the interest rate at a record low - 2.5 %. According to the bank, to boost the economy of the country will require longer maintain the low rate, as slowing growth in China have a negative impact on the value of commodities and does not stimulate the flow of investment in the mining industry of Australia.

American trading session:

U.S. Dollar: The dollar rose sharply reaching maximum values of the session when the U.S. data on the production index was released. As it was learned, the manufacturing activity grew in August in the U.S. According to the report, Purchasing Managers Index (PMI) for the manufacturing sector in the U.S. August rose to 55.7 against 55.4 in July and beat expectation of fall to 54.2.

Gold: The cost of the October gold futures rose to $ 1404.50 per ounce on COMEX today. The gold rose for the first time in three sessions after Israel tested its missile defense system, triggering fears that tensions in the Middle East will intensify and increase the attractiveness of gold as a safe haven.

Oil: The cost of oil brand WTI rose after the Russian Defense Ministry today released a report that an early warning system of missile launches fixed launch two missiles over the Mediterranean Sea to its east coast. The cost of the October futures on U.S. light crude oil WTI rose to $ 108.53 a barrel on the NYMEX.


Market review for 02.09.13: The British manufacturing sector continued its expansion in August. The PMI result supported the Pound today.

Asian and European trading sessions:

Euro: The Euro was trading without a trend against the U.S. dollar despite the positive data on the manufacturing PMI, the results of which was presented today by the Markit Economics. They showed that in the last month euro zone manufacturing sector expanded at the fastest pace in 26 months. According to the report, the Purchasing Managers' Index rose in August to the level of 51.4, up from 50.3 in July beating the preliminary reading of this indicator of 51.3 and expectations of the many experts of remain this result unchanged at 51.3. The EUR / USD pair is trading in the range of $ 1.3207 - $ 1.3230 during the European session.

British Pound: The British manufacturing sector continued its expansion in August , showing at the same time the fastest pace in two and a half years. According to the studies presented today by the Markit Economics and the Royal Institute of Purchasing and Supply (CIPS), the seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector rose to the level of 57.2 in August, compared to the upwardly revised index for July at around 54.8 beating the economists’ expectation of rise the index to 55 points. Note that the data showed that the amount of production in the sector rose most rapidly in July 1994. The rise in new orders was supported by the successful launch of new products, promotional activities and increasing customer confidence. The pound on the backdrop of a significant growth of industrial activity as the result was higher against the U.S. dollar, the GBP / USD pair rose to $ 1.5595 during the European session.

Japanese Yen: The USD / JPY pair rose to Y99.40 during the European session, after the Prime Minister Mr. Shinzo Abe announced his intention to introduce a sales tax to improve the economic situation in the country. The published also today data on the volume of housing starts in Japan, which in July rose by 12.0%, with an expected growth of 14.3 % affected the trading dynamics of the asset.

Australian Dollar: The Australian dollar rose after the official purchasing managers' index published by the National Bureau of Statistics of China, rose to 51 points against 50.3 points in July, exceeding forecasts reaching the level that hasn’t been reached more than a year.

American trading session:

U.S. Dollar: The U.S. markets were closed in observance of Labor Day, but that did not stop the foreign exchange market to show sharp fluctuations. For the most part, the U.S. dollar has suffered losses in the framework of the corrective pullback.

Gold: The cost of gold futures fall below $ 1,390 per ounce on speculation that the U.S. military strike on Syria is already looking less likely.

Oil: The oil prices fell slightly today, the WTI prices fell even bellow $106 area on decreased concerns about supply disruptions from the Middle East after Britain said that it would not join any military action against Syria.


Technical analysis for 3.09.13

EURUSD
The pair has declined to 1.31674.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has found support at 1.54842 and aiming to 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is aiming to the Moving Average (500) at 0.93665.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has risen to the resistance level at 0.90284. If the pair stays above this level the pair will rise to 0.91355.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


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Technical analysis for 29.08.13

EURUSD
The pair has declined to 1.33143.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has found support at 0.92026 and rising to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair’s resistance is 98.718, support is 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has worked out Double Top and declined to 0.89029. Now the pair is rolling back to 0.90284.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 28.08.13

EURUSD
The pair has drawn the Pennant. If the pair breaks 1.33630 the pair will decline to 1.33143. If the pair breaks 1.33905 the pair will rise to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair’s resistance is 98.718, support is 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. The end of the figure is at 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 27.08.13

EURUSD
The pair has drawn the Pennant. If the pair breaks 1.33630 the pair will decline to 1.33143. If the pair breaks 1.33905 the pair will rise to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. The pair is aiming to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair’s resistance is 98.718, support is 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. The end of the figure is at 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 22.08.13

EURUSD
The pair is trying to stay above 1.33143. The pair is aiming to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair couldn’t stay above the Moving Average (500) at 1.56722 and declining. If the pair stays below median line the pair will decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair stays above 0.92026 and aiming to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has broken upper level of the Pennant, the pair is aiming to 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. The pair may test resistance 0.90284 before continue declining to 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Technical analysis for 21.08.13

EURUSD
The pair is trying to stay above 1.33143. The pair is aiming to 1.34882.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has risen to the Moving Average (500) at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is trying to break 0.92026. If the pair stays below this level, the pair will decline to 0.91079.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has drawn the Pennant. If the pair stays above 97.690 the pair will work out the figure. The end of the figure might be at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top. If the pair stays below 0.90284 the pair will decline to 0.89029.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Technical analysis for 20.08.13

EURUSD
The pair is trying to stay above 1.33143. The pair will rise to 1.33988.
Resistance: 1.34882, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has risen to the Moving Average (500) at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is aiming to the median line at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has reached 97.491 and trying to decline to 96.400.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has drawn Double Top and declines below the neckline 0.90954. If the pair stays below neckline the pair will workout the figure. The end of the figure might be at 0.89029.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 15.08.13: The U.S dollar fell sharply against most major currencies. The Euro and British Pound had very strong close.

Asian and European trading sessions:

U.S. Dollar: The dollar fell against most major currencies; the dollar index gave back almost 30 points and quoted at 81.3 levels after a representative of the U.S. central bank official has warned investors against excessive optimism about the recovery of the U.S. economy.

British Pound: The British pound rose against the dollar the GBP / USD pair rose to $ 1.5595 during the European session, the after the publication of the positive data on retail sales. These data which rose sharply in July was a new sign of recovery of the British economy. The retail sales rose by1.1 % compared with the previous month and by 3% compared with the same period last year, while economists had expected sales to rise by 0.7 % and 2.5 %, respectively. For an increase of the index contributed to an increase in sales of summer clothes, food and alcoholic drinks, the period of summer time when the British enjoyed a period of warm weather. Annual retail sales for the three month period ending in July rose by 2.2 % compared with the same period last year, and it was the strongest result since January 2011.

Japanese Yen: The yen rose today after the publication of the statement of the Government of Japan. The report said that deflation in Japan is nearing its completion. The government also revised its estimates on the labor market for the better view. "But it is too early to say that deflation in Japan “stable” on the decline” - said the official, adding that the ending deflation requires more prolonged increase in consumer prices. The USD / JPY pair fell to Y97.60 during the European session.

American trading session:

U.S. Dollar: The dollar fell sharply against most major currencies. The volume of industrial production in the U.S. in July has not grown as it was expected. After a number of positive statistics which were published at the beginning of the week these news disappointed investors and led to the elimination of long positions taken on the dollar currency.

Euro and British Pound: The sudden surge of interest in the purchase raised the EUR / USD and GBP / USD pairs to their week highs. The breakthrough single currency was associated with an attempt to break through the $ 1.3300 while for the pound it was the level of morning highs at $1.5595 level.

Gold: The gold prices have very volatile sessions today. They fell sharply losing about 1.1 %, which was due to the rise in the dollar and the increase in yield of U.S. government bond yields to two-year high. Then after the dollar dropped, the cost of the October gold futures jumped to $ 1366.10 per ounce level.

Oil: The prices for WTI crude oil to 107.59 dollars a barrel on the New York Mercantile Exchange rose again today, recording with the fifth session gain in a row as the situation in Egypt strengthened fears that shipments from the Middle East may be reduced.


Technical analysis for 15.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has found support and aims to 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has tested the Moving Average (500) at 0.93732 and rolling back to 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has found support at the Fibonacci 0.91352 and aiming to the resistance 0.92284.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.91366, 0.90284, 0.89029


Market review for 14.08.13: The Australian dollar rose against its counterparts on positive results of the consumer sentiment index.

Asian and European trading sessions:

Euro: The euro fell against the U.S. dollar despite strong GDP data for the euro zone, as well as for Germany and France. According to the Eurostat, the Eurozone GDP in the 2nd quarter grew by 0.3 % compared with the previous quarter. The GDP fell by 0.7 % compared to the same period last year beating the forecasts of experts who predicted the growth of the first indicator will be by 0.2 % quarterly and yearly by 0, 8 %. The most significant increase in GDP was recorded in the largest in the eurozone economics, in Germany and France. The German economy grew by 0.7 %, while experts predicted growth of 0.6 %. The French economy for the same period increased by 0.5 % with expectations of a 0.2% rise. The EUR / USD pair fell to $ 1.3235 during the European session.

British Pound: The British pound rose against the dollar after data on the labor market and the publication of minutes of the Bank of England. In details, the unemployment rate in Britain fell by 29.2 million In July, exceeding the median forecast of -14.3 million and were better than the result of the June of -29.4 million. The unemployment rate in the three months to June remained at around 7.8 % accordingly ILO standards.
As it was shown by the Bank of England meeting minutes the members of the MPC voted unanimously to maintain the interest rate at around 0.5 %. The GBP / USD pair rose to $ 1.5505 during the European session.

American trading session:

Australian Dollar: The Australian dollar rose against its U.S. counterpart, which has helped by the publication of positive data on Australia. The results of recent studies presented today by the Melbourne Institute and Westpac showed that in the current month the Australian the consumer sentiment index rose due to recent cut of the key discount rate. According to a report, in the month of August consumer sentiment index rose by 3.5%, reaching a level of 105.7 in this case confirming its increase by 9.4% over the past 12 months. In addition, the data showed that the family finances compared to last year growth in August by 13%. The currency grew on the morning sessions against its competitors.

Gold: The gold prices rose sharply to $ 1333.80 per ounce, while recovering most of the losses suffered yesterday. The dynamics of trade were affected by the publication of U.S. data and yesterday's statement by the head of the Atlanta Fed’s Lockhart, who noted that the Federal Reserve may begin to reduce its purchases of bonds in September, despite the fact that inflation remains below the target designated by U.S. government.

Oil: The cost of the WTI September futures fell to 106.20 dollars a barrel on the New York Mercantile Exchange. The dynamics of the trade were also influenced by the report on oil. According to the U.S. Department of Energy last week crude oil inventories decreased by 2.812 million barrels to 360.49 million barrels, gasoline inventories fell by 1.169 million barrels to 222.42 million barrels, distillate stocks rose by 2.027 million barrels to 128.482 million barrels.


Technical analysis for 14.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has declined below 1.54842 and aiming to 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is aiming to the Moving Average (500) at 0.93732.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair’s support is 0.90284, resistance is 0.92284.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.91366, 0.90284, 0.89029


Market review for 13.08.13: The Euro fell today even despite the strong data on industrial production in the euro area and the economic sentiment in Germany.

Asian and European trading sessions:

Euro: Despite the strong data on industrial production in the euro area and the economic sentiment in Germany the euro fell against its competitors. The published results showed that the industrial production in the euro area increased in June, after falling in the previous month. The statistics agency Eurostat informed today, that the industrial production increased by a seasonally adjusted 0.7% in June on a monthly measurement. The result was better than forecasted growth of 1.1% and offset a decline of 0.2% of the previous month, where was revised from 0.3% fall. The reason for that improvement was the performance of the production of durable consumer goods, which grew by 4.9% and production of capital goods, which rose by 2.5%.
In addition, the index of economic sentiment in Europe's largest economy rose to its highest level since March which was also the highest level since 2010. A key indicator gave hope that a prolonged recession in the euro zone is coming to an end. The centre for European Economic Research ZEW reported an increase of the index to 42.0 in August, compare with 36.3 in July, ahead of the growth forecast to 40.3. The EUR / USD fell to $ 1.3275 during the European session.

British Pound: The British pound fell slightly against the dollar after the CPI data. As it was shown by the release of the Office for National Statistics (ONS) today, on Tuesday, the inflation in the UK has slowed in July and inflation of output prices rose due to increase of the oil prices. The Consumer price inflation declined to 2.8% which was in line with forecasts. On a monthly basis, consumer prices were flat after falling 0.2% in June. The Core inflation, which excludes prices of energy, food, alcoholic drinks and tobacco, slowed more than expected, up to 2% from 2.3% in a month earlier, while the experts predicted the level of 2.3%. In addition, the annual retail price inflation fell to 3.1% in July from 3.3% in June, and also matched the economists' forecasts. The GBP / USD pair fell to $ 1.5430 during the European session.

Japanese Yen: The yen fell against all major currencies after the release of negative data which showed that the volume of Industrial orders in Japan fell by 2.7 % in June compare with the previous month, when was recorded a growth of 10.5 %. In this regard, the market was full of speculation about likelihood of the management of the Bank of Japan can increase the volume incentive programs, which will lead to cheaper Japanese currency. The USD / JPY pair rose to Y98.15 during the European session.

American trading session:

Euro: The euro continued falling this session against the U.S. dollar despite the strong data on industrial production in the euro area and the economic sentiment in Germany. One more reason for that was also the upcoming publication of the report on the euro area’s GDP, which will be presented tomorrow. It is expected that in the second quarter, the eurozone economy was able to grow, which will be an interruption in a series of cuts, which was during of 6 consecutive quarters. The EUR / USD fell to $ 1.3233 level during the session.

Gold: The cost of the October gold futures fell markedly today to $ 1325.10 per ounce on COMEX, which was due to the strengthening of the dollar.

Oil: The cost of WTI September oil futures rose to 107.01 dollars a barrel on the NYMEX. The oil prices rose slightly today after data showed that the volume of oil exports from Libya has fallen to its lowest level in two years, which increased concerns about the cuts of other members previously planned production.


Technical analysis for 13.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has declined below 1.54842 and aiming to 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair worked out the Head and Shoulders and declined to 0.92026. The pair is rolling back to 0.93069.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to the resistance at 97.491.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has risen to the Fibonacci level at 0.91352.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 12.08.13: The dollar was strong today on entire market after weakening last week.

Asian and European trading sessions:

Euro: The euro fell against the dollar and grew against the yen in anticipation of tomorrow's publication of data on the volume of industrial output and GDP of the Euro- region. The market prediction is that the industrial production in June will grow by 0.9 %, whereas in the previous month figure fell by 0.3 %. The GDP result for the second quarter is also likely to grow by 0.2 %. The EUR / USD pair fell to $ 1.3276 during the European session.

U.S. Dollar: The dollar index grew in anticipation of the release of data on the volume of retail sales in the United States, scheduled for tomorrow. According to the median forecast of economists the performance could grow by 0.3 %, increasing the fourth month in a row. The issue might push Fed to reduce the incentive programs which spends now every month $ 85 billion of Treasury and mortgage bonds for keeping downward pressure on interest rates.

Japanese Yen: The yen fell after the released today data showed that the growth of the Japanese economy was weak and now investors are awaiting a decision of the Prime Minister Shinzo Abe about raising the sales tax. The economists were not sure whether or not the country's leadership decides to introduce this tax. The USD / JPY pair rose to Y96.90 during the European session.

American trading session:

U.S. Dollar: The dollar was strong today on entire market after weakening last week. The technical correction down major currencies and low trading volumes with the absence of important economic news has become the main reasons for the growth of the dollar.

British Pound: The British pound trading dynamics were associated with euro’s one. The currency’s rate also decreased. After the GBP / USD pair broke the level of $1.5500 during the European session; the pair traded in the range of $ 1.5461 - $ 1.5485. Supported the pound today the level of $1.5461.

Gold: The cost of the October gold futures rose to $ 1340.40 per ounce on COMEX today. It was rising at the same time to the highest level in almost three weeks, despite the strengthening of the dollar against the background of technical situation.

Oil: The price of WTI oil fell to 105.01 dollars a barrel on the NYMEX, partly due to the strengthening of the dollar, as well as correction after a significant increase at the end of last week.


Market review for 08.8.13: The cost of the Australian dollar went sharply higher against its counterparts, due to the positive report on unemployment rate.

Asian and European trading sessions:

Euro: The euro currency strengthened against the U.S. dollar, on the background of positive results of data from Germany and the ECB's monthly economic report. The Federal Statistical Office reported that the German exports increased up to June of the year due to strong demand from the countries which are not included in the euro area. The volume of import, however, unexpectedly declined, reflecting the weakness in domestic demand. In details, the volume of exports, adjusted for working days and seasonal changes, rose in June by 0.6%, compared with a revised fall of May at 2%. However, the growth rate was weaker than the average forecast from the experts - at the level of 0.9%. As for imports, its volume decreased by 0.8%, after rising 1.4% in May, while the economists forecasted that imports will rise by 0.5%. The EUR / USD pair rose to $ 1.3395 area during the European session.

Japanese Yen: After the release on results of the Japanese economy the yen retreated from a seven week high. As it was found that for the fifth consecutive week, the Japanese investors are the largest buyers of foreign bonds and securities bought last week in the amount of 689.9 billion yen, against 233.2 billion on purchases in the previous week. In addition, the yen rose sharply against the dollar the USD / JPY pair fell to Y96.09 during the European session, against the background of the fact that the Bank of Japan did not make any changes in monetary policy. The leaders of the Bank of Japan decided to wait for new signals that will clarify the situation. In this regard, the Central Bank did not revise and assess the current state of the Japanese economy, and macroeconomic forecasts.

Australian Dollar: The cost of the Australian dollar went sharply higher against its counterparts, which has helped by the positive reports from Australia. As it was shown by the data, were presented today by the Australian Bureau of Statistics, the unemployment rate in Australia did change in July, but many workers have lost their jobs, creating concerns about slowing economic growth. The seasonally adjusted unemployment rate, according to the report, was at 5.7% last month, while the economists had expected the unemployment rate be remained at around 5.8%. In addition, it was reported that the number of employed fell by 10.2K compared to the expected growth of 6K in July.

American trading session:

U.S. Dollar: The U.S. dollar fell against major currencies after the data on the U.S. labor market, which revealed that by the end of last week, the number of employees in the U.S. slightly increased. According to the report, the seasonally adjusted number of initial claims for unemployment benefits rose in the week ended on August 3, increased by 5000 people reaching 333K, while the average forecasts of experts was valued at the increase to 336K. The dollar index fell closer to 81 points area.

Gold: The Gold prices recovered back the losses incurred earlier in the session, due to the weak dollar and covering of some short positions. The cost of the October gold futures rose to $ 1310.80 per ounce on COMEX today.

Oil: The cost of the WTI oil brand fell today on fifth day, after a better than expected unemployment data in the U.S. raised expectations of folding stimulus by the Fed in the nearest future. The cost of the September futures on U.S. light crude oil fell to 102.22 dollars a barrel on the NYMEX, however, later was able to recover growing to $104.20 area.


Technical analysis for 8.08.13

EURUSD
The pair has drawn Diamond. If the pair stays below 1.33143, the pair may workout the figure and decline to 1.31674. If the pair breaks 1.33143 the pair will rise to 1.33424.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has risen to resistance at 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair has worked out the figure and declined to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has worked out the Triangle and declined to 96.400.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has risen to 0.90284. If the pair breaks this level the pair will rise to the Fibonacci level at 0.91352.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Market review for 07.08.13: The British pound grew significantly against all major currencies, which was associated with the statement of the Bank of England.

Asian and European trading sessions:

Euro: The euro rose sharply against the dollar on positive data from Germany. As it was revealed today by the Federal Ministry of Economics and Technology industrial production in Germany increased substantially in the month of June, thereby exceeded the forecasts of most economists. According to the report, the seasonally adjusted June industrial output rose by 2.4% in monthly term, recovering from a fall of 0.8%, recorded in the previous month and beat the average estimates of experts on increase by only 0.3%. In addition, it was reported that the volume of production, with the exception of the construction sector rose in June by 2.2% on a monthly basis adding 1.6% of the previous month level. The industrial output adjusted for the number of working days compared with June 2012, increased by 2%, after recording 1.2% decline in May. The EUR / USD pair rose from $ 1.3264 to $ 1.3325 during the European session.

British Pound: The British pound grew significantly against major currencies and the GBP / USD pair rose to $ 1.5455, which was associated with the statement of the Bank of England. The issue revealed the plans for the future monetary policy of the central bank, noting that the key interest rate will remain at a record low of 0.5 % until the unemployment rate in the UK will not go less than 7%. The comments of the Governor of the Bank of England, Mr. Carney, who said that the gross domestic product will not reach its pre-crisis level in the coming year adding that the Monetary Policy Committee will continue to pursue a policy of securing economic growth helped the currency to strengthen above its competitors.

Japanese Yen: The yen fell against the background of the meeting of the Bank of Japan which began today. It is expected that the bankers will refrain from expanding existing monetary stimulus to devalue more the rate of yen this year. The USD / JPY pair rose from Y96.76 to Y97.35 during the European session. Additional impact on the dynamics of the trade had previously published statements of the president of Fed of Dallas Richard Fisher, and Chicago Fed President Charles Evans who mentioned that the Fed is close to the beginning of the process of reducing the volume of quantitative easing program.

American trading session:

Canadian Dollar: The currency dropped against its competitors. The USD / CAD pair rose sharply, updating the session high, which was associated with the publication of bad data in Canada. The results presented by the Association of Purchasing Managers Canada and the Richard Ivey School of Business, stated that at the end of last month the Managers Index unexpectedly fell, dropping below the 50 mark, indicating that purchasing activity in Canada has decreased. According to the report, the July PMI fell to 48.4, down from 55.3 in June. It is worth noting that many experts had expected growth of this index to 56.3.

Gold: The cost of the October gold futures rose to $ 1289.80 per ounce on COMEX today. However, the gold prices traded close to the minimum of three weeks after the publication of strong U.S. trade data and comments of the Fed officials that have increased fears that the central bank will reduce the incentives in September.

Oil: The cost of oil brand West Texas Intermediate traded down fourth day and fell today to 104.10 dollars a barrel on the New York Mercantile Exchange. The reason was the results of the government report showed that inventories of gasoline and distillates rose unexpectedly.


Technical analysis for 7.08.13

EURUSD
The pair has drawn Diamond. If the pair stays below 1.33143, the pair may workout the figure and decline to 1.31674. If the pair breaks 1.33143 the pair will rise to 1.33424.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is testing 1.53348. If the pair stays below this level, the pair will decline to 1.52063. If the pair stays above 1.53348 the pair will rise to 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491. Resistance is at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the support level at 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Market review for 06.08.13: The reports on German Factory orders and performance of Italy’s GDP supported the euro currency today.

Asian and European trading sessions:

Euro: The rate of the euro was higher against almost all of its competitors’ rates. The support for the euro currency had a report on German Factory orders the results of which was much better than expected. As it became known, in June they grow by 3.4% in yearly term versus 2% in May. Meanwhile, the analysts expected a contraction of 0.3%. In monthly terms, the orders increased by 3.8% versus -0.5% previously forecast of +1%. Another report was also better than expected. The dynamics of Italy’s GDP for the II quarter were encouraging; however, the Italian economy is still in recession. Italian GDP for this period of time decreased by 0.2% quarterly and 2% - in annualized, while the analysts had expected a decline in GDP of 0.4% on the quarter and by 2.2% - year on year. As it was reported by the national statistics institute ISTAT, the
Italy's economy, "compressed" for the eighth consecutive quarter, although the decline in GDP was less than that predicted by experts, and less significant than in I quarter, when the economy shrank by 0.6% in quarterly term. The EUR / USD pair rose to $ 1.321 during the European session.

British Pound: The pound’s value fell significantly against the dollar, offsetting the early growth. The currency reduced, even though the optimistic reports, which were released today. the industrial output increased significantly, thereby exceeded the forecasts of experts, which was due to recovery in the sector of mining and industrial production. As the Office for National Statistics reported today, the volume of industrial production increased by 1.1% in the June monthly basis, after three consecutive months of zero growth. The economists forecasted industrial production growth at only 0.7%. In addition, it was reported that production in the manufacturing industry increased 1.9% in June, fully offsetting the previous decline of 0.7% and exceeding the economists' forecast of 0.9%.In annual terms, the volume of industrial production increased in June by 1.2%, which followed a 2.3% decline in the previous month. The GBP / USD pair rose to $ 1.5391 and then decreased slightly to $ 1.5330 area during the European session.

Australian Dollar: According to a statement of the Reserve Bank of Australia in Sydney, the RBA Governor Glenn Stevens and his board cut its key interest rate by a quarter percentage point to 2.5 %. The 26 of the 27 economists, which were surveyed by Bloomberg News, expected such action. It was the eighth rate cut from the end of 2011. The markets were completely confident in such actions of the regulator and played these expectations already before, therefore the Australian dollar rose after the Australia's central bank cut its key interest rate to a record low level.

New Zealand Dollar: The New Zealand's currency rose after the largest representatives of the New Zealand dairy company Fonterra, indicated a willingness to double any of its quality standards. Earlier, China banned the import of Fonterra dairy products.

American trading session:

U.S. Dollar: The U.S. dollar fell against major currencies against the data on the reduction of the trade deficit. By the end of June the volume of U.S. exports increased significantly, showing with the highest rate in nearly a year, thus a sign of strong demand from the world economy. The volume of U.S. exports in June rose by 2.2% to $ 191.170 billion, demonstrating the largest volume of exports, adjusted for inflation ever recorded. Imports, meanwhile, fell by 2.5% to $ 225.40 billion, which was an indication that the demand in the U.S. remains still shaky. The trade deficit fell sharply - by 22.4% - to $ 34.22 billion add that many experts expect a decline in the deficit to reach 43.1 billion from 44.1 in May. In addition, the Atlanta Fed President Dennis Lockhart said today that the announce of the reducing of the program of bond purchases may be made at any of the further meetings of the Federal Reserve System, planned for 2013.

Gold: The gold prices had a nasty spill today dropping to $ 1278.40 per ounce on COMEX. The strong economic data have made the metal less attractive as a low-risk asset, and the demand in the physical markets of India and China remains depressed.

Oil: The cost of the September futures on U.S. light crude oil WTI fell for the third day on speculation that the Federal Reserve may reduce the incentive program. The asset price fell to 104.85 dollars a barrel on the New York Mercantile Exchange.


Market review for 05.08.13: The performance of ISM confirmed that the U.S. economy is steadily recovering.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.3232 during the European session. As it was shown by the final results of studies presented by the Markit today, the index of business activity in the service sector rose slightly last month, but still remained below 50, indicating a contraction in activity. The report demonstrated that in the July index of business activity in the services sector climbed to 49.8 points, compared with a preliminary reading at 49.6 and 48.3 in June, while many experts had expected the index to remain unchanged. In addition, the data showed that an index of the manufacturing and services sectors rose to 50.5 in July from 48.7 in June, which was the first reading above 50 points since January 2012.

U.S. Dollar: The dollar index fell on earlier session after the release of negative statistics on China's economy. The results showed a slowdown in the second largest economy in the world.

British Pound: The pound’s value increased significantly against the dollar, which has helped by the results of published data today, which in July revealed that the PMI index in the services sector rose to 60.2 from 56.9 in June, reaching its highest level since December 2006. The average estimate of economists was at the index growth to 57.4 points only. Last growth was supported by the rapid growth in sales volumes, as market conditions continued to strengthen. The GBP / USD pair rose to $ 1.5377 during the Asian session and then slightly decreased.

Japanese Yen: The yen rose significantly against the U.S. currency, which was associated with the release of Chinese data. According to the National Bureau of Statistics of China, the PMI index in the services sector of the HSBC / Markit remained unchanged at 51.3 points. However, the index of business activity in the non-manufacturing PMI was up in July by 0.2 percentage points reaching 54.1 points. The USD / JPY pair fell to Y98.17 during the European session.

New Zealand Dollar: The New Zealand dollar fell against all of its major counterparts after China ordered to withdraw the dairy products of the New Zealand dairy company “Fonterra " from retailers stores of China because of the risk of botulism contamination.

American trading session:

U.S. Dollar: The dollar rose against its counterparts restoring previously lost positions. Its growth was based on the background of published data for the services sector. The performance of ISM non-manufacturing activity was another U.S. report showing that the U.S. economy is steadily recovering. The Purchasing Managers Index (PMI) for the non-production sphere of the United States rose to 56.0 in July from 52.2 in June showing the highest value since February 2013 and beating the expectations of increase to 53.3 only. As it was shown, all major sub- indices in June were in the expansion (more than 50). The only index of employment in the non-manufacturing sector, which was down compared with June, restrained the growth of all sub- indexes.

Gold: The cost of the October gold futures dropped to $ 1297.70 per ounce on COMEX today after the dollar strengthened slightly against the background data for the services sector.

Oil: The prices the September WTI crude oil futures fell a second day after Libya reopened the terminal that were closed because of the protests. The cost fell to 105.66 dollars a barrel on the NYMEX.


Technical analysis for 6.08.13

EURUSD
The pair has drawn Diamond. If the pair stays below 1.32346, the pair will workout the figure and may decline to 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is testing 1.53348. If the pair stays below this level, the pair will decline to 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491. Resistance is at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has found support at 0.89029 and aiming to the resistance level at 0.90284.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


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Market review for 01.08.13: The Australian dollar was sent to the deep lows on expectations of further lowering the discount rate.

Asian and European trading sessions:

Euro: The euro fell on fact that the data on the growth of activity in the manufacturing sector in Germany and the euro zone showed an improvement. The Purchasing Managers Index (PMI) for the manufacturing sector rose to 50.3 in the euro area in July against 48.8 in June. The July value was revised upward from a preliminary estimate of 50.1. Both manufacturing sectors of Germany and Italy reported an increase in activity.
Also, today was announced the decision to the ECB of leaving the interest rates unchanged at 0.50 %. The currency has slightly reacted to this decision. The EUR / USD pair fell to $ 1.3192 during the European session.

British Pound: The British pound rose against the dollar after strong data on manufacturing PMI and the decision of the Bank of England. The manufacturing activity in July showed the fastest pace of growth since February 2011 demonstrating that the total new orders rose to 54.6 against 52.9 in June. The Purchasing Managers Index (PMI) got support from the national and international market and increasing in employment for the third consecutive month. Also, today, the Bank of England decided to leave the rate and the size of its asset purchase program (0.5% and £ 375 billion, respectively at current levels as, which was in line with expectations. Although, the Bank of England confirmed its intention to streamline the communication process and to make their policies more transparent, this time the MPC refrained from accompanying statement. The GBP / USD pair rose to $ 1.5241 during the European session.

Japanese Yen: The yen fell against all of its major counterparts amid rising stock markets in Asia and under the influence of rising expectations of continuing the policy of ultra-low interest rates in the U.S. All these led to a decrease in demand for safe haven yen. The USD / JPY pair rose to Y99.40 level during the sessions.

Australian Dollar: The Australian dollar touched a three-year low on expectations that next week, with the Reserve Bank of Australia may lower the level of the discount rate. The recent speech of the head of the RBA, Governor Glenn Stevens found insufficient depreciation of the Australian dollar by 12 % over the past three months so market reacted by sending the currency to the deep lows. Even the good news of the positive data from China, where the July PMI index of manufacturing activity rose to the level of 50.3, against 50.1 in the previous month could not help the Australian dollar today.

American trading session:

U.S. Dollar: The value of the dollar has grown considerably against most of currencies, which was helped by the publication of the U.S. data. The report published today by the Institute for Supply Management (ISM), revealed that in July, manufacturing activity in the U.S. rose in July to 55.4 against 50.9 in May, which was more than expected by economists, who had forecasted an increase to 52.1. The rise in the index was mainly due to good growth of production, new orders and employment.

Gold: The gold prices fell sharply to $ 1315.20 per ounce, reaching almost yesterday's lows on expectations of tomorrow's jobs report. The speculation of this forecast is likely for reducing the average number of initial applications for unemployment benefits over the past four weeks and for showing the improvement of manufacturing employment.

Oil: The crude oil futures rose more than 2 % on presented today upbeat economic reports in the U.S. which led to help improving the prospects for energy demand. The cost of the WTI September futures rose to 107.55 dollars a barrel on the NYMEX today.


Technical analysis for 1.08.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken 1.52063 and aiming to 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken 0.90284. If the pair breaks this level the pair will decline to 0.89029.
Resistance: 0.90284, 0.91366, 0.92284
Support: 0.89029, 0.87243, 0.85760


Market review for 31.07.13: The positive news for the U.S. economy could not help the “greenback” strengthen its position.

Asian and European trading sessions:

Euro: The euro edged higher against almost all its competitors against the data on unemployment in Germany and the euro area. The number of applications for unemployment benefits in Germany decreased by 7K in July compared with June where the falling was at 13K. The unemployment rate stayed near record lows and amounted in July to 6.8%, taking into account the correction. The data released by Eurostat showed that in the euro area unemployment rate remained steady at a seasonally adjusted at 12.1% in June. The number of unemployed in June fell by 24K to 19,266K. The unemployment rose by 1.129 million compared with June 2012 data. In addition, the separate report from Eurostat showed that inflation remained at 1.6% in July. The news played in favour for EUR / USD pair, which grew during the European session to the level of yesterday high, the $ 1.3300 level.

Australian Dollar: The Australian dollar reduced today for a the third day in a row on expectations that at the next week the Reserve Bank of Australia may lower the level of the key discount rate. In this regard, investors see a 95 % chance that the RBA will cut interest rates by a quarter percentage point to 2.5% at the meeting, which will take place on August 6.

American trading session:

U.S. Dollar: The dollar fell despite the previously noted the substantial growth that was recorded at the GDP data. The negative impact on the U.S. currency had a data that showed that the index of business activity of the Chicago Association of Managers rose to 52.3 with correction for July against 51.6 in June. The growth, however, was weaker than economists' expectations of 53.7.
Another report from Automatic Data Processing Inc. and Moody's Analytics revealed that the employment in the private sector in the U.S. in July rose faster than economists expected, and the figures for June were revised upward. The number of jobs in the private sector in the U.S. rose to 200K in July, while the economists had expected an increase of the number of jobs in the private sector only at 179K. The job growth in June was revised up to 198Kfrom 188K. In addition, the employment in the services sector increased by 177K, and the industrial sector decreased 5K in this month.
The long waited news of the decision of the FOMC meeting revealed that the key discount rate was remained unchanged at the 0.25 % level with 0.25 % forecasted.

Japanese Yen: The yen fell sharply against the dollar, the USD / JPY pair jumped to Y98.53, which was helped by positive data presented by the United States economy statistics.

Canadian Dollar: The cost of the Canadian dollar strengthened after the data provided by the statistics from Canada. As it was reported, the Canadian economy grew in May in line with market expectations. The growth in retail and wholesale trade was offset by weakness in the commodity sector. In details, the data showed that Canada's GDP rose by 0.2 % to C $ 1.58 trillion after increasing by 0.1 % in April. Compared to the same period last year the Canadian economy grew by 1.6 %.

Gold: The price of gold fell sharply, losing what was about 1% on presented strong data from the U.S. Later the prices rebounded on a weak dollar. The cost of the August gold futures dropped to $ 1309.10 per ounce, and recovered to $1333 per ounce.

Oil: The oil prices rose markedly, which was helped by the results of the report on oil stocks in the United States. The Energy Information Administration showed that by the end of last week, oil stocks rose by 431K barrels, while reaching a level of 364.622 million barrels. Many experts expected that the stock decline by 2.45 million barrels. The cost of the WTI September futures on U.S. light crude rose to 104.36 dollars a barrel on the NYMEX.


Technical analysis for 31.07.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken Fibonacci 23% at 1.53348 and aiming to 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is working out the Triangle. The 100% of the figure is at 96.400. The pair will decline if breaks 97.491.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has declined to the support at 0.90284. If the pair breaks this level the pair will decline to 0.89029.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 30.07.13: The Australian dollar’s rate fell after the speech of the governor of the Reserve Bank of Australia.

Asian and European trading sessions:

Euro: The Euro was up against almost all its competitors, the EUR / USD pair rose to $ 1.3300 during the European session on the back of strong consumer confidence data in Germany and economic sentiment in the euro zone. The leading index of consumer confidence from the market research firm GfK increased to 7 in August from 6.8 in July showing its highest increase since September 2007. The experts expected a more modest increase to 6.9. The economic expectations of consumers in Germany rose for the third month in a row in July, where the indicator increased to 4.3 from 1.1 in June.
Another report showed that the index of economic sentiment in the euro zone in July rose to 92.5 against 91.3 in June, which was in line with the expectations of economists. The Industrial Confidence in euro zone in July rose to 10.6 against 11.2 in June. In addition, the confidence index of services sector in the euro zone in July rose to -7.8 versus -9.6 in June due to improved assessment of the business situation and increase in demand.

Japanese Yen: The yen fell against most major currencies amid growing stocks rtes of the Asian stock market. The issue led to a decrease in demand for safe haven yen. The USD / JPY pair rose to Y98.35 during the European session.

Australian Dollar: The Australian dollar fell after the governor of the Reserve Bank of Australia Governor Glenn Stevens said on the possible reduction of interest rates in the future, noting that the rate of the Australian currency, thus, must also decrease. This important comment was made just a week before the August RBA meeting, and sent the Australian dollar in sharp decline.

American trading session:

U.S. Dollar: The dollar rose this session due to support of upcoming by expectations of U.S. President Barack Obama. Many market participants believe that in his speech, as Mr. Obama may affect the discussion of lower tax rates on the income of the American companies which are currently paying 35% tax rate. The dynamics of dollar trade was also influenced by data from the S & P / Case-Shiller, which showed that home prices rose by 11.8% in 10 major U.S. cities in the year ended in May. The housing price index S & P Case-Shiller 20-city U.S. in May grew by 12.2% y / y compared with 12.5% growth which was predicted by economists.
In addition, it should be noted that a report from the Conference Board showed that consumer expectations weakened in July and the corresponding indicator of consumer confidence fell more than expected in July. The Conference Board reported today that the consumer confidence index fell to 80.3 in July from a revised 82.1 in June, while the economists expected the index at 81.1. Also, as it was reported today, the index of expectations in the U.S. in July fell to 84.7 against 91.1 in June, while the current conditions index for July rose to 73.6 against 68.7 in June.

Gold: The gold prices fell slightly today, the cost of the August gold futures dropped to $ 1320.60 per ounce on COMEX today, as many traders prefer to stay out of the market ahead of U.S. Fed meeting, which may shed light on the future of monetary police of the U.S. Fed.

Oil: The prices of oil futures declined substantially, the cost of the September futures on WTI fell to $ 103 per barrel. The prices fell before the publication of the weekly oil inventory data from the API, and also after the weak report on consumer confidence in the United States.


Technical analysis for 30.07.13

EURUSD
The pair’s resistance is 1.33143, support is 1.31674.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is testing Fibonacci 23% at 1.53348. Resistance is at the Moving Average (200) 1.54348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has found support at 98.025 and rising to the resistance level at 98.718.
Resistance: 98.718, 99.888, 101.207
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the support level at 0.90284.
Resistance: 0.91366, 0.92284, 0.93493
Support: 0.90284, 0.89029, 0.87243


Market review for 29.07.13: The British pound fell on the fact of strong sales results.

Asian and European trading sessions:

British Pound: The British pound fell against its competitors amid the results of the report for loans from the Bank of England. Accordingly to results, the volume of mortgage loans rose to £981 million in June showing the sharpest increase since April 2012. It was approved by approximately 57,667 new mortgage loans in June, which was slightly less than in May. The volume of the loans for small business including overdrafts rose in June for £238 million. This was the largest increase of this indicator since April 2011. In May, the volume of loans fell to £476 million. The retail sector’s performances, presented by the Confederation of British Industry showed that the sales figure rose to 17 in July against the previous result 1, while the analysts expected growth to 11. During the European session, the GBP / USD pair rose to $ 1.5415, and then sharply fell to $ 1.5327.

Japanese Yen: The yen rose against most of its major counterparts amid falling stock market in Asia. In addition, the fears of a slowdown in the world's largest economy increased demand for safe haven assets as Yen. Additionally, supported today the Japanese currency the speech of the Governor of the Bank of Japan, Haruhiko Kuroda, who noted that it takes time to achieve the inflation target of 2 % .The USD / JPY pair fell today to Y97.65 level.

American trading session:

U.S. Dollar: The U.S. data published this session had a small influence on the currency’s trading dynamics. The National Association of Realtors (NAR) reported that by the end of last month the number of potential buyers in the secondary market slightly decreased after the previous month where it reached its highest level in more than six years. According to the report, the seasonally adjusted index of pending home sales in the secondary market fell in June to a level of 110.9, which is by 0.4 % lower compared to the previous month, and yet by 10.9 % higher than the same period in a year earlier. The index was down by 1.1 %, compared with growth of 5.8% in the previous month. The issue played for “greenback” favor this session.

Euro: The euro fell against the U.S. dollar with the absence of economic data for the euro area. Note that many investors were waiting for the next meeting of the representatives of the European Central Bank, where the ECB may keep interest rates until the change in the situation. The EUR / USD pair fell to $ 1.3240 area.

Gold: The Gold prices fell slightly, which was due to profit-taking by investors after a three-week of the asset growth. The August gold futures dropped to $ 1325.60 per ounce on COMEX today.

Oil: The supply disruptions were balanced concerns about global economic growth and demand prospects for oil in the nearest future. The cost of the September WTI futures rose to 103.85 dollars a barrel on the NYMEX.


Market review for 25.07.13: The dollar fell on increased risk appetite after the European and U.S. data came out better than expected.

Asian and European trading sessions:

Euro: The euro fell sharply against almost all its competitors amid the publication of German macroeconomic statistics. The results of studies presented by the German Institute of Ifo showed that this month the level of confidence in the German business confidence rose again, registering with the third monthly increase in a row. The data became another confirmation that the economy of eurozone is heading towards recovery. According to the report, the July index of business sentiment climbed to 106.2, up from 105.9 in June. Even though, the result was slightly below average forecasts of experts at the level of 106.3, it was still above the long-term average at around 101. The EUR / USD pair fell to $ 1.3165 during the European session yet then rebounded up to the area of $ 1.3215.

British Pound: The pound dropped significantly against the dollar on the background of the published today release of the report for performance of Britain's GDP. According to the report, in the last quarter of 2013 the GDP growth was 0.6%, compared with an increase of 0.3%, which matched the expectations of experts.
The preliminary data submitted today by the Office for National Statistics demonstrated that at the end of the second quarter the UK economy grew due to support from manufacturing, construction and services sectors. It should be noted that recent data have raised hopes that the British economy is recovering. The annualized GDP was also confirmed by the experts' opinion showing growth in the second quarter by 1.4%, compared with an increase of 0.3% in the first quarter and recording the largest increase since the first quarter of 2011. The largest contribution to GDP growth has been marked by the service sector, which expanded by 0.6% compared with the previous quarter. In addition, the data showed that the volume of construction rose by 0.9%, recovering from a fall of 1.8% in the first quarter. The GBP / USD pair fell to $ 1.5260 during the European session.

New Zealand Dollar: The Governor of the RBNZ, Mr. Wheeler commented today on the World economy situation noticing that the global outlook remains controversial, the eurozone remains in recession and China and Australia show signs of slowing growth, yet U.S. and Japan demonstrate positive economic data. In addition, the central bank representative said that the pace of future increases in interest rates will depend on the situation on the housing market. The New Zealand dollar reacted positively on these comments rising against all major currencies.

American trading session:

U.S. Dollar: The dollar fell against the background of increased risk appetite after the European and U.S. data came out better than expected. The U.S. orders for durable goods in June rose by 4.2% compared with forecasts of growth of only 1.1%, while the May value was revised upward from 3.7% to 5.2 %. The number of initial claims for unemployment benefits in U.S. last week amounted to 343K and the previous value was slightly revised from 334 to 336 thousand, and confirmed the expectations of the market.

Euro: The EUR / USD pair has overcome the resistance of $ 1.3240 and reached a fresh daily high at $ 1.3252 amid rising U.S. stock prices to new highs. In addition, it became known that the European companies participated in the monthly Ifo surveys, were more satisfied with the current business conditions. The relevant sub-index rose in July to the level of 110.1, compared to 109.4 in June and the experts' forecasts of 109.7. The data also showed that the index of business expectations fell slightly - to 102.4 from 102.5.

Gold: The gold prices recovered after falling earlier in the session against the backdrop of mixed U.S. statistics. The cost of the August gold futures dropped to $ 1308.45 and then rose to $ 1331.50 per ounce on COMEX today.

Oil: The oil was down the second day in a row despite the decline amount of oil in the U.S stocks. The cost of the September futures on U.S. light crude oil WTI fell to 104.08 dollars a barrel, yet lately was able to recover to the area of $105.83 on positive performances of the U.S. economy.


Technical analysis for 25.07.13

EURUSD
The pair has broken resistance 1.31674 and aiming to 1.33143.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken the Moving Average (100) 1.53348 and may try to rise to the Moving Average (200) at 1.54415.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has drawn Head and Shoulders and broken the neckline at 0.93949. The pair may workout the figure and decline. 100% of the figure is at 0.92026. The pair will reach this level if 0.93069 will be broken.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has drawn the Triangle and drawing the fifth wave. The pair may has tested the upper level of Triangle at 100.258 and declining to the lower level at 99.371.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading in the range between 0.93493 and 0.91366.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.91366, 0.90284, 0.89029


Market review for 24.07.13: The strong data on manufacturing activity and new home sales help the U.S. dollar to rise against all major currencies.

Asian and European trading sessions:

Euro: The European currency today’s growth was associated with the publication report from Markit Economics. The results of the report showed that the composite index of production, which measures business activity in both sectors, rose in July to a high of 50.4 compare with June’s results of 48.7. It is worth noting that performance surprised many market experts who forecasted the value of this indicator rising to the level of 49.1. Also, the index of business activity in the manufacturing sector rose to the level of 50.1 from 48.8 in June and compare with the predictions of an increase only to the level of 49.1.
The other data showed that the index of business activity in the services sector rose in July to the level of 49.6, down from 48.3 in June and expectations of only a slight increase - to 48.9. As the result, the EUR / USD pair rose to $ 1.3255 during the European session.

U.S. Dollar: The dollar traded near -month low against the euro after the released data which was published yesterday on the U.S. housing market situation. The Federal Reserve System underlined the need to further support the U.S. economy through its usual stimulus.

Currencies of the Asia- Pacific region: The currencies such as the Japanese Yen, Australian dollar and New Zealand dollar fell against the U.S. dollar after the release of negative statistics from China. The results of the preliminary index of manufacturing activity showed drop to a minimum of 11 months. Index, calculated by HSBC, dropped the third consecutive month and reached 47.7, while analysts had expected growth of the indicator to the level of 48.8. The HSBC Holdings PLC reported today that the fall index in July was the most significant in nearly a year, signaling one of the sharpest downturns in the financial crisis of 2008-2009.

American trading session:

U.S. Dollar: The strong data on manufacturing activity and new home sales made the U.S. dollar rising against all major currencies this session. In July the preliminary index of business activity in the U.S. manufacturing sector rose to 53.2, up from 52.2 in June, as it was presented by the Markit Economics. The average forecast of experts this figure was at 52.5.
The data provided by the Ministry of Commerce demonstrated that at the end of last month June, seasonally adjusted new home sales grew by 8.3% rose markedly reaching a level with 497K units. The sales of new homes rose to a five-year high and, at the same time, increased the likelihood of an early economic recovery. According to the report this was the highest level since May 2008. Compared to the same period last year, sales were up 38.1%. The economists had expected increase in sales by only 482K, compared to a revised downward result of the last month at 459K.

Gold: The cost of the August gold futures dropped to $ 1313.50 per ounce on COMEX today. The prices were reduced due to profit-taking after a recent four day rally during which prices have risen to a month high.

Oil: The cost oil retreated from the lows after the U.S. Department of Energy reported on drop of oil in inventories, according to which the amount of oil there fell to a fourth week in a row, showing the longest slump since August. However, the cost of the WTI brand September futures on U.S. light crude oil showed new lows at 104.70 dollars a barrel level on the New York Mercantile Exchange.


Market review for 24.07.13: The U.S. dollar weakened on data from the Richmond Fed manufacturing activity.

Asian and European trading sessions:

Euro: The trading dynamics of the euro were affected by the results of the auction on the debt of Spain. The yield on securities maturing in 3 months, dropped to the level of 0.442 % versus the value of 0.869 % in the previous auction, which surprised many investors. The yield on the 9 -month debt dropped to 1.152 % against prev. 1.441 %. Spain managed to raise € 3.52 billion, exceeding the planned amount of € 2.5-3.5 billion. At this stage, the country has financed 72.9 % of the planned for this year cash requirements. The EUR / USD pair fell to $ 1.3162 during the European session then gain back to $1.3190.

U.S. Dollar: The U.S. dollar strengthened against the background of raising the yield of the 10 - year U.S. The treasury bonds of U.S. grew by 3 basis points to the level of 2.52 %.

British Pound: The publication of data on the UK which showed by the end of last month the number of approved applications for mortgage loans increased moderately reaching with the highest value since the beginning of 2012. However, the pound was down against the U.S. dollar, due to the fact that the results were less than the estimates of experts. The British Bankers Association reported that in June this indicator has risen to the level of £37.278 million, compared to £36.290 million in the previous month. The GBP / USD pair fell to $ 1.5325 during the European session.

American trading session:

U.S. Dollar: The dollar weakened on data of the Richmond Fed manufacturing activity who are the producers of the central Atlantic region of the U.S. The report of the Federal Reserve Bank of Richmond (Richmond Fed) reported a decline in activity this month showing today that the Richmond Fed index of current business conditions in the manufacturing sector fell to -11 in July from 7 in June. The index valued above zero indicating still on an increase in activity. The Richmond Fed sub-indexes showed a massive decline in July. The new orders index in July fell to -15 from 9 in June. The shipments index fell to -15 from 11. The activity in services was also decreased. The index fell to -6 from previous 12.

Gold: The cost of the August gold futures was up to $ 1348 per troy ounce on COMEX today. The price of gold traded near the highs today, with the support of the weak dollar and purchases in China.

Oil: The cost of the September futures on U.S. light crude oil (WTI) fell to 105.46 dollars a barrel on the NYMEX today.


Technical analysis for 24.07.13

EURUSD
The pair has broken resistance 1.31674 and aiming to 1.33143.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken the Moving Average (100) and aiming to the Moving Average (200) at 1.54415.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair’s resistance is 0.93949, support is 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has drawn the Triangle and drawing the fifth wave. The pair may rise to the upper level of Triangle at 100.258.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The pair has corrected to the Fibonacci 23% at 0.93493 and rolling back to 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 22.07.13: The U.S. dollar fell under pressure after the weak data on the U.S. housing market.

Asian and European trading sessions:

Euro: The euro exchange rate rose against almost all its counterparts, against the dollar it has increased markedly. The European market will be benefited from the agreements done on the meeting of G-20. The G20 finance meeting in Moscow agreement informed on concentration of the overall effort to increase the number of jobs in the "G-20" countries. They also agreed on the general principles for achieving further economic growth. Moreover, the regulation of the control for the weakening of the key interest rates in China also gave support for the euro currency. The EUR / USD pair rose to $ 1.3217, but then fell to $ 1.3184 during the European session.

U.S. Dollar: The dollar again fell against its competitors, after the manager Pacific Investment Management Co. Bill Gross said that the Federal Reserve of U.S. will not tighten monetary policy in the near future, and up to 2016.

Japanese Yen: The yen rose against most major currencies after the ruling coalition has secured a majority in both houses of Japan's parliament for the first time since 2006 and won the elections to the upper house of Japan's parliament. According to the results of the elections ended on Sunday, it managed to get 135 out of 242 seats. The ruling coalition which includes the Liberal Democratic Party is led by Mr. Abe and movement “Komeito”. The yen has stabilized against the dollar around Y99.53, after substantial growth to the area of Y99.122.

Australian Dollar: The Australian dollar rose after it became known that China has taken the first step on the way to the final liberalization of the key interest rates in country. The long-awaited reform on cancellation of the lower limit of interest rates on bank loans was finally announced by the Central Bank of China. The decision entered into force on 20 July 2013.

American trading session:

U.S. Dollar: The dollar fell against major currencies after data on the U.S. housing market. An unexpected slowdown of the pace of home sales in the secondary market in June supported the idea that the reduction in the Fed's stimulus may not start as fast as expected in the markets. However, the sales in the secondary market in June fell, yet remained at a level consistent with a strong housing market. The report published on Monday by the National Association of Realtors (NAR) informed that the sales of existing homes in June fell by 1.2% compared to the previous month and adjusted for seasonal variations of 5.08 million homes for a year. Compared with the same period of the previous year, sales in June rose by 15.2%.

Gold: The gold prices rose to a month high due to technical buying after depreciation of the dollar’s rate. The cost of the August gold futures rose to a high of $ 1339.60 an ounce on COMEX today.

Oil: The cost of the WTI oil brand fell on weaker- than-expected sales in the U.S. secondary market as well as on corporate earnings. All the news returned investors concerns that the U.S. economic growth will slow down. The cost of the August futures on U.S. light crude oil WTI fell to 106.50 dollars per barrel on the New York Mercantile Exchange.


Technical analysis for 23.07.13

EURUSD
The pair has broken resistance 1.31674 and aiming to 1.33143.
Resistance: 1.33143, 1.33143, 1.34882
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has broken the Moving Average (100) and aiming to the Moving Average (200) at 1.54415.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair’s resistance is 0.93949, support is 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has drawn the Triangle and drawing the fifth wave. The pair may rise to the upper level of Triangle at 100.258.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The first level of correction might reach Fibonacci 23% at 0.93493 if the pair stays above 0.92284.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 18.07.13: The British pound rose after release of strong data on retail sales in the UK.

Asian and European trading sessions:

Euro: The Euro got support by the news that the Greek parliament passed a package of laws on the contraction of the public sector, the dismissal of more than 4 thousand civil servants up to the end of the year. And, in addition, another 25 thousand people will be fared in the near future. Approval of a new package of laws was a prerequisite for the release of the next tranche of aid, a loan of €6.8 billion from the EU and the International Monetary Fund for country of Greece. The EUR / USD pair during the European session was trading in the range of $ 1.3120 - $ 1.3170.

U.S. Dollar: Demand for the dollar was limited after a speech by Federal Reserve Chairman Ben Bernanke in the lower house of the U.S. Senate. The Chairman said yesterday that the Fed should also be prepared to increase the pace of purchases “for a time, to promote a return to maximum employment in a context of price stability.”

British Pound: The pound rose after release of data on retail sales in the UK, which showed sharply growth up 0.9 % in the 2nd quarter of 2013. This was another indication that the economic recovery that began in the 1st quarter is continuing. According to the data of the National Bureau of Statistics (ONS) the data on retail sales corresponded to the polls that the sales are gaining momentum in April- June. Compared with the previous month the retail sales rose in June by 0.2 %, slightly above economists' forecasts. Compared with the same period last year, sales were up by 2.2 %.

Japanese Yen: The yen weakened against most major currencies, the USD / JPY pair rose to Y100.35 level during the European session on expectations that at the meeting of finance ministers and central bankers (G- 20) the ultra easy monetary policy of Japan will not be condemned by the representatives of the G- 20.

American trading session:

Euro: The euro rose sharply against the dollar, recovering with most of the previously lost positions. The currency recovered after the results of the report which showed that the current account surplus euro zone fell in May to €19.6 billion from an upwardly revised €23.8 billion in April. In March, the balance amounted to €23.1 billion. The cause of the deterioration was the deficit in current transfers, which increased to €9.8 billion in May, compared with €7.5 billion in April, while the account surplus revenues decreased to €4.9 billion from €5.2 billion.

Gold: The cost of the August gold futures on COMEX today rose to a high of $ 1288.30 per ounce Gold prices rose today, recovering more than 1% from the previous session, which was associated with a decrease in concerns about the program to purchase assets of the U.S. Federal Reserve System.
.

Oil: The price of oil has increased significantly, which was associated with the publication of the U.S. data. The cost of the August U.S. light crude WTI oil futures grew to its highest level in more than 15 months rose to 107.65 dollars a barrel on the NYMEX today.


Technical analysis for 18.07.13

EURUSD
The pair is trading in between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.52063 and 1.50594.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.46676
USDCHF
The pair is trying to return to the Triangle’s level at 0.94589 for a test.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is trying to break 99.888 and aiming to 101.207.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
The pair couldn’t break resistance 0.92284 and declining to Fibonacci 23% at 0.91375.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.90284, 0.89029, 0.87243


Market review for 17.07.13: The British pound rose after strong labor market data and decision of the Bank of England.

Asian and European trading sessions:

Euro: The pressure on the single currency had data on production in the construction sector of the euro area. As it was reported by the Eurostat agency, the volume of production fell In May by 0.3 % compared to growth of 2 % in a month earlier. In the annual comparison data showed a decline by 5.1 % against a decline of 6.6 % in the previous month. The EUR / USD pair was trading in the range of $ 1.3177 - $ 1.3082 during both sessions.

British Pound: The British pound rose against the dollar after strong labor market data. As it was reported by the national statistics agency, the number of unemployed people in June fell by 21.2 million against 16.2 million of the previous month. It was the strongest decline since June 2010. The number of applications for benefits totaled 1.48 million while the analysts had expected a drop of 8K. The unemployment rate fell to 4.4 % from 4.5% previously, while analysts had expected the index to remain unchanged. The ILO unemployment rate in May remained at 7.8 % in line with expectations. As the result, the GBP / USD pair rose to $ 1.5266 area during the European session.

Japanese Yen: The yen fell when the minutes of the last meeting of the Bank of Japan were released. One of the members of the Board of Directors revealed his opinion that the expectations on the reduction of Fed asset purchase program may tighten lending conditions in Europe and emerging markets. The USD / JPY pair rose to Y99.85 during the European session.

American trading session:

Euro: The comments of the Fed Chairman Ben Bernanke supported the euro this session. Mr. Bernanke said today that the course program of bond purchases is not predetermined. It became clear, from the comments, that folding of program is expected, although the Fed intends to keep policy highly accommodative for the foreseeable future. He added also that the program of bond purchases is flexible and will respond to the reports.

Canadian Dollar: The cost of the Canadian dollar declined significantly against its U.S. counterpart, which followed immediately after the announcement of the Bank of Canada on interest rates. As it was expected, the central bank left interest rates unchanged - at 1.0 %. In its followed announcement, the Bank of Canada commented on the level of a "substantial fiscal stimulus measures that are currently in force, and they are appropriate to the situation."

British Pound: The publication of the minutes of the last meeting of the Bank of England also supported the pound at this trading session. The protocols presented today showed that all nine members of the monetary policy of the Bank of England in July voted to keep unchanged the existing program of stimulus for economy.

Gold: The cost of the August gold futures dropped sharply to $ 1270.20 per ounce on COMEX today, which was related to the statements of the Federal Reserve Chairman Ben Bernanke, who said that the U.S. central bank still expects minimize its stimulus measures later this year, but, nevertheless, there is still possibility of some changes.

Oil: The cost of the WTI oil August futures rose slightly today to 106.66 dollars a barrel, after the U.S. government report showed that the amount of oil reserves in the U.S. fell more than expected, and the demand for gasoline has decreased.


Market review for 16.07.13: The Euro and Pound rose, the dollar fell even though the number of positive results of the U. S. economy.

Asian and European trading sessions:

Euro: The euro was under pressure after the data published today by the Center for European Economic Research, which showed that the German economic sentiment resulted on unexpected deterioration in the German confidence in July. The ZEW indicator of economic sentiment fell by 2.2 points to 36.3 points, while economists had forecast that it growth to 39.9 points. The other report for the assessment of current economic conditions demonstrated positive results rising to 10.6 in July from 8.6 last month, and exceeded the expected level 9. According to a study of ZEW, in the euro zone in July the economic sentiment improved to 32.8 from the previous value of 30.6, while markets had expected a more modest increase to 31.8. Indicator for the current economic situation also improved to 74.7 points.
However, the euro did not grow after these results as the pressure on the single currency provided data on the trade balance of the euro area, which showed that exports from the euro zone as well as imports fell in May. The EU statistics agency Eurostat informed today on Tuesday that the seasonally adjusted exports from the euro zone in May fell by 2.3% compared with the previous month, while imports fell by 2.2%. The sharp fall in exports was already for the second consecutive month. The EUR / USD pair fell to $ 1.3048 during the beginning of the European session and then rose to $ 1.3150 levels.

British Pound: As it was shown by the Office for National Statistics today, the inflation rate rose to 2.9% in June in UK due to higher prices for fuel, clothing and footwear. The inflation retail prices also increased in June to 3.3% from 3.1% in the previous month thus demonstrating the fastest growth since April 2012. On a monthly basis, retail price inflation fell by 0.2%. The British Pound was lower against its counterparts after a report on inflation; the GBP / USD pair dropped to $ 1.5045 area.

Australian Dollar: The Australian dollar rose against the U.S. dollar after today's publication of minutes of the last meeting of the Reserve Bank of Australia. The report informed on a possible increase in inflation in Australia. The RBA increase the outlook for inflation giving it “slightly higher " mark because of the recent drop of the Australian dollar rate. Many of market participants still believe in that the RBA at next month meeting will lower the cost of borrowing by 0.25 % to a new record low of 2.5%.

American trading session:

U.S. Dollar: The interrupt to the fall of the dollar index could not even made a positive U.S. data on the Consumer Price Index and Industrial Production performances, the results of which pleased investors today.

Euro: The euro rose against the dollar to the $1.3173 area, helped by the data for the euro area, as well as the expectations of tomorrow's speech of the Federal Reserve Chairman Ben Bernanke, in which, as expected, he will be able to shed light on the future of the program to purchase assets, as well as their timing of completion or continuation. Another report showed that the inflation in the euro area accelerated to 1.6 % in June compared with 1.4 % in May, which was in line with preliminary estimates. The harmonized index of consumer prices rose by 0.1% in June on a monthly measurement. The rate of core inflation, which excludes energy, food, alcohol and tobacco, remained stable as it was expected at 1.2 % and did not show any change on monthly basis. The annual inflation rate in the EU was 1.7% in June, compared with 1.6% in May. Monthly inflation rate in the region was 0.1%.

Canadian Dollar: The Canadian dollar was up against the U.S. dollar today on the background of the fact that many traders were focused on the meeting of the Monetary Policy of the Bank of Canada on Wednesday, which will be the first meeting under the new Governor of the Bank of Canada, Stephen Poloz. The quarterly report on monetary policy and the economic outlook of the Bank of Canada will be also published on Wednesday.

Gold: The cost of the August gold futures rose to a high of $ 1292.30 per ounce on COMEX today, which was due to the weakening of the U.S. dollar.

Oil: The cost of the WTI August futures on fell to 105.60 dollars a barrel on the NYMEX. The trading dynamics of the asset were related to concerns about the decline in U.S. oil inventories, as well as concerns that unrest in Egypt could disrupt supplies.


Technical analysis for 17.07.13

EURUSD
The pair is trading in between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.52063 and 1.50594.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.46676
USDCHF
The pair has broken the Triangle’s upper level and declined to 0.93949. The pair may return to the Triangle’s level at 0.94589 for a test.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair’s resistance is 99.888, support is at 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The first level of correction might reach Fibonacci 23% at 0.93493 if the pair stays above 0.92284.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.90284, 0.89029, 0.87243


Technical analysis for 16.07.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.52063 and 1.50594.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.46676
USDCHF
The pair is trading the Triangle. The upper level is at 0.97427, lower level is at 0.94420.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair’s resistance is 99.888, support is at 98.718.
Resistance: 99.888, 101.207, 102.567
Support: 98.718, 97.491, 96.400
AUDUSD
MACD convergence supports pair to uptrend corrections. The first level of correction might reach Fibonacci 23% at 0.93493.
Resistance: 0.92284, 0.93493, 0.94635
Support: 0.90284, 0.89029, 0.87243


Market review for 15.07.13: A data of weaker than expected rise in retail sales in U.S put pressure on “greenback’s” dynamics today.

Asian and European trading sessions:

U.S. Dollar: The U.S. dollar rose against the major currencies during both sessions in anticipation of the report on retail sales in U.S. The forecasts of economists predicted that retail sales in the U.S. in June would likely to grow by 0.7 % in monthly term after rising 0.6 % in May. Many experts believed that sales excluding autos would rose by 0.4 %, while sales excluding motor vehicles and gasoline by 0.3 %.

Australian Dollar: The Australian dollar tried to rebound from deep lows strengthening in early sessions against almost all of its counterparts after the publication of data showing that the slowdown in China's economic the 2nd quarter was not as deep as some of market participants had expected. The China's GDP in the 2nd quarter, accordingly released today data grew by 7.5 % in yearly term. Note, that the GDP of Chine in the 1st quarter rose by 7.7%. The Australian dollar was in favor today as the Australian economics’ performance is highly dependent on the state of China's economy due to the fact, that China is the largest trading partner of Australia.

American trading session:

U.S. Dollar: The dollar fell under pressure when the U.S. Commerce Department reported today on Monday, that the total retail sales in U.S. increased by 0.4 % last month to a seasonally adjusted $ 422.79 billion. However, excluding autos and gasoline retail sales were down 0.1 %. The overall increase was below the forecast of economists who had expected the growth of sales by 0.7%. The sales of auto dealers rose 1.8 %, continuing a strong trend of growth by 11 % in year on year term. The volume of retail sales, which exclude gasoline, automobiles, and construction, was 0.15% higher. All in all, the today’s information showed that U.S. consumers spent more on gasoline and cars in June, but showed little interest in the other goods, which raised concerns that the personal spending will cause a slow recovery of the economy.

Euro: The EUR / USD pair was able to recover after setting daily a low of $ 1.2993 during the European session. The rate of euro rose against the dollar after all; as such dynamics were provoked by the U.S. data, which resulted worse than expected.

Gold: The cost of the August gold futures rose to a high of $ 1286.00 an ounce on COMEX today, recovering from lows due to the publication of weaker -than-expected data on U.S. retail sales that in turn may increase prospects for keeping stimulus measures from the Federal Reserve System.

Oil: The cost of the WTI August futures on U.S. light crude oil fell to 104.68 dollars a barrel today then were able to recover to the level of $106.6 per barrel, which was associated with the publication of Chinese data, which showed a slowdown in economic growth and a weaker -than-expected rise in retail sales in U.S.


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Market review for 11.07.13: The Bank of Japan also confirmed its intention to continue the quantitative easing monetary policy for achieving the inflation target of 2%.

Asian and European trading sessions:

U.S. Dollar: The dollar tried to recover today, however, the pressure was still strong due to yesterday’s speech of the Federal Reserve Chairman Ben Bernanke who said that the low inflation and high unemployment, which is now observed in the United States, still require adaptive monetary stimulus.

Japanese Yen: The Bank of Japan raised its assessment for the economic situation in the country, saying that the economy is starting to recover moderately. The Japanese yen, however, did not react vigorously on these comments showing mixed trading dynamics against the dollar. So, by the end of the two-day meeting the central bank left its policy unchanged and stuck to the positive outlook for the 2015 financial year, noting that the radical program of monetary easing policy, launched in April, will help to stop the decline in prices, which was observed in Japan for over 15 years. The Bank of Japan also confirmed its intention to continue the quantitative easing monetary policy keeping its target to increase the monetary base by 60-70 trillion yen per year for achieving the inflation target of 2%. In addition, the Bank of Japan revised its forecast for GDP and inflation for the current financial year, informing that the growth of the Japanese economy in 2013 fiscal year will be at 2.8% versus 2.9% projected in April. Inflation forecast was revised to 0.6% from 0.7% previously anticipated. Expectations for the 2014 fiscal year were also deteriorated: the GDP growth is now expected at 1.3% versus 1.4% in previous forecast. The USD / JPY pair traded in the range of Y98.25 to Y99.50 during both sessions.

Australian Dollar: The Australian dollar declined significantly against the U.S. dollar, which was associated with the release of unemployment data, according to which the unemployment rate in Australia increased at the end the month of June and grew to the highest level since 2009. The Australian Bureau of Statistics informed today that the seasonally adjusted unemployment rate rose in June to a level of 5.7 % compared with the upwardly revised figure for May of 5.6 %. All these were against the background of a marked increase in the number of people who were looking for full-time work; however, the number of part-time employed people has jumped.

American trading session:

Euro: After the previous day’s monster move of the euro against the U.S. dollar by over 400 pips on the comments of Fed chairman Bernanke the currency decreased to the area of $ 1.3010 amid lack of events related to the euro.

U.S. Dollar: The players today’s focus was on a weekly report on the U.S. labor market, the importance of which has increased since yesterday. Analysts had forecasted a modest drop in new applications for unemployment benefits, however, the report of the Ministry of Labor showed that the number of initial claims for unemployment benefits, which are an indicator of layoffs for the week June 30 - July 6 rose by 16K and adjusted for seasonal variation was 360K. The dollar index tried to recover to the 83 area on this news.

Gold: The cost of August gold futures rose to a high of $ 1298.20 an ounce today. The prices rose after Federal Reserve Chairman Ben Bernanke promised to continue a policy for stimulation of the economic growth.

Oil: After the released today report showed that more Americans than expected filed applications for unemployment benefits and the International Energy Agency issued a forecast that global supply will outpace demand growth next year the cost of WTI oil brand fell to 104.30 dollars a barrel on the NYMEX. Before the publication the futures were at the $ 107.42 per barrel level which it's the highest intraday price since March 2012.


Market review for 10.07.13: The dollar was under the strong pressure, the EUR/USD grew by 4 figures, with the greatest volatility caused by the FOMC Minutes and Bernanke's press conference

Asian and European trading sessions:

Euro: The euro exchange rate has increased markedly against the dollar and restored more than half of the positions which were lost yesterday. The reports presented today by the Federal Statistical Office in Germany recorded that at the end of last month the inflation accelerated again in Germany, which was the second consecutive monthly increase. The inflation grew due to the higher prices for the food and energy and reached its highest level since December 2012. In details: according to report, the results of the month of June demonstrated that the consumer prices rose by 0.1 % on a monthly basis, and rose by 1.8 % on yearly, which was fully consistent with the preliminary estimates and forecasts of experts. For comparison, in April, the annual inflation rate was 1.2%. The EUR / USD pair was able to strengthen to $ 1.2858 during the European session.

Japanese Yen: The signs of recovery of the Japanese economy reduced the prospects that the central bank will soften its monetary policy this year. As the result, the yen rose significantly against most major currencies. Also, the positive trading dynamics of the currency were associated with the starting today a two-day meeting of the Bank of Japan. Most economists believed that the outcome of the meeting of the Central Bank will be as refraining from the expanding of the incentive programs. Also, the published today reports from China helped the currency to strengthen. According the data, the volume of exports in June fell by 3.1 % compared with the same period of the last year. The June’s result was significantly worse than expected; the export increase by an amount slightly greater than 3%. The USD / JPY pair fell to Y99.76 during the European session.

American trading session:

Euro: The comments of the representative of the ECB Mr. Noyer that the central bank will continue to support the stabilization of the sovereign debt crisis in Europe and the further publication of the FOMC minutes along with Mr. Bernanke’s speech were able to break the previous week’s downtrend of the euro. The EUR / USD pair boosted with the monster move to the $1.2930 area and then by more than 3 figures up to April’s highs of $1.3200. All these were done during the American session.

U.S. Dollar: The dollar was held under pressure during whole day, which became stronger with the greatest volatility caused by the FOMC Minutes and Bernanke's press conference. The dollar index has lost more than 1.5% ending up at the levels of 82.8.

British Pound: The pound on the background of the empty economic calendar followed the situation which developed in Europe and U.S. The catalyst for the growth of the currency was the data from the U.S, which allowed the GBP / USD pair to peak at 1.5190 areas today.

Gold: The cost of the August gold futures on COMEX today rose to a high of $ 1266 an ounce due to the outcome of the outcome of the FOMC minutes.

Oil: The cost of the WTI August futures rose to a 14- month high, the level of 105.99 dollars a barrel after data showed a drop in U.S. oil inventories second consecutive week, reinforcing the assumption that the excess crude oil in the central part of the country is scattered. Moreover, the support for oil prices also had recent events in Egypt, which increase the concern on oil supplies from the Middle East.


Market review for 09.07.13: The ECB confirmed today its powerlessness for preventing the collapse of the euro currency.

Asian and European trading sessions:

British Pound: The pound significantly fell against the dollar, due to the publication of the report from the Office of National Statistics of Britain. As it was demonstrated by recent data presented today, the volume of industrial production in the UK did not change in May showing zero growth on monthly basis, while the manufacturing production unexpectedly fell by 0.8%. Accordingly experts, the prediction were at increase by 0.3% and 0.5%, respectively. In addition, the rate of industrial production in April was revised down to -0.1% from 0.1%.Moreover, the data showed that on an annual basis, industrial production fell by 2.3%, beating economists' reduction forecasts of 1.5% and the manufacturing industry declined by 2.9%, which was also significantly higher than the estimates of experts of -1.5%. The April’s decline was at 0.6% and 0.5% respectively. The GBP / USD pair fell to $ 1.4835 during the European session.

Japanese Yen: The yen suspended yesterday's decline ahead of the pending outcome of a two-day meeting of the Bank of Japan, which starts tomorrow. Officials will discuss the situation in the markets and reassessment of the country's economic growth. The USD / JPY pair rose to Y101.28 during the European session.

Australian Dollar: The Australian dollar rose on the background of strong rise in gold prices in Asia on Tuesday. However, the growth of the currency was restrained as the release of negative data on producer price index in China showed that the June’s index increased by 2.7 % compared with a year earlier, when it was recorded a growth of 2.5 %.

American trading session:

Euro: The euro fell after comments of the ECB representative in regard of low interest rates. In an interview with Reuters Governing Council member Joerg Asmussen, explaining the recent speech of the ECB President Mario Draghi made last week, said that the ECB will probably keep rates low for more than 12 months. Mr. Asmussen also mentioned the probability of another round of injecting capital for troubled banks in the eurozone. The euro reacted with a sharp decline on those comments, as they were the signal that the ECB will continue to keep rates low, which reduces the attractiveness of euro-denominated assets to investors. Moreover, the pressure on euro strengthened after the rating agency Standard & Poor's downgraded Italy's credit rating from BBB + to the level of BBB, mentioning the ongoing slowdown in Italy due to structural weakness and low vitality of its economy. The S&P agency maintained a negative outlook on the rating, which indicates the possibility of further downgrade in 2013 or 2014.The EUR / USD couple dropped sharply to the area of $1.2755.

Gold: The cost of the August gold futures rose on COMEX today to a high of $ 1258.70 an ounce as the data of the acceleration of inflation in China increased the appeal of the precious metal as a hedge against inflation.

Oil: The cost of the WTI August futures fluctuated today falling to 102.31 dollars, and then rising to new highs of to 104.70 dollars a barrel on the NYMEX as the dollar strengthened against a basket of other major currencies and an interim leader of Egypt committed creation


Market review for 08.07.13: The Euro grew despite of weak data for the euro area and Germany.

Asian and European trading sessions:

Euro: During both sessions the euro rose against the dollar rebounding after a significant decline on Friday, as many market participants were waiting for the speech of President of the European Central Bank Mario Draghi. Earlier, the official said that the interest rate of the European Central Bank will remain at the current low level or near for a long period of time.
Moreover, published today weak data for the euro area and Germany could not prevent the rate of the currency from rising. The presented indicator of investor confidence of European investors from Sentix in June, the fell to around -12.6 from -11.6 resulted in May. Also, the data from the Federal Ministry of Economics and Technology showed reduction in industrial production in Germany. The data resulted that up to May the volume of industrial production fell significantly more than expected, which was associated with a significant reduction in the construction and energy sectors. According to the report, on a monthly basis in May, industrial production fell by 1%, thus showing the biggest drop since October 2012. It is worth noting that many economists had expected a drop in production was 0.5%, after rising 2% in April. The same orders on
an annualized basis output fell by 1%, offsetting an increase of 0.9%, which was recorded in April. The EUR / USD pair rose to $ 1.2870 however.

Japanese Yen: The yen was trading around Y101.10 area against the dollar, due to the lack of important publications and events. The data from the Ministry of Finance of Japan, which showed that in May positive current account balance has decreased, partially influenced the trading dynamics of the currency.
According to a report on the results of May, the current account surplus decreased to the level of 540.7 billion yen, compared with a surplus of 750.0 billion yen in April. It is worth noting that according to the average forecasts of experts the value of this index was to drop to 600.0 billion yen.

American trading session:

Japanese Yen: The currency’s rate became more expensive when the Ministry of Finance reported that the surplus jumped in May by 58.1% on an annualized basis, which was also below expectations for a jump of 91.6% after a surge 100.8% in the previous month. In addition, the trade deficit in May totaled ¥906.7 billion compared to the predictions of experts at the level of ¥902.1 billion yen deficit, and after a deficit of ¥818.8 billion yen in the previous month. The volume of exports increased by 9.1% yearly, reaching at the same level of ¥5.526 trillion, compared with ¥5.568 trillion in April. Meanwhile, imports grew by 9.6% per annum - up to ¥6433 billion after reaching ¥6,387 billion a month earlier. The USD / JPY pair fell to Y100.75 during the session.

Gold: The cost of the August gold grew to a high of $ 1238 an ounce on COMEX today after deep Friday's decline, but growth was constrained by a high dollar.

Oil: The cost of the August futures of oil brand WTI fell to 102.15 dollars a barrel after the representative of Egypt said that the Suez Canal is a "safe", and the movement of ships through it "normal ", despite the escalation of violence in Cairo.


Market review for 04.07.13: The Euro and Pound have reacted negatively to the decisions of the ECB and the Bank of England announced today.

Asian and European trading sessions:

Euro: Before the announcement of the decision of the ECB meeting, the euro grew amid drop in tension for situation in Portugal, as the coalition of government there has made every effort to survive. According to analysts, the risk of disorderly elections declined, but recent events have obviously weakened the Portuguese government. The euro fell against the dollar after the Governing Council of the ECB decided to leave key interest rates unchanged, which coincided with the forecasts of experts. The ECB announced that the rate of credit and deposit rate as well as the interest rate on the main refinancing operations will remain unchanged at 1.00 %, 0.00 % and 0.50% levels respectively. The EUR/USD pair fell to $1.2868 during the European session.

British Pound: On a background of the decision of Bank of England, the pound has essentially decreased against US dollar, having lost almost 200 points. The Bank of England after its two-day session announced on keeping the interest rate at a level of 0,5 %, and the size of its program of purchase of bonds at the level of £375 billion. Mark Karni, the new chairman of Committee of the monetary policy of Bank of England has come to the end with the unusual prevention, saying that the overestimated expectations among investors about toughening of policy do not guarantee the UK’s economic development. The GBP/USD pair dropped to $1.5055 during the European session.

American trading session:

U.S. Dollar: The financial markets of the USA today were closed in connection with celebrating of Independence Day in USA. The index of dollar grew above the 84 level, which was its monthly high due to the results of the published today decisions of the meetings of ECB and Bank of England. Also, a pending tomorrow's output of official statistics of the Ministry of work which will be published tomorrow has driven the currency’s rate up today.
.
Euro: The downtrend of the euro accelerated at the beginning of press conference of Mr. Draghi . The ECB president stressed out that he expects that the rates will be maintained at current or even lower levels for a long period time. Moreover, he said that in the medium-term price pressures will remain weak. In addition, Mr. Draghi expressed that he looks forward for the implementation of the banking union idea. The EUR / USD pair was kept at the lows of $ 1.2982 during the meeting. No significant impact on currency trading dynamics was provided by the data on GDP of the euro area. Accordingly the Eurostat, at the 1st quarter of 2013 the seasonally adjusted GDP of euro area reflected decline of 0.3 % in quarterly basis versus 0.2% in Q4 2012.

Gold: The prices of August gold futures did not change much at today's trading session on COMEX remain trading around the 1248.90 dollars an ounce.

Oil: The oil prices fell slightly today after the armed forces of Egypt have ousted the president of the country, having weakened concern in occasion of threat of failure of deliveries of oil in the Middle East. The cost of the August futures on U.S. light crude oil WTI closed at 101.30 dollars per barrel on the New York Mercantile Exchange.


Market review for 03.07.13: A weak data of PMI services for euro zone helped strengthen bearish positions on the EUR / USD pair.

Asian and European trading sessions:

Euro: The euro exchange rate fell sharply against the weak PMI data in the service sector of the euro zone. According to the report, the composite output index, that measures activity in the manufacturing and services sectors rose from 47.7 in May up to a level of 48.7 in June. However, despite this significant improvement, the results were slightly below the pre-assessment level of 48.9. The final studies presented today by the Markit Economics showed reduction of activity in the private sector of the euro area, which was associated with a slower decline in employment and the number of new orders. Only Spain and France were able to contribute positive note in today's report services PMI, but the Germany and the euro zone as a whole have disappointed investors, which helped strengthen the bearish sentiment on euro currency.
The other report showed that the index of business activity in the services sector rose in June to the level of 48.3 from 47.2 in May, which was lower than the preliminary estimate at around 48.6. The EUR / USD pair during the European session fell to $ 1.2922 area.

Japanese Yen: The Japanese yen strengthened against the dollar and the euro amid weak macroeconomic results for Europe, where the report for Purchasing Managers Index (PMI) became a catalyst. The USD / JPY pair fell to Y99.24 level during the European session.

Australian Dollar: The Australian currency fell to a two-year low after the speech of the president of RBA, Mr. Stevens who said that the Australian dollar “remains at a high level," despite a decline of nearly 10 % since the beginning of April. There was also noted an economic growth which is now below usual trend in Australia. Moreover, Mr. Stevens said that "it is possible to further decrease the Australian currency, which would help the process of reorientation of economic growth."

American trading session:

U.S. Dollar: The U.S. dollar showed its weakness today after publication of data on activity in the U.S. service sector. The data released today by the Institute for Supply Management (ISM), showed that the rate of growth of activity in the U.S. non-manufacturing sector slowed in June, but employment grew. Reported Purchasing Managers Index (PMI) for the non-production sphere of the United States in June fell to 52.2 from 53.7 in May. The economists forecasted the index in June at 54.3.

Euro: On weak data for U.S. ISM the euro recovered to $ 1.3031 against the dollar. However, the currency remains weak as the recent events in Portugal and Greece have added some negative. News about the growth of bond yields in the debt markets boosted some concerns among traders ahead of tomorrow's ECB meeting. As it became known, the yield on 10-year Portuguese bonds exceeded the psychologically important level of 7% and continued to grow, now residing at 8%.

British Pound: Against the publication of the reports for Britain’s economy, the value of the pound has increased significantly against the U.S. dollar. The results of recent studies that have been presented Markit Economics and the Chartered Institute of Purchasing and Supplym showed that at the end of last month the growth in the British service sector accelerated to the highest level in more than two years, which was supported by a significant increase in new orders, which went tothe highest level since 2007.
The index of business activity in the services sector climbed to 56.9 in June, which is the highest level since March 2011and demonstrated its sixth consecutive month extension. Many economists, however, forecasted slight drop of the index to 54.6 areas. The GBP / USD pair rose to $ 1.5304 level during the session.

Gold: The cost of the August gold futures rose to 1259.30 dollars per ounce on COMEX today, showing moderate growth associated with weak dollar’s rate.

Oil: The cost of the WTI August futures rose to 102.15 dollars per barrel on NYMEX today. For the first time in 14 months еру WTI oil brand crossed the 100 mark dollars per barrel, as the U.S. government reported that stocks fell for the first time in four weeks.


Market review for 02.07.13: The Reserve Bank of Australia for the second time in a row left its key interest rate unchanged at 2.75%.

Asian and European trading sessions:

U.S. Dollar: The dollar was held near monthly highs against its major counterparts on expectations that the signs of recovery in the U.S. economy will force members of the Federal Reserve to start folding QE3programs in nearest future. The dollar index got almost at the 83.90 area today.

British Pound: The British pound got hammered again today by the statement of the representative of the Bank of England's Mr. Tucker, who said that the UK economy seems to be embarking on a path of sustained recovery, but high levels of household debt still constrain its growth. Also, the impact on the currency had expectations of the upcoming meeting of the Bank of England, which will be on Thursday for the first time led by M. Carney.

Australian Dollar: The Australian dollar dropped before the decision of the Reserve Bank's on discount rate. The decision coincided with analysts' expectations, the RBA Governor, Glenn Stevens and his board kept the level of bank interest on the value of 2.75 %. The Reserve Bank of Australia for the second time in a row left its key interest rate unchanged at 2.75%. After the central bank's announcement, the Australian dollar continued to decline, losing about half a cent against the U.S. dollar.

American trading session:

Euro: The euro fell on data about the euro zone producer prices, the results of which declined for the third month in a row. Even though, the economists forecasted that the producer prices will remain unchanged in May, they fell 0.1 % in yearly term, after falling 0.2 % in April. On a monthly measurement, the producer prices fell 0.3 % after falling by 0.6 % in April however, the rate of decline was slightly above the consensus forecast of 0.2 %.

U.S. Dollar: The trading dynamics of the dollar was influenced by the publication of the U.S. data. As it became known, the demand for manufactured goods rose in May and gave another sign that the companies were stepping up spending after the sluggish winter. Also, as it was informed by the Commerce Department, the total production orders compared with the previous month rose to a seasonally adjusted $ 9.9 billion in May, or by 2.1 %, to $ 485 billion. The production orders grew at the third time of the past four months.

Japanese Yen: The U.S. dollar rose against the yen, again exceeding the level of 100 Japanese yen for the first time since the beginning of June, as traders become more confident that the Fed will slow the pace of monetary stimulus.

Canadian Dollar: The U.S. dollar moved up sharply against major currencies and exceeded the level of $1.0575 against of Canadian dollar, which is its highest level since October 2011.

Gold: The cost of the August gold futures on COMEX fell slightly to 1239.40 dollars an ounce. The prices of asset were not able to hold previously won position, and broke a two-day growth in a row series.

Oil: The WTI August futures prices rose modestly to 99.88 dollars, continuing yesterday's gain, which was due to concerns over supply disruptions from Libya, as well as political unrest in Egypt that can affect the supply of oil in this region.


Market review for 01.07.13: Positive statistics published today from Britain helped the Pound to rebound.

Asian and European trading sessions:

British Pound: Positive statistics published today from Britain helped the pound to rebound. Calculated by Markit and the Chartered Institute of Purchasing & Supply, the Purchasing Managers Index (PMI) for the manufacturing sector rose to 52.5 in June, to its highest level since May 2011 and beat expectations of economists. Initially forecasts were at 51.3values. Also, the Bank of England showed that the number of mortgage approvals in the UK in May rose to 58,242 from 54,354 in April, to the highest monthly figure since December 2009. At the same time, net lending to individuals fell to £ 1 billion against the forecast of £ 1, 4 billion. The GBP / USD pair dropped to $ 1.5183 during the European session, the and then rose to $ 1.5252

Japanese Yen: The yen fell against major currencies after the business activity index for large manufacturers Tankan (Q2) in Japan proved the best result in the last two years rising to +4, against -8 in the last reporting quarter. The USD / JPY pair rose to Y99.74 during the European session.

Australian Dollar: The Australian dollar rose on rumors that the central bank will not cut interest rates at its meeting tomorrow. Only 24 % of economists believe that the Reserve Bank of Australia will go lowering the key interest rate to 2.5% from 2.75 %.

American trading session:

U.S. Dollar: The report published by the Institute for Supply Management (ISM), showed that in June manufacturing activity in the U.S. rose more than expected after unexpectedly fell in May for the first time since November 2012. The PMI for the manufacturing sector in the United States June rose to 50.9 against 49.0 in May. However, this news did not provide support to the “greenback”.

Euro: It is learned that the unemployment rate in the euro zone rose to 12.1%. Value of the index in the previous month was revised from 12.2 % to 12 %. The result was better than the forecasts of experts who expected an increase in unemployment in May to 12.3 % and helped the euro rose against the U.S. dollar. In addition, the euro zone manufacturing PMI Italy and Spain increased substantially. Both countries have shown the best results, rather than Germany. The euro currency was up this session.

Gold: The gold prices grew today, recovering from the largest quarterly loss in history, which was associated with stabilization of the dollar. The price of the August gold futures rose to 1245.40 dollars an ounce on COMEX today.

Oil: The cost of the WTI August futures rose to 98.26 dollars a barrel on the NYMEX.


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Market review for 27.06.13: The cost of the August gold futures fell below $ 1,200 level for the first time since August 2010.

Asian and European trading sessions:

Euro: The publication of positive data for euro zone supported the single currency and euro’s exchange rate recovered from previously lost grounds against the dollar. The report from the European Commission showed that in June, the index of sentiment in the economy increased markedly reaching the highest level since May 2012, thereby exceeded the forecasts of experts. According to this report, in the current month index of sentiment in the economy rose to 91.3 marks up from 89.5 in May. The economists said that the results of the index, as well as recent surveys of purchasing managers suggested that the recession in the euro zone may slow down in the second quarter. The report also showed that increased confidence has been detected in five largest economies of the euro zone - the largest increase was recorded in Spain and Italy. However, the confidence in Greece, Austria and Slovakia fell. The EUR / USD pair rebounded from $ 1.3011 to $ 1.3048 during the European session.

British Pound: The GBP / USD pair fell to $ 1.5240 during the European session. The value of the pound fell sharply against the U.S. dollar in the background that the final data presented by the Office for National Statistics (ONS) today, which showed that the British economy avoided a recession in the first quarter, while confirming the initial estimates. According to the report, in the first three months of this year, gross domestic product grew by 0.3%, which was in accordance with the forecasts of experts. Meanwhile, it was revealed that, compared with the first quarter of 2012 the economy grew by 0.3%, after zero growth in the previous quarter, which surprised many experts, as they were waiting for confirmation of the initial assessment - at the level of 0.6 %.

Australian Dollar: The Australian dollar rose for the fifth consecutive day after the results of the elections in Australia. Mr.Rudd was elected there and became the new Prime Minister of Australia. As Prime Minister, Kevin Rudd was replaced Ms.Gillard, who headed the government since 2010. Julia Gillard has resigned after losing the election of the Labour party in power on Wednesday, June 26.

American trading session:

U.S. Dollar: The U.S. dollar rose against almost all its competitors after publication of series of positive macroeconomic statistics for U.S. and comments of President Federal Reserve Bank of New York Mr. Dudley. William Dudley said today that the central bank may extend bond purchases if the economy does not justify the hopes of regulators. However, the labor market showed that the number of initial claims for unemployment benefits fell last week to 346K and personal income and spending showed an increase in May. That meat, that Americans spent more in the past month by 0.3 % in m/ m, and their incomes rose by 0.5 % in m / m with average expectations of +0.2 % m / m. The other important reports recorded the growth of the index of pending home sales in May by 6.7 % m / m to 112.3 points and the drop of the index of business activity in the Federal Reserve Bank of Kansas industry in June to -17 points with 5 points in May.

Gold: The cost of the August gold futures for the first time since August 2010 fell below $ 1,200 level on the background of strong dollar as well as positive U.S macroeconomic statistics.

Oil: The cost of the WTI August futures rose to its weekly high of 97.35 dollars a barrel on the NYMEX against the reduction in the number of applications for unemployment and growth in consumer spending in U.S.


Technical analysis for 27.06.13

EURUSD
The pair has broken Fibonacci level 23% at 1.31143 and reached support at 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.54842 and 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93949 and support 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trying to break support 97.491, the pair may decline to the next support level at 96.400.
Resistance: 98.718, 99.888, 101.657
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has found support at 0.92284 and rising to 0.93493.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 26.06.13: The U.S. Dollar resumed its strength on negative results of revised U.S. GDP.

Asian and European trading sessions:

U.S. Dollar: The dollar rose sharply against its competitors and the Dollar Index went above 83 areas, which has been associated with the speech of the President of ECB, Mr. Draghi. Mario Draghi during his speech at the lower house of parliament, said that so far the Central Bank has made successful efforts to restore the European economy, but noted that monetary policy alone cannot solve all the problems. He also mentioned that the HTA program has helped to restore the market, and accommodative monetary policy was intended to support the growth, but the euro-zone governments need to continue implement reforms in order to see the progress in a future.

British Pound: The rate of pound fell sharply against the dollar, which has been associated with the publication of the report on the financial stability of the Bank of England, as well as comments from the members of the Monetary Policy Committee of the Bank of England D. Miles, who said that the ending of quantitative easing will have less negative impact on economic growth and inflation compare with purchasing. He also said that the central bank did not raised any “bubbles " so far, therefore, UK may require further stimulus. The GBP / USD pair fell to $ 1.5350 during the European session.

Japanese Yen: The USD / JPY pair fell during the Asian session from Y98.15 levels below the Y97.50 areas. This declines occurred because of the demand for haven assets which was boosted by a sixth day of Chinese equity market decline, disappointing expectations that comments from the People's Bank of China would calm markets. In details: the Japan's currency rebounded from a 0.5% against the dollar as the Shanghai Composite Index slid as much as 1.9%.

American trading session:

U.S. Dollar: The dollar stopped rising due to publication of the revised data on U.S. GDP, the result of which was suddenly lower then forecasts. As shown by the data, the GDP in the 1st quarter grew by 1.8 %, whereas the previous estimate of the expected increase of 2.4 % which meant that the U.S. Commerce Department revised downwards the estimate of U.S. GDP growth in the 1st quarter of 2013.

Euro: The exchange rate of the EUR / USD pair fell sharply, losing more than half of the figure, which was associated with comments from ECB President Draghi. The EUR / USD couple was able to hold this level and finish this session at $ 1.3031 level.

Gold: The cost of the August gold futures on COMEX today dropped to 1223.20 dollars an ounce, continuing to update the multi-year lows while the dollar strengthened against all its competitors.

Oil: The cost of the August futures on U.S. light crude oil WTI fell to 93.68 dollars a barrel, which is 1.7% negative change after the Energy Information Administration said that crude oil supplies rose by 18K barrels to 394.1 million. The inventories of gasoline and diesel fuel also increased by more than 5 million barrels.


Technical analysis for 26.06.13

EURUSD
The pair has broken Fibonacci level 23% at 1.31143 and aims to reach support at 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading in the range between 1.54842 and 1.53348.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93949 and support 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trying to break support 97.491, the pair may decline to the next support level at 96.400.
Resistance: 98.718, 99.888, 101.657
Support: 97.491, 96.400, 95.200
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 25.06.13: The dollar rose after bunch of positive U.S. data increased speculation that the Federal Reserve will cut bond purchases.

Asian and European trading sessions:

Euro: The euro rate fluctuated against the dollar, therefore, the EUR / USD pair traded in the range of $ 1.3110/35. As it was announced today, Spain held an auction where the 3 and 9 -month bonds worth 3.07 billion euro were sold, which was higher than the maximum target. The pair, however, fell during the European session to the lows of $1.3085.

U.S. Dollar: The dollar index strengthened in anticipation of today's output by the macroeconomic data for U.S. Today, the U.S. Department of Commerce will present the data on orders for durable goods, which, according to analysts should rise up 3% in May compared with April.

British Pound: The rate of pound strengthened against the rates of others its competitors due to the speeches of the representatives of the Bank of England and the publication of the data for UK. The report of the British Bankers' Association showed that the number of approved applications for mortgage loans increased significantly in May to the level of 36,102 thereby exceeded the forecasts of most experts who predicted its rise to the level of 33100. Moreover, the number of approved applications was higher than April’s figure of 32,952.In addition, it was reported that the total number of mortgage approvals rose in May to the level of 65,752, compared with 61,262 a month ago. The GBP / USD pair during the European session rose to $ 1.5470 areas.

Japanese Yen: The yen rose stepping back from a two-week low against the U.S. dollar against the selling-off at the Asian markets and the liquidity problems of Chinese banks. Yesterday, the People's Bank of China has warned the country's banks on the need for greater control over their own liquidity, as well as on its risks. The USD/JPY pair touched the area of Y96.92.

American trading session:

U.S. Dollar: The dollar rose after better-than-forecast U.S. data analysts increased speculation that the Federal Reserve will cut bond purchases.
At the end of last month the demand for expensive manufactured goods increased significantly, as it was shown by recent data that has been provided by the Ministry of Commerce. The seasonally adjusted total number of orders for durable goods rose in May by 3.6%, reaching at the same level of $ 231 billion, which was followed after an increase of 3.5% in the previous month. The results exceeded the forecasts of experts, who predicted increase by 3.0% only, and demonstrated the second consecutive monthly increase. The exact details of these reports recorded that sales of new U.S. homes rose in May to its highest level in nearly five years and the sales in the primary housing market in May rose 2.1%. In addition to that, the adjusted for seasonal variations were 476K homes a year and reached the highest level since July 2008. According to another report, the housing price index Case-Shiller 20-city in April rose by 12.1% compared to April 2012. Housing prices in 20 metropolitan areas in April showed the biggest monthly increase since the beginning of the data, up 2.5% compared with March.
As it was shown by the private research group Conference Board, the consumer confidence in the U.S. in June rose to its highest level in five years. According to the data, the index of consumer confidence in the U.S. in June rose to 81.4 from a revised 74.3 values in May while many economists had expected the index falling to 75.6 in June.

Gold: The price of gold declined moderately today amid fears related to the reduction incentive program the Fed and cash deficit in China. The cost of the August gold futures dropped to 1271.70 dollars an ounce on COMEX today.

Oil: The cost of WTI oil brand firstly grew on expectations that oil stocks fell last week and after data showed that U.S. orders for durable goods rose in May more than forecasted. However, when the cost of the WTI August futures touched the 96.15 dollars a barrel it came down to the $94.15 areas.


Market review for 24.06.13: The euro retreated from lows on positive results of business confidence in Euro zone.

Asian and European trading sessions:

Euro: The positive data from Ifo for Germany partially influenced trading dynamics of EUR / USD pair during the European session. As it became known, the business sentiment index improved in June rising for a second straight month to 105.9 in June from 105.7 in May. The news increased hopes for the restoration of sentiment among Europe's largest trading partners. The business confidence was above expectations of economists. Also, the business expectations for the next six months improved to 102.5 in June from 101.6 in May. The studies of Ifo provided hope that business sentiment also restores the position of the major European trading partners, particularly France and Italy.

U.S. Dollar: The dollar rose on these sessions ahead of speech of Mr. Fisher in London today. The President of the Fed Bank of Dallas, who is the one of the most vocal critics of the U.S.central bank's quantitative easing, will speak on monetary policy and may add to the case for the Federal Reserve to pare back bond purchases program. Ahead of the speech the dollar index grew to almost 83 levels.

Japanese Yen: The yen fell against most major currencies after the ruling coalition of the Liberal Democratic Party won the elections to the Legislative Assembly of the prefecture of Tokyo. The broadcaster company NHK reported on Monday that the winning party took more than half the seats. The USD / JPY pair rose to Y98.68 area.

American trading session:

U.S. Dollar: The dollar index declined during last hours of this trading session as some investors changed their favor of the relative safety of dollar assets towards the high-yielding currencies. The dollar began to fall back from highs against the euro and other higher-yielding currencies after comments of the Fed official, President of the Federal Reserve Bank of Dallas, Richard Fisher. Responding to questions, Fisher said that “it is expedient to reduce bond purchase program " and " restart the monetary policy."

Gold: The cost of the August gold futures on COMEX today dropped to 1277.20 dollars an ounce, due to the pressure, which was provided by the negative forecasts of analysts of Goldman Sachs and Credit Suisse on the future of prices for precious metals.

Oil: The cost of the WTI July futures fell to 92.68 dollars a barrel on the New York Mercantile Exchange on speculation that a liquidity crisis in China may contain the risk for economic growth in China, the largest consumer country in the world of energy. Later, during the session the prices were able to recover from deep lows and strengthen to the $95.62 areas.


Technical analysis for 25.06.13

EURUSD
The pair has declined to the Fibonacci level 23% at 1.31143.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has reached 1.54842. Support is at Fibonacci 23% level at 1.53348. MACD supports downtrend corrections.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93949 and support 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is trying to break support 97.491, the pair may decline to the next support level at 96.400.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.009
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


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Market review for 20.06.13: The cost of gold declined substantially under the level of $ 1,280 per ounce, for the first time in three years.

Asian and European trading sessions:

U.S. Dollar: The dollar index was trading near one-week high, after the Federal Reserve Chairman Ben Bernanke yesterday said that the central bank is prepared to reduce the volume of purchases of bonds this year and even suspend them in 2014, when the economy will show steady growth. Also, the U.S. Federal Reserve decided to keep the key interest rate unchanged in the range of 0-0.25 % per annum as well as monthly pace of bond purchases at $85 billion.

British Pound: The pound recovered after data on retail sales in Britain recorded that the retail sales in the UK in May strongly re-energized after the failure of April, as consumers were willing to buy using advertising campaigns of supermarkets. The National Bureau of Statistics reported that in May retail sales rose by 2.1 % compared with April and by 1.9 % compared with the same period last year. The GBP / USD pair dropped to $ 1.5412 yet did not go lower and then was able to rise to $ 1.5483 during the rest of the European session. The recent data for retail sales strengthened expectations that the economy continued to grow in the 2nd quarter because consumers are still willing to spend money, despite the pressure exerted on their budget weak wage growth and inflation.

Japanese Yen: Against the background of falling World and particularly Asian stock markets, the yen strengthened against most major currencies. The demand for safe haven currency has been increased and USD / JPY pair rose to Y98.35 during the European session.

Australian Dollar: The performance of the PMI of manufacturing index in China from HSBC has disappointed investors today. The Australian dollar fell after the preliminary data published In June showed the figure at 48.3, while economists had expected to see it at 49.1.

American trading session:

U.S. Dollar: The U.S. data published at this trading session helped the dollar to get even higher than the levels of previous sessions. The report from the National Association of Realtors showed that the sales of existing homes in the U.S. in May to a seasonally adjusted rose 4.2 % to 5.18 million homes per year compared with 4.97 million in April, reaching its highest level in more than three years, where the economists predicted that sales of existing homes will rise to an annual rate of 5.01 million. The results of the report from the Federal Reserve Bank of Philadelphia also supported the currency. It recorded that in June, the business activity index rose to 12.5 versus -5.2 in May, while the predictions were at the rise of index to -0.4.

Euro: The euro was able to confront the dollar, recovering from the lows. The currency was supported by the data from the European Commission which showed that consumer confidence in the euro area has grown significantly in the month of June, which added further points to signs of recovery in the region.
According to the report, a preliminary index of consumer confidence in the euro zone rose this month to the level of -18.8, compared with -21.9 in the previous month, while many economists had expected a more modest increase of the index - to the level of -21.5. The EUR / USD pair rise to $ 1.325 during the session.

British Pound: The GBP / USD pair rose to $ 1.5515 area. The support for the currency had a report from the Confederation of British Industry, which showed that activity in the month of June in the UK manufacturing sector remained subdued, as the total number of orders, including export, remained roughly close to their long-term averages. Studies have also shown that some companies have lowered their expectations, though they still expect a modest increase in production over the next three months. In details: the report showed that 14 % of firms reported that the total number of orders was much higher, while 32% of the decline, which made the balance of -18 %, in line with the long-term average at 17%. In addition, it was reported that the balance for export orders amounted to 22%, which was the lowest level since January 2013.

Gold: The cost of gold declined substantially on COMEX today, falling to the levels of $ 1,276 per ounce, which was the first time in nearly three years, as traders rushed to sell gold, after the Federal Reserve hinted at a possible decrease in the volume of its asset-purchase program.

Oil: The price of July futures on U.S. light crude oil WTI fell sharply and reached one -week low near $94.6, which was due to pressure from the Chinese data, as well as statements by the U.S. Federal Reserve in reducing the size of the program to purchase assets.


Technical analysis for 20.06.13

EURUSD
The pair couldn’t stay above 1.33143 and below. If the pair stays below this level the pair will decline to 1.31674.
Resistance: 1.33143, 1.34881, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has reached 1.54842, if the pair stays below this level the pair will decline to the Fibonacci 23% level at 1.53348. MACD supports downtrend corrections.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair is trading between resistance 0.93069 and support 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is aiming to the resistance 97.491. Strong support is at Fibonacci 23% at 92.580.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.009
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.93493, 0.94635, 0.95611
Support: 0.92284, 0.90284, 0.89029


Market review for 19.06.13: The decision of the FOMC meeting provided significant support for the U.S. dollar.

Asian and European trading sessions:

Euro: The EUR / USD pair was trading in the range of $ 1.3385 - $ 1.3415 during the European session. The euro was held down not daring it to go further ahead of pending results of the FOMC’s meeting. The meeting has attracted widespread attention not only because of the speech of FOMC chairman Mr. Bernanke but also due to the publication of the quarterly economic forecast.

British Pound: The pound fell after the release of the minutes of the Bank of England, which showed again that the monetary authorities unanimously voted for keeping the key interest rates at 0.5 % level. The representatives of the Bank of England Mr.King, Mr. Fisher and Mr. Miles called for an increase in the volume of purchases to £ 400 billion as it was stated in the protocol. The GBP / USD pair during the European session rose to $ 1.5670 and then fell to $ 1.56 level.

American trading session:

U.S. Dollar: The Fed left interest rate range unchanged between 0.0 % and 0.25 %. The dollar appreciated the issue moving sharply against most major currencies amid the decision as well as due to the publication of the accompanying statement by the Committee on the Federal Open Market.

Euro: The EUR / USD pair fell to a minimum 1.3262 and ended up this trading day at the 1.3290 level. The head of the FRS signaled on gradual limitation of monetary measures for economy stimulation and their conduction that will be held later this year. Moreover, the economic forecasts have been revised for increase.

Japanese Yen: The USD / JPY pair was finally able to recover part of the incurred losses over the past week reaching the maximum of Y95.35 and ending up at the Y96.35 area.

Canadian Dollar: As it was reported today by the Statistics Canada, the Canadian monthly wholesale sales grew slightly less than expected in April climbing 0.2% to 49.03 billion Canadian dollars. The sales volume, which feeds into the calculation of monthly economic output, grew 0.4%. However, the currency dropped against its neighbour, the U.S. dollar after announce of the result of the FOMC meeting.

Gold: The Gold prices firstly grew today to 1372.80 dollars an ounce level, due to the expectations of the accompanying statement by the FOMC. However, when the statement has been released the cost of the August gold futures on COMEX today fell sharply to $1350 an ounce area.

Oil: The Oil prices fell slightly, which was associated with the publication of a weekly report on oil stocks, which showed growth, but much smaller than the previous week. Later, after the FOMC’s meeting results, the cost of the July futures on U.S. light crude oil WTI fell to 97.75 dollars a barrel on the NYMEX.


Technical analysis for 19.06.13

EURUSD
The pair has broken resistance 1.33143 and aims to reach 1.34881.
Resistance: 1.34881, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached the median line at 1.56722. The MACD warns of possible downtrend corrections. The pair stays below 1.56722, this will bring pair to decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support level at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections. The pair is aiming to reach Fibonacci 23% at 92.580.
Resistance: 95.200, 96.400, 97.491
Support: 94.009, 92.580, 91.254
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 18.06.13: The euro reached a four-month high against the dollar on positive result of ZEW index of economic sentiment in Germany.

Asian and European trading sessions:

Euro: The ZEW index of economic sentiment in Germany rose to 38.5 points in June from 36.4 points in May. The figure was higher than the expectations of economists, who forecasted increase to 38.2 points only. The Euro zone economic sentiment index also grew up to 30.6 points in June. As the result, the EUR / USD pair rose to $ 1.34 during the European session.

British Pound: The pound fell against its rivals on data for inflation and producer prices. The economists had expected the CPI to rise to 2.6% in May from 2.4% in April %; however, it grew up to 2.7%. On a monthly basis, consumer prices rose at the same pace as in the previous month by 0.2%, where the expectation was at to rise by 0.1% only. The retail price index (RPI) rose by 3.1% year on year, as expected. In addition, the Bureau of Statistics reported that the Output PPI on the year to year basis rose by 1.2% in May, compared with 0.9% in April. This, however, was lower than the 1.4% that economists expected. The GBP / USD pair fell to $ 1.5600 during the European session.

Japanese Yen: The yen was losing against the dollar for the second consecutive day in anticipation of the result of started today the two-day meeting of the Federal Reserve System. It was expected that the central bank may announce reduce of quantitative easing program. Additional pressure on the yen had a release of weak data on industrial output in Japan. The published today report showed an increase of 0.9 %, while analysts had expected a rise to 1.7 %. The USD / JPY pair rose to Y95.50 during the European session.

American trading session:

Euro: The euro reached a four-month high against the dollar recording the level of $1.34140 as a daily high on positive result of ZEW index of economic sentiment in Germany.

British Pound: The pound slightly recovered from lows of $1.5565 level, but still traded lower. Such dynamics triggered data on inflation and producer prices, which showed that the base index of producer prices excluding volatile prices for food, beverages, tobacco and petroleum products rose 0.8% yearly, compared with the expected 0.9% growth. The production costs in the year to May (Input PPI) rose by 2.2% after a 0.1% drop in April with the expected increase to 2.5%. On a monthly basis, the Producer Price Index fell 0.3%, while expectations were at the same level.

Gold: The August gold futures on COMEX today dropped to 1361.10 dollars an ounce on the COMEX today. The prices declined significantly, which was associated with the expectations of tomorrow's meeting of the Federal Reserve System, which is expected, the market will have more clarity on the prospects of U.S. monetary policy.

Oil: The cost of the July futures on WTI rose to 95.75 dollars a barrel on the NYMEX. To the rise in prices contribute to concerns about disruptions for global supply, after the United States decided to play a more active role in the Syrian conflict.


Technical analysis for 18.06.13

EURUSD
The pair has broken resistance 1.33143 and aims to reach 1.34881.
Resistance: 1.34881, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached the median line at 1.56722. The MACD warns of possible corrections.
If the pair stays below this level the pair may decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has declined to support level at 0.92026. MACD warns of possible uptrend corrections.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections. The pair is aiming to reach Fibonacci 23% at 92.580.
Resistance: 95.200, 96.400, 97.491
Support: 94.009, 92.580, 91.254
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 17.06.13: The value of the dollar index increased due to positive results released by the NAHB.

Asian and European trading sessions:

Euro: The euro rose after data showed that the trade surplus of the euro zone in April was below the record high. Trade data showed for that period of time recorded a positive balance of foreign trade in goods in the amount of €14.9 billion as the region's exports exceeded imports. Total exports in April amounted to €161.3 billion against €165.6 billion in March. Imports in April rose to €146.4 billion against 143.0 billion in March. These data indicate that domestic demand is likely increased in the first month of the 2nd quarter, while foreign demand declined. The EUR / USD pair rose to $ 1.3355 during the European session.

U.S. Dollar: The Dollar Index decline on the background of the upcoming meeting of the Federal Reserve. The event, which starts tomorrow will reveal when the central bank will curb bond purchases policy.

Japanese Yen: The yen weakened against all 16 most- traded currencies amid growth of the stock market indices around the world, which in turn led to a damping demand for save-heaven assets. The USD / JPY pair rose to Y95.18 during the European session.

American trading session:

Australian Dollar: The Australian dollar declined significantly against the U.S. dollar, having lost in the course of trade of more than one figure. It should be noted that market participants focused on the publication of reports of the Reserve Bank of Australia, which will be published tomorrow and the meeting of the open market operations at the end of the week, which will be the most important event since the Australian calendar seems pretty loose for the current week.

U.S. Dollar: The value of the dollar index increased this session which was a reaction to the U.S. data, which were released by the NAHB. The National Association of Home Builders reported today that the
Housing Market Index in June rose to 52, adding 8 points compared to May which was far surpassed the expectations of economists, who had forecasted that the index would be at 45 points. Recall that the index value above 50 indicates that the number of companies that positively assessing the conditions for sales, exceeds the number of companies that give a negative assessment. The index reached a value greater than 50 for the first time since April 2006.

Gold: The gold prices fell today due to the strengthening of the dollar, and investors ' expectations of the Fed meeting, which is scheduled for this week. In addition, the data presented today showed that gold mining in Australia fell by 5% in the first quarter, reaching a level of 63.5 tons. The cost of the August gold futures dropped to 1383.50 dollars per ounce on COMEX today.

Oil: Oil prices rose slightly today, rising above 98 dollars a barrel on the NYMEX, as the confrontation between the U.S. and Syria have increased significantly, which may help reduce oil production in the Middle East region.


Market review for 13.06.13: The yen extended its biggest three-day growth amid falling of the Nikkei 225 stock index.

Asian and European trading sessions:

U.S. Dollar: The dollar was higher against its competitors on today’s sessions as market participants' attention was focused on the publication of the statistics from U.S. Many of experts predicted that the U.S. retail sales were likely to increase in May at the fast way in the last three months, as Americans took advantage of cheap loans for buying new cars. As it was expected, accordingly the median forecast of economists, the increase would have came out higher by 0.4 % after increasing 0.1 % in April.

Japanese Yen: The yen extended its biggest three-day growth since 2008, amid falling of the stock index Nikkei 225, which stimulated demand for safe-haven assets. The currency increased against the dollar and crossed the mark of Y95.00, which is a maximum of the last two months, after official data showed that Japanese investors were selling foreign shares and bonds for the 4th consecutive week. The USD / JPY pair fell to Y93.79, but then during the European session rose to Y94.50 area.

Australian Dollar: After data from the Australian Bureau of Statistics showed that by the end of last month the number of employed in Australia unexpectedly increased, the Australian dollar rose against the U.S. dollar. The result was led by growth in the number of a part-time employed people in Australia. It also showed a slight drop in the unemployment rate. According to a report in May, the number of employees increased by 1,100 people reaching at this level 11.66 million, where accordingly the average forecasts of experts, the value of this index should have been shrank by 9,800 people.

New Zealand Dollar: The New Zealand dollar fell against all of its major counterparts after the RBNZ manager said that the currency is overvalued. The manager of the Reserve Bank of New Zealand, Mr.Graeme Wheeler showed a tendency to rigid policy, yet it was expressed in lesser than expected manner. He also stressed out that the inflation is not expected to be a problem in the near future, although signaled the fears about the growth in house prices in some areas.

American trading session:

Euro: The Euro compensated previously incurred losses against the dollar after data on retail sales and the U.S. labor market. The EUR / USD pair after falling to $ 1.3278 during the European session was able to recover one figure strengthening to the level of $ 1.3378.

U.S. Dollar: The retail sales and food sales in the U.S. rose by 0.6 % in May and adjusted for seasonal variations were at 421.15 billion dollars. The expectations were at increase of 0.4 % compare with previous month. Annually, the retail sales in the U.S. rose by 4.3 % in May. Also, the number of initial claims for unemployment benefits in the U.S. last week showed decline for the second week in a row, which gave a sign of steady progress in the labor market. In the week of June 2-8, the number of initial claims for unemployment benefits fell by 12K and adjusted for seasonal variation was 334K. The analysts expected the, initial claims which is an indicator of layoffs will be amounted to 354K. The U.S dollar, however, dropped against its competitors.

Gold: The August gold futures traded within yesterday's range of $1375 - 1395 per ounce against the downturn in the stock markets in Asia and the fall of the dollar.

Oil: The price of oil recovered, as the effect of macro-economic statistics published by the U.S. compensated depressing mood in the markets. The cost of July futures of U.S. light crude oil WTI raised to 96.89 dollars a barrel level on the NYMEX.


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Technical analysis for 13.06.13

EURUSD
The pair has broken resistance 1.33143 and aims to reach 1.34881.
Resistance: 1.34881, 1.35984, 1.37486
Support: 1.33143, 1.31674, 1.30277
GBPUSD
The pair has reached the median line at 1.56722. If the pair stays below this level the pair may decline to 1.54842. If the pair stays above 1.56722 the pair will rise to 1.58543.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair is trying to break 0.92026. If the pair stays below this level the pair will decline to 0.91079.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections. The pair is aiming to reach Fibonacci 23% at 92.580.
Resistance: 95.200, 96.400, 97.491
Support: 94.009, 92.580, 91.254
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.90284


Market review for 12.06.13: The results of reports for inflation change in eurozone supported the Euro and Pound.

Asian and European trading sessions:

Euro: The euro rose today. The EUR / USD pair after testing the lows of $ 1.3264 at the beginning of the European session, strengthened to the highs of $ 1.3340 at the end of it. Partially, the dynamics of the euro were affected by the data for Germany, which showed that by the end of last month inflation rate in Germany increased. The positive change was associated with an increase in food prices. However, the level of inflation still remained below the target level of the European Central Bank. According to the report, in May, the annual inflation rate rose to 1.5%, compared with 1.2% in April, confirming a preliminary assessment, and being in line with expectations of experts. The CPI on a monthly basis rose by 0.4%, which followed a 0.5% decline in the previous month and the value matched the preliminary estimates and forecasts of analysts. Also, the acceleration of the pace of the harmonized inflation in the country was up to 1.6% in May from 1.7% previously calculated and has risen by 0.5% from 1.1% in April. Inflation has remained below the strategically important level of 2%. The Federal Bureau of Statistics also reported that on a monthly basis, the harmonized index of consumer prices rose by 0.3% in May, as suggested earlier, after slowing to 0.5% a month earlier.

British Pound: The pound rose against the dollar after the release of data from the Office for National Statistics showed that by the end of last month the number of applications for unemployment benefits decreased markedly ahead with the predictions of most experts. According to the report, the number of applications for unemployment benefits fell in May by 8,600 units compared with a revised downwards index for April at 11,800 units. The estimated values were at the decline in 6800, compared to a fall of 7300, which was originally reported last month. In addition, it was reported that average earnings, which excluded bonuses and overtime, increased for the three months (to March) by 0.9%. Today's report showed that the unemployment rate estimated by ILO has remained unchanged for the three-month period (to April) at 7.8%, which was in line with the expectations of experts. During the European session, the GBP / USD pair rose to $ 1.5680 then fell to test the opening level.

Japanese Yen: The yen fell today against all major currencies into correction after yesterday’s strength associated with the decision of the Bank of Japan of keeping the level of monetary stimulus measures at the same value. The USD / JPY pair grew up to Y97.05 during the European session.

Australian Dollar: The Australian dollar retreated from a three-year low, amid the result of the report which recorded that the consumer confidence in Australia rose in May to -4 from -6 points, while the index of business confidence remained unchanged at -1 point.

American trading session:

U.S. Dollar: The dollar fell against its counterparts amid uncertainty about the future of the Fed's stimulus program. The Fed is expected to start phase out its bond-buying program this year, as the U.S. GDP has already accumulated some growth and continuing to gain momentum. The next meeting of the Fed on monetary and credit policy, which takes place on June 19 should reveal the situation.

Gold: The Gold has played back some of incurred during the two previous sessions losses after better than expected data on industrial production in the euro area. The cost of the August gold futures rose to 1394.45 dollars per ounce on COMEX today.

Oil: The cost of WTI oil brand rose to its highest level in three weeks 96.43 dollars a barrel on NYMEX today even despite of the data on the increase in stocks of crude oil from the U.S. Department of Energy. The crude oil inventories rose by 2.52 million barrels compared to the expected decline of 0.5 million increase in gasoline stocks totaled 2.75 million barrels, compared expected 0.5 million.


Market review for 11.06.13: The Yen gained back its losses when the Bank of Japan unexpectedly left the lending program unchanged.

Asian and European trading sessions:

Euro: The euro rose slightly against the U.S. dollar, the EUR / USD pair during the European session grew to $ 1.3300, due to the fact of the opening two-day session of the Federal Constitutional Court of Germany, the highest judicial body of the country. As part of the hearing the judge will consider the legitimacy of government bond buyback program OMT, which is the head of the European Central Bank (ECB), Mario Draghi announced in September 2012. As it was stated by one of the members of the ECB Executive Board, Jörg Asmussen, that the potential decision of the court against the ECB's program of buying back government bonds could mean new risks for the single currency.

Japanese Yen: The Japanese currency has gained back all its lost positions against the dollar after the result of the meeting of the Bank of Japan on June 10-11, revealed the keeping the course of monetary policy unchanged, refraining from additional measures to support the economy. Most experts though expected that the Bank of Japan will adopt new credit operations of at least one year. The USD / JPY pair fell to Y96.45 level during the European session.

Australian Dollar: The Australian dollar dropped during the European session for a third day in a row on the background of release of data on the level of business confidence in Australia. So, in May the index remained weak, despite the recent unexpected decline in the basic interest rate announced by the central bank of the state. The confidence index of investors in May, according to the survey conducted by the National Australia Bank, was -1 point, as in the previous month. The negative value of the indicator meant that there are pessimists than optimists among investors.

American trading session:

British Pound: The pound was up against the U.S. dollar against the publication of better than expected results of the industrial production report for Britain. As shown by recent data submitted by the Office for National Statistics, at the end the month of April, the volume of industrial production increased by only 0.1 %, compared with an increase of 0.7 % in March and an increase of 0.9 % in February. The average forecast of experts was at decline by 0.4 %. Also, the data showed that the manufacturing industries decreased in April by 0.2% 1.1% where the economists had expected the figure to be unchanged. The GBP / USD pair grew to $ 1.5658 during the American session.

Gold: The August gold futures of gold dropped to 1365 dollars per ounce after ratings agency Standard & Poor's raised the outlook of the U.S. rating to stable, reducing the appeal of gold as a safe asset.
.

Oil: The cost of the July futures of WTI fell to 94.02 dollars a barrel on the New York Mercantile Exchange on the background the decision of the Bank of Japan of leaving the lending program unchanged, reinforcing investor concern that central banks are not ready to add more stimulus.


Technical analysis for 12.06.13

EURUSD
The pair is trading between resistance 1.33143 and support 1.31674.
Resistance: 1.33143, 1.34881, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has reached the median line at 1.56722 and rolling back. If the pair stays below this level the pair may decline to 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has broken 0.93069 and aiming to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair continues corrections and declined to 96.400.
Resistance: 97.491, 98.718, 99.888
Support: 96.400, 95.200, 94.009
AUDUSD
The pair is aiming to the Fibonacci 38% level at 0.91393.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.90284


Market review for 10.06.13: The Euro strengthened when the Sentix Investor Confidence report showed an improvement in confidence among investors in June.

Asian and European trading sessions:

Euro: The data from the research center Sentix helped the euro rose against the U.S. dollar today. The currency reached a maximum at the European session, when it was shown that the confidence among investors improved in June, registering with the second monthly increase in a row. According to the report in the current month sentiment index rose to -11.6, up from -15.6 in May. The EUR / USD pair during the session was trading around $ 1.3195 areas. Also, it was recorded that the sentiment index for – Germany, the country with the largest economy in euro zone increased after two consecutive declines in recent months. According to the report, the sentiment index for Germany rose to 16.2 in June from 15.2 in May.

U.S. Dollar: The U.S. dollar rose against the euro due to some investors’ expectations ahead of the performance of the president of the Federal Reserve Bank of St. Louis, James Bullard, which was scheduled for today at an economic forum in Montreal.

Japanese Yen: The annualized GDP of Japan grew by 4.1 % compared with the preliminary data that suggested an increase of 3.5%. As the result, the statement provided today by the Cabinet Office in Tokyo did affected the trading dynamics of the yen against it’s competitors. The USD / JPY pair during the sessions strengthened to the Y99.30 area.

Australian Dollar: The Australian dollar fell today after the publication of the statistics from China. The exports from China rose in May 2013 to 1% in annual terms, after an increase of 14.7 % in April, according to data of the State Statistical Bureau of China, which was the weakest growth in 10 months. The analysts predicted the May’s figure to be came out with less restrained fall - up to 7 %.

American trading session:

British Pound: The pound rose today in anticipation of tomorrow's report on industrial production. The previously increase by 0.7 % which was published in March, showed that the change in volume of industrial production beat expectations with the majority of experts. The dynamics of the GBP / USD pair correlated well with the dynamics of the EUR / USD pair and reached the highs of $ 1.5585 during the session.

Gold: The gold prices were kept within a narrow range of 7-8 dollars, as today's calendar was empty on the important economical statistics. The cost of the August gold futures reached the highs of $1388 per ounce on COMEX today.

Oil: The cost of oil brand West Texas Intermediate (WTI) fell to $95.18 a barrel level from its two-week highs after the indicator of industrial production showed slow down in China.


Technical analysis for 11.06.13

EURUSD
The pair is trading between resistance 1.33143 and support 1.31674.
Resistance: 1.33143, 1.34881, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair is aiming to the median line at 1.56722.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53348, 1.52063
USDCHF
The pair has broken the median line at 0.93949 and declined to 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the channel line at 98.720.
Resistance: 98.718, 99.888, 101.657
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken support level at 0.94635. The next support is at 0.93493.
Resistance: 0.94635, 0.95611, 0.96579
Support: 0.93493, 0.92284, 0.90284


Market review for 06.06.13: The speech of Mario Draghi and the decision to leave the interest rate unchanged at 0.5 % pushed the euro significantly up against the U.S. dollar.

Asian and European trading sessions:

Euro: During the European session the EUR / USD pair rose to $ 1.3170 level. The Governing Council of the ECB at today's meeting decided to leave rates unchanged, which meant that the lending rate and deposit rate will remain unchanged at 0.5%, 1.00% and 0.00%, respectively. The decision was in line with the forecasts.
The weak data on Factory Orders in Germany, which showed more than expected decline, did allow the euro to continue growing. The orders in the industrial sector in Germany fell in April by 2.3% compared with growth of 2.2% in the previous month and expectations of decline by 1.0% only. The demand for industrial goods in Germany in April was disappointing everywhere in euro zone, especially in the country.

British Pound: The pound showed a moderate increase against the dollar after the Bank of England's MPC today left interest rates at a record low 0.5%. There were also mentioned that the asset purchase program will be kept at £ 375 billion. Both decisions were line with the main forecasts. The data on house prices in the UK, which in May rose at the fastest pace in nearly two and a half years, also provided support for the pound. An activity in the housing market has increased due to a variety of government programs as it was confirmed in report released by the mortgage lender Halifax today. The house prices rose in May by 0.4% compared to the previous month and by 2.6% compared to the same period last year. In April, prices rose by 1.1% compared with the previous month and up 2% compared to the same period last year. The GBP / USD pair rose to $ 1.5463 during the European session.

Australian Dollar: The Australian dollar fell to an annual minimum after the release of negative data published by the Bureau of Statistics of Sydney on the trade balance of the country, which in April recorded surplus target of 28 million Australian dollars against the expected surplus of 215 million.

American trading session:

Canadian Dollar: The cost of the Canadian dollar sharply higher against the U.S. dollar, after the data showed that the index of business activity managers from Ivey rose in May to 63.1 indicating a high rate of growth of import . The median forecast of economists was at 55.3. Also, the trading dynamics of the currency were impacted by the information of the Bank of Canada, which mentioned that the slowdown in domestic demand limits the incentive policy. Furthermore, was added that “at some point” rates would be raised " to more normal levels," and the momentum of the foreign demand should help to increase the confidence of exporters.

Euro: The speech of the President of the Central Bank, Mario Draghi, who commented on the reasons for the decision of leaving the refinancing rate unchanged at 0.5 % in June, after it had previously been speculated a reduction of 0.25% by market, pushed the euro significantly up against the dollar and almost all others competitors. The EUR / USD pair rose to $ 1.3300 level.

Gold: The cost of the August gold futures rose above $ 1,410 an ounce, which helped comments European Central Bank President Mario Draghi, and the decision to leave interest rates unchanged.

Oil: The July U.S. light crude oil WTI futures rose today to 95.30 dollars as a report published today by the U.S. unemployment raised hopes that on Friday the monthly employment data in the U.S. will mean an improvement in economic conditions in the largest oil consumer in the world.


Market review for 05.06.13: The pound rose after the PMI of UK services showed strong growth.

Asian and European trading sessions:

Euro: The rate of the euro retreated from highs against the dollar occurred during the Asian session under pressure of the published today data which recorded the reduction of GDP, weak economic activity and a fall in retail sales. The results confirmed ongoing recession, which lasts for the sixth quarter. The data, according to the second estimate by Eurostat, evidenced that the euro zone economy contracted by 0.2 % in the first quarter compared with the previous quarter, which was in line with expectations. In annual terms, the gross domestic product fell by 1.1 %, slightly higher than the 1 % decline according to preliminary estimates from May 15. Also, the retail sales in the euro zone fell by 0.5 % in the month term, which was faster than the 0.2 % drop, which was reported in March. Many economists forecasted a drop of 0.2%. The EUR / USD pair fell to $ 1.3053 level during the European session.

British Pound: The pound rose after the PMI of UK services showed strong growth. The activity in the UK service sector grew in May at the fastest pace in more than a year, as new orders increased most rapidly in three years. Increased activity in the services sector in today’s report was the strongest signal, which suggests that the recovery that began in the 1st quarter may continue in the 2nd quarter and thereafter. The issue can make the Bank of England to think of announce the stop providing additional stimulus to the economy at the next meeting. The Purchasing Managers Index (PMI) for the service sector rose in May to 54.9, its highest level since March 2012, against 52.9 in April. The value exceeded the forecasts of economists who had expected growth of the index to 53.1level only. The GBP / USD pair rose to $ 1.5397 area during the European session.

Japanese Yen: The yen rose against the dollar after today after the Japanese Prime Minister Mr.Abe outlined the next steps of its plan to stimulate the economy. He said that he will create certain economic areas to attract foreign investors, the annual income will be increased by 3% and there will be no restriction in the electric power sector. Also, Mr.Abe drew attention to measures aimed at stimulating long-term growth saying that revenue growth was an important event, because "the purpose of the growth strategy - is primarily the creation of jobs for active people and increase wages for those who work a lot." The USD / JPY pair fell to Y99.09 during the European session.

Australian Dollar: Despite the fact that the Australian economy is growing without recessions for 22 years in a row, the data provided today were bad news for the markets. The volume of gross domestic product in Australia rose in the first quarter of this year by 0.6 %, or 2.5 % year on year. The vast majority of experts predicted GDP growth of respectively 0.8% and 2.7 %. The government forecasts the Australian GDP to grow by 3%, and in the new year by 2, 75 %. The Australian dollar fell after the release of the worst in the last two years of statistics on the country's GDP.

American trading session:

U.S. Dollar: The dollar fell after data from Automatic Data Processing. Inc (ADP) showed that in May, the level of private sector employment increased by 135K versus forecast of 171K and 113K in April. The employment rate in firms with the number of employees from 1 to 49 increased by 58K jobs in May. The average amount of business with 50-499 employees attracted 39K new employees. Large firms and enterprises with 500 employees or more added 39K new jobs. The employment in the service sector increased by 138 million in May, and manufacturing employment fell again. The obtained data raised concerns about the situation at the U.S. labor market on the eve of Friday's employment report from the Labor Department.

Gold: The cost of the August gold futures rose to 1410.50 dollars an ounce after the published data on employment in the U.S. has not met the expectations of experts, and brought again some speculation that the Federal Reserve may begin to cut back its program of monthly purchases of bonds.

Oil: Oil prices also rose up today. The cost of the July futures on U.S. light crude oil WTI rose to 94.44 dollars a barrel on the NYMEX, after data showed that U.S. crude stocks fell sharply, signaling the increasing of demand in the United States.


Technical analysis for 6.06.13

EURUSD
The pair is aiming to the Fibonacci level 38% at 1.31208. The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has broken Fibonacci 23% level at 1.53348 and aiming to 1.54842.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53348, 1.52063, 1.50594
USDCHF
The pair has reached the median line at 0.93949.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair has declined to the channel line at 98.720.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has broken support level at 0.94635. The next support is at 0.93493.
Resistance: 0.95611, 0.96579, 0.97423
Support: 0.94635, 0.93493, 0.92284


Market review for 04.06.13: The pound rose after the reports for PMI in the UK which showed an improvement.

Asian and European trading sessions:

Euro: The euro exchange rate rebounded back from the reached highs against the dollar on data for producer prices and unemployment in Spain. The producer prices in Eurozone fell in April for a second consecutive month and the rate of decline has been most rapid in nearly four years. In details: In April, as it was reported by the agency Eurostat, the index fell by 0.2 % compare with 0.6 % the previous month and analysts expectations of gain by 0.3 %. In monthly term, the comparison index fell 0.6 % against 0.2% in March and forecasts -0.2 %. However, the currency did not go lower than $1.3050 level against the dollar because the data on employment in Spain presented also today have surprised many investors. In May, the unemployment rate fell by -98.3K versus -46.1K in a month earlier and forecasts of -50.2K. The EUR / USD pair rose to $ 1.3099 during the European session.

U.S. Dollar: During the Asian session, the dollar index fell to a month low after yesterday’s disappointed results of ISM manufacturing index of U.S. which fell in May at the fastest pace in four years. The index did not recover today as well showing the level of 82.70.

British Pound: The pound rose slightly after the reports for PMI in the UK construction sector which showed an improvement from 49.4 to 50.8, exceeding analysts' expectations. Analysts were more confident in expectations of rising in the activity, after today’s strong performance of the PMI in the service and industrial sectors. The GBP / USD pair during the European session rose to $ 1.5371 before it dropped to $ 1.5280 areas.

Australian Dollar: After the Reserve Bank of Australia decided to keep interest rates unchanged at 2.75 %, the Australian dollar fell today. "The pace of growth of the economy in the past year were slightly lower than expected, and according to our estimates, in the near future, this situation is generally kept, - said the chairman of the Central Bank Mr. Glenn Stevens commenting on today's decision. The Management Board of directors, at today's meeting, decided that for the current situation the level of interest rates is appropriate. However, they also added that they cannot rule out the possibility of further rate cut, if the measure is needed to support demand.

American trading session:

Canadian Dollar: The Canadian dollar was down against the U.S. dollar. The presented data showed that the U.S. trade deficit widened to $ 40.30 billion in April versus expectations of $ 41.1 billion, while the trade deficit of Canada was only at 567million.

U.S. Dollar: The dollar rose slightly, which in part was helped by the U.S. data which showed that the U.S. trade deficit with other countries widened in April. All these improvements were on the background of growing interest of the Americans to foreign goods, such as cars and cell phones, which outpaced the growth of exports. In details: the U.S. deficit in international trade of goods and services grew by 8.5 % in April to $ 40 300 million from a revised $ 37.1 billion in the previous month, the Commerce Department said. The deficit increased because imports rose by $ 5.4 billion, while exports increased by only $ 2.2 billion. Many economists had expected the deficit to reach $ 41.1 billion

Gold: The Gold prices have declined substantially below $ 1,390 an ounce level, which was associated with an increase in concerns about demand in India, the world's largest consumer of gold. The government of India has recently restricted further the import of precious metals. The cost of the August gold futures dropped to 1395.50 dollars an ounce on COMEX today.

Oil: The cost of the WTI July futures on fell to 92.85 dollars a barrel on the NYMEX today. The oil was under pressure amid fears of further growth stocks in the United States.


Technical analysis for 5.06.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to the Fibonacci 23% level at 1.53348.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out Double Top and aiming to the median line at 0.93949.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair stays below 101.657. MACD convergence warns of possible downtrend corrections. The pair is aiming to 98.718.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
MACD supports possible uptrend corrections. Strong resistance maybe met at the Fibonacci 23% level at 0.98732.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.94635


Market review for 03.06.13: The Euro and Pound increased their values against the U.S. dollar on positive news.

Asian and European trading sessions:

Euro: The euro reached a peak against the dollar, which was contributed by the positive data on PMI. The recession continued in the euro area in the last month, but at a slower pace, as it was shown by the results of recent studies that have been presented today by the Markit Economics. Accordingly report for the period of May, the final index of business activity in the manufacturing sector rose to 48.3 compared with 46.7 in April and the average forecast of most experts with the initial assessment at the level of 47.8. The EUR / USD pair rose to $ 1.306. In the meantime, the data for May showed a decline of slowdown in all the euro union countries studied, indicating improvements in the conditions of production. Spain and Greece showed the smallest decline over the past two years, and German showed the activity in the manufacturing sector since February this year. The final index of business activity in the manufacturing sector, seasonally adjusted rose to 49.4 from 48.1 in April where the rate was expected to be unchanged from the preliminary estimate of 49.0.

British Pound: The results of recent studies that have been published by the Markit Economics and the Chartered Institute of Purchasing and Logistics (CIPS) demonstrated that in the last month the PMI for the manufacturing sector has increased dramatically. According to the report, the seasonally adjusted purchasing managers' index rose from a revised 50.2 in April to the level of 51.3, which is a 14-month high. It is worth noting that according to the average forecasts of experts, the index should have grown to the level of 50.1, compared with 49.8. Other news recorded that the industrial production increased in all sub-sectors within a month. The New orders report provided by the British producers of goods showed the third monthly increase in a row. The new orders index rose to a 26-month high forecasting future prospects of the industry. As a result, the value of the pound against the dollar has increased significantly the GBP / USD couple from the opening level of 1.5200 reached the maximum of 1.5374 and closed trading near 1.5320after the publication of the mentioned above data.

Australian Dollar: The Australian dollar rose departing from the minimum levels today after Chinese PMI in the manufacturing sector of the economy reached 50.8 in May, while in April the figure was 50.6. The report was provided by the China Association of logistics and procurement.

American trading session:

U.S. Dollar: The U.S. index of economic conditions, the ISM for the manufacturing sector fell in May from 50.7 to 49 points, although expected keeping of almost the same level. As the result, the U.S. dollar fell against major currencies, as the weak ISM manufacturing data increase prospects for the continuation of the Fed's asset purchase program. The other data of the construction costs for April released also today showed that the index increased significantly weaker than expected at 0.4 % instead of the projected 1.1%.

Japanese Yen: The USD / JPY pair fell below Y99, to the lowest since the beginning of May. All these sell-off was the consequence of the continuing fall of the Nikkei index.
Gold: The gold showed growth due to a weaker dollar after weak data from the Institute for Supply Management (ISM) has been released. The cost of the August gold futures rose to 1416.70 dollars per ounce on COMEX today.

Oil: The U.S. dollar that weakened at whole market provided cause for demand of oil. The West Texas Intermediate brand recovered from month low rose to 93.66 dollars a barrel on the New York Mercantile Exchange.


Technical analysis for 4.06.13

EURUSD
The pair’s resistance is 1.31674, support is 1.30277.
Resistance: 1.31674, 1.33143, 1.34881
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to the Fibonacci 23% level at 1.53348 and rolling back to 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out Double Top and declined to 0.95074.
Resistance: 0.96220, 0.97427, 0.98512
Support: 0.95074, 0.93949, 0.93069
USDJPY
The pair stays below 101.657. MACD convergence warns of possible downtrend corrections.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
MACD supports possible uptrend corrections. Strong resistance maybe met at the Fibonacci 23% level at 0.98732.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.94635


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Market review for 30.05.13: The dollar fell on hopes for an extension of Fed’s ultra-soft monetary policy on the background of today’s weak U.S. economic data.

Asian and European trading sessions:

Euro: Even though, the dollar rose sharply against the euro at the beginning of the European session the European currency was able to turn this trend into opposite direction during the rest of the session. The dynamics of trade for the second half of the session were affected by the data from the European Commission, which showed that the Business Climate Indicator as well as the Euro-Zone Services Confidence in 17 countries of the euro area came out less pessimistic compare with their prospects showing even some improvement in May. According to the reports, the Business Climate Indicator rose -9.3 from -11.1 in April and forecasted -10.6 and the Euro-Zone Services Confidence grew to -0.76 compare -0.85 predicted in forecasts of experts. The EUR / USD pair rose to the day's high of $ 1.3060 on this positive news.

Japanese Yen: The yen strengthened after it became known that in the past two weeks, the Foreign Buying Japan Bonds has been remarkably increased. Over the last week, which ended May 24, the Japan was able to sell the government bonds to the foreign investors for the amount of ¥457.2 billion compare with previously adjusted ¥17.6 billion. Relatively, the yield on 10- year Japanese government bonds reached a one -year high of 1% at the last week. And today the yield fell to 0.9 %. The USD / JPY pair rose to Y101.80 during the European session.

Australian Dollar: The Australian dollar rose after positive results of the report on the number of building permits which were released in Australia. In April, the value rose by 9.1 % compared with the previous month, when it registered a decline of 5.5 %. The economists expected growth of 4 %. The other news also published today recorded that in the first quarter of 2013 the change in capital expenditures in the private sector of Australia unexpectedly fell by 4.7 %, while economists had expected growth of 0.5 %.

American trading session:

Canadian Dollar: The results of last quarter’s balance of payments deficit showed markedly decline today. The Canadian dollar strengthened against its competitors after the data, which exceeded the forecasts of most experts, recorded that the seasonally adjusted current account deficit declined in the first quarter to a level of 14.09 billion Canadian dollars ($ 13,610 billion).

U.S. Dollar: The dollar fell after U.S. economic data published today revived some hopes for an extension of Fed’s ultra-soft monetary policy. In the first quarter of 2013, the GDP growth was revised down to 2.4% compare with the expectations of the result to be remained unchanged at 2.5%. Furthermore, the number of initial claims for unemployment benefits rose last week from a revised 344K to 354K. Again, the result did not show the stabilization of the index to at least at the level of 300K, which can be accepted as an adequately reduce of an unemployment rate. In this regard the U.S. markets considered some hope for the continuation of QE in the foreseeable future.

Gold: The June futures price of gold on COMEX today rose to 1417.50 dollars an ounce thanks to the downturn in the Asian stock market and weak results of U.S. economics reports.

Oil: The oil recovered from four-week low after publication of the results of report for the growth of inventories of crude oil in the United States. The cost of the July futures of WTI oil brand rose to $93.95 a barrel on the New York Mercantile Exchange.


Technical analysis for 30.05.13

EURUSD
The pair has found support at 1.28630 and aiming to 1.30277.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.52063 and support 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has drawn Double Top. If the pair stays below 0.96220 the pair will work out the figure and may decline to 0.95074.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair stays below 101.657. MACD convergence warns of possible downtrend corrections.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has reached 0.96579. MACD warns of possible uptrend corrections.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Market review for 29.05.13: The euro grew despite of weak data of the Unemployment Change report for Germany.

Asian and European trading sessions:

Euro: The euro exchange rate grew sharply against its competitors’ rates today as the published data on lending in the euro area pointed to the steady growth in deposits and a weak lending in the corporate sector, which supports a program of asset purchases. The growth rate of the M3 money aggregate in the first three months till April amounted to 3% and repeated the March result. The result was better than predicted expectations of a slight slowdown to 2.9 %. The annual equivalent rate M3 grew by 3.2 % against 2.6 % the previous result and the forecast of 2.9 %. The volume of private lending fell by 0.9 % on yearly basis versus 0.7 % of the previous month and confirmed forecasts. The EUR / USD pair rose to $ 1.2976 during the European session.

U.S. Dollar: The dollar index grew on Asian session for a second straight day in anticipation of the release of revised data on changes in GDP in the first quarter of 2013. According to the median forecast of economists tomorrow's report from the U.S. Department of Commerce can confirm the growth of the U.S. economy in January -March, up to 2.5%. The demand for the dollar contributed to investors' expectations that the restoration of macroeconomic indicators will prompt the Federal Reserve to reduce the amount of the purchase of assets from the current $ 85 billion a month.

Japanese Yen: The Japanese currency rose today against the background of comments of the Bank of Japan, Mr.Kuroda, who noted that the global economy is still reeling from the effects of the global financial crisis that erupted five years ago. The USD / JPY pair fell to Y101.03 during the European session.

Australian Dollar: After the International Monetary Fund cut its forecast for economic growth in China in 2013 from 8% to 7.75 % the Australian dollar fell to its lowest level since October 2011. The reason for the decrease was forecast noting the instability of the situation in the world economy and the decline in demand for Chinese goods exports. The other leading international financial institution, the World Bank predicted economic growth of China in 2013 to 8.3 %.

American trading session:

Canadian Dollar: The Bank of Canada made the decision today on keeping the basic interest rate unchanged at 1.00%, which was in line with 1.00% forecasted. The USD/CAD pair fell into correction to the level of CAD1.035 after the announcement.

Euro: The euro currency was supported this session despite of weak data on seasonally adjusted number of unemployed persons in Germany was published. According to the report, the number rose this month to 21K where the forecasts were at growth to only 4K people. The Agency for Labour noted that the labor market in Germany remains "solid” despite the difficult economic background. The total number of unemployed people fell in May by 83K, reaching at the same level of 2,973K. In addition, the report showed that the unadjusted unemployment rate was at 6.8 % from 7.1 % in April. The unemployment rate remained unchanged at 6.9% in May. Nevertheless, the German labor market is strong, despite the deep recession in the euro area, where the unemployment rate in March is an average of 12.1%.

Gold: The gold gone higher and was up for the first time in three sessions, as lower prices attracted buyers to the market of physical metal due to extended fall of stock markets indices. The cost of the June gold futures rose to 1395.80 dollars an ounce on COMEX today.

Oil: The price of WTI oil brand fell today on the IMF’s cut its forecasts for China economy growth as well as on fears that the Federal Reserve will reduce bond buying program. The cost of the July futures fell to 92.71 dollars a barrel on the NYMEX.


Market review for 28.05.13: The U.S. Dollar strengthened on favorable reports for U.S. economy

Asian and European trading sessions:

Japanese Yen: The yen declined significantly against the dollar, the USD/JPY pair has shown the high of Y102.32 during the European session when the Prime Minister Shinzo Abe informed that the central bank if it will be required can increase the volume of their unprecedented stimulus in order to support the economic recovery. The news of today also provided some effect on the trading dynamics of the yen. The results of the latest research presented today by the Shoko Chukin Bank recorded that the level of business confidence for small and medium-sized enterprises in Japan deteriorated in May, registering with the second monthly decline in a row. The current month index business sentiment fell to 48.2, compared with 49.4 forecasted and previous results of 49.7 in March. Moreover, it was informed that the deterioration in sentiment reflected negatively assessment of business conditions in the non-manufacturing sector, which recorded 49, compared with 51.1 in the previous month. The only report that did not record any change was the confidence in the manufacturing sector, the result of which came out at the level of 47.2.

Australian Dollar: The Australian dollar rose against the U.S. dollar, departing from the lowest level since June last year to above the pivot of AUD0.9695. The exchange rate grew ahead of a key report of consumer confidence in United States.

American trading session:

Canadian Dollar: The USD / CAD pair grew today, approaching the $ 1.0400 against the background of favorable reports in U.S. The investors were preparing for the meeting of the Bank of Canada, which will publish its statement on Wednesday. All economists are expecting that the central bank will leave its key interest rate unchanged at 1.00 %. This is the last meeting will be held under the direction of Mark Carney, who is preparing to take the post of head of the Bank of England.

U.S. Dollar: After a report showed that the consumer confidence in the U.S. reached the level of 76.2 in May from April's revised value of 69.0 the dollar strengthened against most currencies. The May’s value was the highest since February 2008 and its result increased the likelihood that the Fed will slow its purchases of bonds. The housing price index Standard & Poor's / Case-Shiller, the result of which was also released Tuesday, showed that home prices in the U.S. rose in March compared with the same period of the previous year. In March, according to the data, the house price index S & P / Case-Shiller for 10 cities rose by 10.3% compared to the same period last year. Moreover, the 20-city index rose by 10.9% compared to March 2012. The low interest rates on mortgages reduced cases of property discharges, and reduced housing inventory on the market helped to restore the housing market.

Gold: The value of gold slightly decreased due to the strong U.S. dollar, which grew after positive result of consumer confidence data in U.S. The cost of June futures on COMEX gold today fell to 1372.40 dollars per ounce then after, however, was able to rise above $1,402 level.

Oil: The oil value moved up after the indicator U.S. consumer confidence rose to its highest level in more than five years. Also, another report showed the rise in house prices and pushed the July futures of WTI to 95.90 dollars a barrel on the NYMEX, reinforcing signs that the economy and fuel consumption will be raising.


Technical analysis for 29.05.13

EURUSD
The pair is trading around 1.28630. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.26454.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.52063 and support 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has reached median line at 0.97427. This level is resistance for the pair. If the pair stays below this level the pair will decline to 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair is testing 101.657. If the pair stays above this level, the pair will rise to the Fibonacci 38% 102.614. MACD convergence warns of possible downtrend corrections.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached support at 0.95611. MACD warns of possible uptrend corrections.
Resistance: 0.96579, 0.97423, 0.98436
Support: 0.95611, 0.94635, 0.93493


Technical analysis for 28.05.13

EURUSD
The pair is trading around 1.28630. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.26454.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.52063 and support 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has found support at 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair is testing 101.657. If the pair stays above this level, the pair will rise to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached support at 0.96579. MACD warns of possible uptrend corrections.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.93493


Market review for 27.05.13: The U.S. and Britain trading floors were closed today due to the National Holiday.

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD couple one more time tested the$1.2915 level and again found some demand in this area. As the result, despite of thin market due to holidays in Britain and U.S. the euro showed moderate gains against the dollar and the EUR / USD pair rose to $ 1.2947 level during the European session,

British Pound: It was a quiet day for pound, amid closed markets in the UK and the U.S. The pound consolidated near the last week close, and the GBP / USD pair traded at around the $1.51level.

Japanese Yen: On concerns that the Bank of Japan will try it best to control the growth of the yields of the government bonds through monetary measures, the yen strengthened against all major currencies. The head of the Bank of Japan Haruhiko Kuroda said that the stability for the debt market in the country is "highly desirable” adding that the Central Bank will work on flexible market operations and the strengthening of ties with the stock market in order to prevent volatility in bond yields. The USD / JPY pair fell to Y100.75 during the European session.

Australian and New Zealand Dollar: The Australian and New Zealand dollars fell after Chinese President Xi Jinping pledged to establish an environmental “red line " to stop slowdown in the growth of the Chinese economy and strictly follow it in order to ensure its protection.

American trading session:

Today, the U.S. trading floors were closed.

U.S. Dollar: The dollar index showed today mostly positive dynamics approaching to the high of last week. The economic calendar was empty today. During the holidays, the markets in the U.S. and UK were closed

Gold: The gold prices were rising today thanks to existence of some demand for the asset that we have seen recently. The concerns over global economic growth have increased the attractiveness of gold as a safe asset. The cost of the June gold futures rose to 1396.60 dollars an ounce on COMEX today.

Oil: The World oil prices decline on Monday amid investors concerns about slowing economic growth in China, confirmed by the statements of the country's leader Xi Jinping. The cost of the WTI July futures fell to 93.23 dollars per barrel in NYMEX electronic trading, yet closer to the end of the session the asset was able to recover to $94 level.


Market review for 23.05.13: The euro rose despite of contraction in the service sector and manufacturing activity.

Asian and European trading sessions:

Euro: The EUR / USD pair during the Asian session tried to breakdown the level of $ 1.2820. However, it did not go through. The euro rose despite the fact that the key indicators of the service sector and manufacturing continues to indicate a contraction in activity. As it was revealed by the Markit Economics published data, the preliminary PMI of euro zone, rose in May to 47.7 from 46.9. The total value exceeded economists' expectations, but the index was still below 50, indicating a contraction in activity. The EUR / USD pair rose to $ 1.2920 during the European session.

Japanese Yen: The yen jumped to a maximum amount in nearly three months against the dollar and five weeks against the euro on the publication of the Chinese manufacturing data, the result of which came out weaker then it was forecasted. Also, the falling of stock markets around the world revived the demand for the Japanese currency as for the one, which used to have safe-haven status. The USD / JPY pair rose above Y103.00 during the Asian session and fell to Y100.85 during the European one.

Australian Dollar: After the data on the level of production in China was published, the Australian dollar fell to a 11 - month against the U.S dollar. According to the report provided by HSBC Holdings and Markit Economics, the China's PMI index for the manufacturing sector fell for the first time in seven months to 49.6 in May from 50.4 in the previous month. Lower then 50 level is the area of compression of overseas production.

American trading session:

U.S. Dollar: The presented today data that showed that the number of U.S. workers applying for new unemployment benefits fell last week, suggesting that the labor market is slowly improving. As it was recorded by the Labor Department, the number of applications fell by 23K to a seasonally adjusted 340K in the week ended May 18.All these results was not in favor of U.S. Dollar. The Dollar index fell below 84 areas.

Euro: The euro exchange rate was significantly higher against the U.S. dollar going up to the highs of $1.2950 level despite the fact that the activity in the private sector in the euro area fell again in May. The reason for that growth might be the probability of further actions initiated by the European Central Bank and the government, aimed for stimulating economic growth.

British Pound: Despite a slight increase in earnings, the published data reflected today that the costs of UK households in the 1st quarter grew at the slowest pace in 18 months. The British pound showed modest gains against the dollar due to some indications to the fact suggesting that the Britains did not hurry to drop off their cash money in this uncertain economic environment. In its second estimate of GDP for the 1st quarter, released also today on Thursday was confirmed that GDP grew by 0.3 % quarterly and by 0.6 % compared to the 1st quarter of 2012. According to the UK National Bureau of Statistics (ONS), the household spending on goods and services in the 1st quarter were up 0.1 %, which was the weakest level since the third quarter of 2011.The GBP / USD pair rose to $ 1.5093 during the European session.

Gold: Helped by the weakening of the U.S. dollar and recent official statements of the Federal Reserve, which mentioned that the central bank is not in hurry to start reducing economic incentives, the gold prices rose today. The cost of the June gold futures was up to highs of 1398.30 dollars an ounce.

Oil: The Oil prices were volatile today. They firstly fell helped by the weak Chinese data on the manufacturing sector, which increased concerns about weak demand. Then, at the American session the cost of the July futures of WTI oil brand raised up to 94.44 dollars a barrel correlating with the dynamics at the stock markets as well as due to weakening of the U.S Dollar’s rate.


Technical analysis for 23.05.13

EURUSD
The pair is trading around 1.28630. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.26454.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has declined to the support level at 1.50594. If the pair will stay below this level the pair will decline to 1.48527.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair has broken 0.97427 and aiming to 0.98512.
Resistance: 0.98512, 0.99248, 1.00168
Support: 0.97427, 0.96220, 0.95074
USDJPY
The pair has risen to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached support at 0.96579. If the pair stays below this level the pair will decline to 0.95611.
Resistance: 0.97423, 0.98436, 0.99207
Support: 0.96579, 0.95611, 0.93493


Market review for 22.05.13: Mr. Bernanke reduced fears about possible reduction in the amount of the monthly Fed's bond purchases.

Asian and European trading sessions:

British Pound: The pound fell to a four- month low against the euro and to a six-week low against the dollar after the UK government report showed that the UK retail sales unexpectedly fell last month. The volume of retail sales including automotive fuel, fell by 1.3% compared with the previous month, sales excluding fuel fell by 1.4% compared with an expected 0.1% growth. The motor fuel sales rose 0.5% in April, in annual terms, while the expected 2% increase. Sales excluding fuel rose 0.2% compared with the previous year, the expected 1.8% growth. Furthermore, the GBP / USD pair fell to $ 1.5075 at the beginning of the European session after the minutes of the Bank of England from May 8-9, showed that Mervyn King is still looking for expanding incentives. Members: Mr. King, Mr. Miles and Mr. Fisher have kept their views on the increase in so-called quantitative easing by 25 billion pounds ($ 37.7 billion) from the current 375 billion pounds. However, many other members diad not consider it necessary to increase the incentive program after the expansion of QE in February.

Japanese Yen: The USD / JPY pair rose to Y103.15 during the European session. At the previous session, the yen was trading with minor fluctuations against the U.S. dollar after the Bank of Japan kept its monetary policy unchanged, confirming its earlier intention to double the monetary base over the next two years. Thus, the Central Bank has decided to increase the money supply from 60 to 70 trillion yen. In addition, the Central Bank has improved its assessment of the state of the national economy, noting its strength. After the released today report showed that the trade deficit of Japan widened in April, more than it was forecasted by analysts’ the yen fell against almost all its major counterparts.

Swiss Franc: The currency fell to its weakest level since May 2011 against the euro after the head of Swiss National Bank Thomas Jordan mentioned the possibility of changing bindings of EUR / CHF pair to 1.20 level and negative interest rates as a tool of protection of this binding.

American trading session:

U.S. Dollar: The awaited today comments of the Fed Chairman Ben Bernanke, made as a speech before Congress reduced fears of market participants about possible reduction in the amount the Fed bond’s purchases. The information played in favor for “greenback”. Also, the results of home sales report presented today by the National Association of Realtors supported the currency. As it was recorded, that at the end of last month, the volume of home sales in the secondary market has increased, but was lower than the forecasts of experts. According to the report, the seasonally adjusted volume of sales rose in April by 0.6 %, reaching at the same annual rate of 4.97 million units. The market participants were sure that the recovery is continuing, albeit at a slow pace.

Euro: The euro exchange rate fell sharply against the dollar after reaching maximum values of $1.2997. The EUR / USD pair updated its session low on impact done by the statement of the Fed Chairman Ben Bernanke, who said that the U.S. economy remains under pressure from high unemployment and every cut in government spending would be too early and may jeopardize its growth.

Canadian Dollar: The Canadian retail sales fell in March confirming the weakest rate in three months. The results were lower than expected by experts, due to lower gasoline prices. In details: the retail sales excluding auto in February fell by -0.2 % versus forecasted+0.2 % and retail sales month to month basis recorded 0.0% in March versus+0.2 % forecasted. The Canadian Dollar dropped sharply against its competitors.

Gold: The gold prices fell sharply after the Fed Chairman Ben Bernanke warned that the U.S. economy remains under pressure due to high unemployment and, therefore, too rapid tightening of policy could undermine its growth. The prices fell sharply dropping back below $ 1,400 to 1354.60 dollars an ounce, after strengthening before to session highs at $ 1,415 an ounce.

Oil: The Oil prices fell after data showed an unexpected rise in gasoline in the U.S inventories thus causing concerns that the summer demand may be weaker than expected. The cost of the July WTI futures fell to 94.04 dollars a barrel on the NYMEX.


Market review for 21.05.13: The British Pound fell after the publication of the UK’s macro economic statistics.

Asian and European trading sessions:

Euro: The Euro was under pressure at the beginning of the today sessions on published data on German producer prices report. The German PPI in April was down 0.2 % compared to March, and the average forecast of analysts anticipated a decline of 0.1 %. The EUR / USD pair fell to $ 1.2840 during the European session.

British Pound: The pound fell after the publication of the UK’s macro economic statistics. Data released by the National Bureau of Statistics (ONS) today, showed that the rate of consumer price inflation in the UK slowed in April, due to the fall of oil prices, which affected the world economy. The GBP / USD pair fell to $ 1.5135 during the European session. The other report announced that the annual growth rate of consumer price index (CPI) slowed in April to 2.4 % from 2.8 % in March. Thus, the annual inflation rate was the lowest since September 2012 and was below economists' forecast, which was 2.6 %. The annual core inflation, which excludes energy prices, food and drink declined in April to 2 %, to its lowest level since November 2009.

Japanese Yen: After yesterday’s drop of the currency on information revealed by comments of the Minister of Economy of Japan Akira Amari, the yen weakened against again almost all major currencies. Mr. Amari, in his speech posting on television, said "Correcting the yen's strength largely came to an end. If the yen continues to weaken, it will have a negative impact on the quality of life of people." Further growth of the Japanese currency will be depended on the results of the Bank of Japan meeting scheduled on May 21-22. The market participants expect that the Bank of Japan will not soft monetary policy, but it can make a "fine tuning" of current operations, to reduce the volatility of the bond market. The USD / JPY pair rose to Y102.87 during the European session.

American trading session:

U.S. Dollar: Dollar weakened against its competitors, updating the session low, which associated with the statements by the Fed Bullard and Dudley. According to Mr. Bullard, the Federal Reserve should continue to buy bonds, but be ready to change their rates in accordance with the development of the economic situation.

Swiss Franc: The Swiss franc fell against the euro after the International Monetary Fund informed all markets that the Swiss National Bank should continue to protect the minimum rate for the EUR / CHF at 1.20.

Gold: The gold prices declined on speculation that the U.S. Federal Reserve may curb its easing programs. The cost of the June gold futures dropped today to 1360 dollars an ounce on COMEX, then was able to recover.

Oil: The cost of the June futures of WTI fell to 95.65 dollars a barrel on the New York Mercantile Exchange. The drop associated with fears that the U.S. Federal Reserve may cut its program of quantitative easing.


Technical analysis for 22.05.13

EURUSD
The pair has found support at 1.28630 and rolling back to 1.30277.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is staying below 1.52063. The pair may decline to the next support at 1.50594.
Resistance: 1.52063, 1.53348, 1.54842
Support: 1.50594, 1.48527, 1.46676
USDCHF
The pair’s resistance is 0.97427, support is 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair has risen to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair’s resistance is Fibonacci 23% at 0.98746. Support is at 0.97423.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611


Market review for 20.05.13: The British pound grew on rising of the housing market prices.

Asian and European trading sessions:

Euro: The EUR / USD pair was able to recover to around $1.2878 during the European session. The published today data on Industrial Orders in Italy supported positive trading dynamics of the euro. The result showed that in March the Industrial Orders decreased by 10.0 % compared to -7.9 % in the previous year. However, they were much higher in monthly term and demonstrated growth by 1.6 % versus -2.5% previously and forecasts of 0.6%. The pair fell into correction moving down towards $1.2840 level when sales in the manufacturing sector revealed decline by 7.6 % yearly versus -6.0 % previously.

Japanese Yen: The yen rose against all major currencies; the USD / JPY pair fell to Y102.31 level during the European session, after the Japanese Economy Minister Akira Amari said that the further decline of the yen could have a negative impact on the earnings and well-being of the Japanese people, and the task of the government is that to prevent this process.

New Zealand Dollar: The New Zealand dollar showed moderate growth today after the Minister of Finance in his speech addressed concerns to the rapid growth of property prices in the region. He noted that this phenomenon can cause the Reserve Bank of New Zealand to raise interest rates.

American trading session:

British Pound: The pound rose against its rivals, especially against the dollar after a report from Rightmove showed that in May the cost of housing in the UK has increased, registering with the fifth consecutive monthly increase. The prices grew in May, reaching a record high of 249,841 pounds, as new sellers raised prices by 2.15% compared to the previous month. Recall that the prices have shown a similar increase by the end of last month as well. On an annual basis, housing prices rose much faster than previously 0.4 % increase registered in April and recorded growth by 2.5%. All these results provided some suggestions that the program of asset purchases, as well as credit financing scheme of the Bank of England are the basis of recovery in the housing market. The GBP / USD pair rose to $ 1.5280 level during the session.

Gold: The price of the June gold futures contract showed a big move jumping to almost $1400 dollars an ounce level today on COMEX. Previously, the asset was under selling pressure falling lower than $1340 area due to concerns that European central banks may liquidate gold reserves.

Oil: The cost of the WTI June futures rose to 97.30 dollars a barrel on the NYMEX. The oil markets were supported by tensions in the Middle East, which has raised concerns about the safety supplies from major producers in the region.


Technical analysis for 21.05.13

EURUSD
The pair has declined to the support level at 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between resistance 1.53348 and support 1.51510.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair’s resistance is 0.97427, support is 0.96220.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair has risen to the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair’s resistance is Fibonacci 23% at 0.98746. Support is at 0.97423.
Resistance: 0.98436, 0.99207, 1.00067
Support: 0.97423, 0.96579, 0.95611


Market review for 16.05.13: The U.S. Dollar stopped its uptrend due to weak data of U.S. economy.

Asian and European trading sessions:

Euro: During the Asian session the euro fell to almost six-week low against the dollar in anticipation of today's release of inflation statistics for the euro area, which is likely to fall to three-year minimum. The EUR / USD pair traded in the range of $ 1.2856-80 that time. Another report published today by the Statistics Eurostat for the unadjusted trade surplus recorded that the surplus of Eurozone has markedly increased in March showing growth by more than two times compared with 10.1 billion euros in February, to a level of 22.9 billion euros. Furthermore, the data showed that the volume of exports to the euro area rose by a seasonally adjusted 2.8% compared with February. At the same time, the volume of imports fell by 1%. The EUR / USD pair during the European session rose to $ 1.2926 level.

Japanese Yen: The yen rose after the release of economic data in Japan, which recorded that the GDP in the first quarter grew by 0.9 %, while analysts expected it growth only by 0.7%. The yen declined significantly against the dollar rising to Y102.67 level during the beginning of the European session, even though the publication of better-than -expected data. The results released today showed that in quarterly term the economy of Japan grew by 0.9 % in the period from January to March, while in yearly - by 3.5 %.

Australian Dollar: The commodity prices were under pressure today, reducing prospects of Australia's exports. The Australian dollar traded near 11 -month low against the U.S. dollar due to signs of a slowdown in the world economy.

American trading session:

U.S. Dollar: The dollar stopped its proudly victory’s march against all major currencies as the CPI report for seasonally adjusted consumer price index fell in April by 0.4%, compared with a decline of 0.2% in the previous month and average forecasts of experts of prediction of the fall the index down by 0.3%, which was due to the result of the reduction in price of gasoline by 8.1%. Moreover, submitted today by the U.S. Labor Department data showed that the number of applications for unemployment benefits in the U.S. in the week May 5-11 increased by 32K and adjusted for seasonal variation was 360K. It was the largest weekly increase of applications since November 2012.The dollar fell against its competitors on this unexpectedly weak data prompting speculations that the Fed will not slow down the programs of bond purchases.

Euro: The single European currency was able to recover after deep downtrend last during all this week; the EUR /USD pair strengthened to the level of $1.2930 at the beginning of the session.

Gold: The gold prices fell on earlier Thursday’s session to its monthly lowest level amid fears of the reduction in the volume of the Fed's bond purchase program and investments into the Gold Investment Fund ETF. The cost of June futures fell to 1369.00 dollars an ounce, however, was able to recover on weak data from U.S. to the level of $1390 on COMEX today.

Oil: The cost of WTI oil brand rose on speculations that the central bank will continue to keep the incentive programs on today’s weak data for consumer prices and applications for unemployment benefits in U.S. The cost of the June futures on WTI (U.S. light crude oil) rose to 95.55 dollars a barrel on the NYMEX.


Technical analysis for 16.05.13

EURUSD
The pair declined below 1.30277 and reached support at 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has broken daily trendline at 1.53348 ad declined to the support level at 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out the Triangle and reached 0.97427.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair stays above 101.657. Resistance is at the Fibonacci 38% 102.614.
Resistance: 105.649, 109.500, 112.637
Support: 101.657, 99.888, 98.718
AUDUSD
The pair has reached Fibonacci 23% at 0.98746.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97423, 0.96579


Market review for 15.05.13: The euro fell sharply against the dollar, which was primarily due to the weak GDP data for the euro zone.

Asian and European trading sessions:

Euro: The value of the euro fell sharply against the dollar, which was primarily due to the publication of data on GDP for the euro zone. The Statistical Office of Germany reported that the gross domestic product in the first quarter grew by 0.1% quarterly or 0.4% yearly, after a short and sharp decline in the fourth quarter. At the same time, other data, which were also released today, showed that the French economy contracted in the last quarter. The data beat the forecasts of experts, confirming weak demand in the country and abroad. According to the report published by the National Statistics Institute Insee, in the first quarter of the 2013 the GDP of France fell by 0.2%, compared with an upwardly revised decrease from the previous quarter, lower compare with average estimate of economists of reduce by 0.1%. The GDP result in an annualized basis was fully in line with experts' forecasts showing decline by 0.4%. In the Statistics Bureau reported that most of the major components of GDP showed a significant weakness, but the major contribution to reducing the consumption of had households (fell 0.1%), business investment (down 0.8%) and exports (down to 0, 5%). The EUR / USD pair showed substantial decline falling to the level of $ 1.2843.

U.S. Dollar: The dollar index fell in slight correction from yesterday highs, which were the maximums of the last nine months. The reason for the previous growth of the index was the yield on U.S. government bonds, which rose to highs of March after the head of the Federal Reserve Bank of Philadelphia Charles Plosser reiterated that the Fed should begin to reduce the volume of the bonds purchasing program as early as next meeting scheduled for June 18-19. "Conditions in the labor market can begin to reduce the pace of purchases at the next meeting of the Fed," - said Mr. Plosser.

British Pound: Initially, to the growth of currency contributed presented today data by the Office of National data, which showed that by the end of last month the number of applications for unemployment benefits fell substantially, thereby exceeded the estimates of experts.
The number of applications for unemployment benefits fell in April for 7300 people to the level of 1.52 million, beating the average forecast of economists of reduction by only 3,100 people. These results also contributed to the decline in the unemployment rate which recorded the significantly lower level of 4.5% less than predicted 4.6%.However, strengthening the currency did not last long, and after the publication of the quarterly inflation report, where the Bank of England informed that the inflation in Britain could rise above 3% in June, and may be above 2% in the next 2 years, the rate of the sterling has markedly declined. This report put some light for inflation situation and suggested that the growth may require additional incentives. It was also noted that prior to 2016 the key interest rate increase is not expected. The GBP / USD pair rose to $ 1.5271 then dropped to $ 1.5171 during the European session.

American trading session:

Japanese Yen: The yen retreated from a four-month low against the dollar, amid signals showed rapid decline of the Japanese currency. The USD/JPY pair during the previous session rose to Y102.74 touching the lowest levels since 2008, which for many traders was the signal for a reversal trend.

U.S. Dollar: The U.S. Dollar continued to trade higher against many currencies after data on the manufacturing sector of New York and U.S. producer prices. The seasonally adjusted index of producer prices in April demonstrated the strongest decline in more than three years dropping by 0.7% amid falling gasoline prices. The support for the dollar was provided by the results of the report of the National Association of Home Builders (NAHB), testifying the increasing confidence among home builders in May after three months of decline. The rise of the housing sector, according to the words of Mr.Vecchio, has been one of the engines for recovery of the U.S. economy, and increase the level of confidence is a positive factor for the dollar.

Gold: The price of gold fell to four-week low against the strengthening of the dollar against the euro due to weak economic data in the euro zone. In addition, the pressure on gold prices had weak data on U.S. industrial production.The cost of the June gold futures dropped to 1388.40 dollars an ounce today on COMEX.

Oil: The cost of WTI oil brand was down today for the fifth consecutive day on weak U.S. data on industrial production. However, the prices retreated from the lows after the report of the Ministry of Energy on stocks of petroleum products recorded decline in volumes. The cost of WTI June futures fell to 92.13 dollars per barrel and then rose to 94.12 dollars a barrel on the NYMEX.


Technical analysis for 15.05.13

EURUSD
The pair declined below 1.30277 and aiming to 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has broken daily trendline at 1.53348 ad declined to the support level at 1.52063.
Resistance: 1.53348, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has broken the upper level of the Triangle. The end of the figure maybe expected at 0.97427.
Resistance: 0.97427, 0.98512, 0.99248
Support: 0.96220, 0.95074, 0.93949
USDJPY
The pair stays above 101.657. Resistance is at the Fibonacci 38% 102.614.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair is aiming to Fibonacci 23% at 0.98746.
Resistance: 0.99207, 1.00067, 1.00907
Support: 0.98436, 0.97423, 0.96579


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Market review for 14.05.13: The U.S dollar was in strong demand today. The dollar index grew above 83.7 areas.

Asian and European trading sessions:

Euro: During the Asian session the euro rose, recovering after its three-day decline, in anticipation of today's statistics from the Center for European Economic Research in Mannheim (ZEW). Accordingly to the forecasts of economists, the investor confidence index this month is likely to grow to 40 from 36.3 in April. The EUR / USD pair rose to $ 1.3025 area. As it was shown by the data presented by statistical office Eurostat today, the industrial production increased significantly in March, thereby exceeded the estimates of experts. The results demonstrated growth by 1.0%, compared with an increase of 0.4% in February. The data recorded the biggest increase since July 2011 beating the average forecasts of experts of raising the index only by 0.6% and brought hopes that the European economy emerged from recession in the period from January to March. However, these results had limited influence on the trading dynamics of the euro. The currency fell against the background of the results of the German ZEW economic expectations index for May which rose by only 0.1 points to 36.4. Economists had expected the growth of index to 39.5. The index fell to 36.3 in April, while analysts were expecting it to be 43.0. The EUR / USD pair dropped to $ 1.2946 during the European session.

British Pound: The sterling reached a two-week low against the U.S. dollar falling to $ 1.5227 level on speculations that the Bank of England will present tomorrow its latest inflation forecast. The pound weakened even after the house prices in the UK rose to its highest level since June 2010. Tomorrow, the Bank of England Governor Mervyn King will be the last time at a press conference in his current role, leaving this place to Governor Mark Carney, who will take this position at the beginning of the next month.

Australian and New Zealand Dollar:
The Australian and New Zealand dollars rose on rising stock markets of Asia, which increased demand for risky assets. However, on the next following sessions they declined due to the strong dollar. As long as the markets demanded dollars these currencies were not in favor.

American trading session:

Canadian Dollar:

U.S. Dollar: The U.S. dollar rose against major currencies amid improved prospects for the U.S. economy and the fall in commodity prices. The dollar index, which tracks the “greenback” against a basket of six other major currencies, was above 83.65 areas today.

Japanese Yen: The USD / JPY pair, although, in the morning sessions carried some loses was able to recover jumping above the new 4- year high of 102.40. The market rumors that the Prime Minister of Japan Mr.Abe on Friday will present to the world a second package of measures to stimulate the economy provoked the Japanese currency to further decline.

Gold: The gold prices showed a slight increase in the correction after a three-day decline. However, as the U.S. currency strengthened due to remained interested of traders, the cost of the August gold futures fell to 1423.00 dollars per ounce on COMEX today.

Oil: The cost of WTI oil brand had a volatile today influencing by the commentaries of the hedge fund manager David Tepper’s and recent results showed that the U.S. crude stocks rose to 82 -year high. The cost of the June WTI futures fell to 93.84 dollars per barrel, and then rose to 94.35 dollars a barrel on the NYMEX.


Technical analysis for 14.05.13

EURUSD
The pair’s resistance is 1.31674, support is 1.28630.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair has declined to support level at 1.53348. The next support is at 1.52063.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has tested upper level of Triangle and aiming to return into the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.96220, 0.97427, 0.98512
Support: 0.95074, 0.93949, 0.93069
USDJPY
The pair is testing resistance 101.657. If the pair declines below this level the pair will decline to 99.888. The MACD supports the start of downtrend corrections.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has declined to support 1.00067. The pair is aiming to Fibonacci 23% at 0.98746.
Resistance: 1.00067, 1.00907, 1.01744
Support: 0.99207, 0.98436, 0.97423


Market review for 13.05.13: The yen weakened on news that the G7 did not criticize the aggressive monetary policies of Japan.

Asian and European trading sessions:

Euro: During the European session, the euro was slightly higher against the dollar, due to some expectations of the report on retail sales in the United States. Recall that the weakness in March in retail sales was observed in many sectors, particularly in the consumer category which fell that time by 0.4 %. The EUR / USD pair traded in the range of $ 1.2941 -$ 1.2993.

U.S. Dollar: After the yield on 10 -year U.S. Treasuries rose to a seven-week high the “greenback” was able to strengthen against all major currencies. The currency traded higher today also because of some rumors that the head of the Federal Reserve Bank of Philadelphia Charles Plosser in his upcoming speech will hint the possibility of reducing the volume of bonds purchase implemented by FRS. Speaking last week, Mr. Plosser said that unemployment in the U.S., it is estimated to decline to 7% by the end of 2013 from the current 7.5 %.

Japanese Yen: The yen fell today for the first time in four years above the level of Y102 to the dollar after the Japan's Finance Minister Taro Aso said the G7 at it’s over the weeken’s meeting did not criticize the Japanese monetary policy. He also noted that the G7 probably will continue to support the idea of stimulating policies conducted by the Bank of Japan. The Japanese currency got another push down for the way to further decline for the fourth day in a row and the USD / JPY pair rose to Y102.14, yet fell to Y101.52 in correction.

Australian Dollar: The Australian dollar continued its biggest five-day decline. The currency fell on the background of the fact that a survey conducted by the National Bank of Australia, ahead of the release of the federal budget, showed that business confidence fell in April.

American trading session:

U.S. Dollar: The dollar rose against most major currencies and the Dollar Index grew up above 83.30 areas after the Commerce Department of U.S. reported that U.S. retail sales rose by 0.1 % in April, beating the expected decline of 0.3%. This unexpected growth reinforced optimism about the world's largest economy and accelerated demand for the “greenback”.

Gold: The cost of the June gold futures dropped to 1429.70 dollars per ounce on COMEX today.

Oil: On news of OPEC about increasing volume of production of oil in April, the oil prices were down today on Monday. The cost of the WTI June futures fell to 94.46 dollars a barrel on the New York Mercantile Exchange, yet was able to recover later closing the session at the 95$ a barrel area.


Technical analysis for 10.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading below support level at 1.54842. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.53348.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair has tested upper level of Triangle and aiming to return into the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair is aiming to 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 99.888, 98.718, 97.491
AUDUSD
The pair has reached support 1.00907.
Resistance: 1.01744, 1.02558, 1.03535
Support: 1.00907, 1.00067, 0.99207


Market review for 09.05.13: The dollar's value has increased markedly caused by the report of the U.S. Department of Labor.

Asian and European trading sessions:

Euro: The EUR / USD pair traded around the $ 1.3164 level. The euro currency slightly grew in anticipation of today's placement of Spanish 10 -year government bonds. Today, Spain will hold an auction for the sale of debt securities with a maturity in 2016, 2018 and 2026 years. The yield of 10 -year government bonds was 4.10% on yesterday’s auction and it touched a three-year low of 3.94 % in a week earlier, on May 3.

British Pound: During the Asian and European session the pound managed to grow against the dollar, but the growth was moderate and after testing for a second time the level of $1.5586, the GBP / USD pair failed to lows of $1.5485. The reason for the earlier strength of the currency was published data on industrial production in the United Kingdom, which in March were much better than expected. According to the presented report, the industrial production rose by 0.7% in March against an increase of 0.9% in February. The forecast of the experts was at growth rate of only 0.3%. On an annual basis, the industrial production in the UK fell by 1.4% in March compared with a decline of 2.5% in February. And the forecasts here were at decline by 2.0%.
The results were helped the pound to grow, however, the growth was moderate, as market participants were expecting the announcement of the results of the Bank of England meeting.

Australian and New Zealand Dollar: These currencies rose against other most major competitors after the release of positive statistics on employment in these countries, which exceeded the analysts' expectations. The employment in New Zealand grew by 1.7 % showing that in the first three months of this year there were 38K jobs created. The employment in Australia increased by 50.1K last month, exceeding analysts' average forecast for growth by only 11K.

American trading session:

U.S. Dollar: The dollar's value has increased markedly against almost all major rivals, on fact which was mainly caused by the publication of the report of U.S. Department of Labor. As it was reported, the number of initial claims for unemployment benefits unexpectedly fell today, reaching the same levels that had been shown prior to the recession. In details, the number of initial claims for unemployment benefits seasonally adjusted for the week ending on May 4, dropped to the level of 323K, compared to the upwardly revised figure for the previous week at the level of 327K and forecasts of the analysts of 333K. The news brought even more signs on improvement in the labor market. In addition, it was reported that on a seasonally adjusted basis the average claims for the past four weeks fell by 6,250 to 336,750 in the week ending on May 4, which was the lowest level since November 2007.

Japanese Yen: The yen started to grow today on falling of stock markets of Asia. However, the dynamics of the currency has dramatically changed and the USD / JPY pair finally was able to overcome the important level of Y100 rising even above for the first time since April 2009.

British Pound: The British central bank made no changes to its monetary policy leaving the interest rate remained at 0.50% level and the volume of asset purchase program at 375 billion pounds. The GBP / USD pair, though, in contrast, reacted negatively declining to the level of $ 1.5424 during the session. The dynamics of the pair were influenced by strong data of American economy.

Euro: The euro currency also could not resist the strong data from the U.S. labor market. The EUR / USD pair showed consistent decline falling below $1.3050 level during the session.

Gold: The cost of the June gold futures on COMEX dropped today to the 1453.60 dollars an ounce level on strong dollar, which received support by published U.S. data showing that the number of initial claims fell to its lowest level in more than five years.

Oil: A significant strength of the U.S. dollar occurred after U.S. labor market report has sent the WTI oil prices fell below $ 96 a barrel to $95.35 area. However, the cost of the June futures was able to recover and closed at $96.04 per barrel area on NYMEX.


Technical analysis for 9.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading near support level at 1.54842. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.53348.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is drawing the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair’s support is 1.01744, resistance is 1.02558.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 08.05.13: The strong and unexpected data on industrial production in Germany helped the euro significantly strengthen against its competitors.

Asian and European trading sessions:

Euro: During the European session the euro significantly strengthened against its competitors after released data on industrial production in Germany, the results of which were better than expected. The presented report recorded that in March the industrial production grew by 1.2 % in monthly term and fell by only 2.5% in yearly term. The average forecast, which predicted a decline by 0.1 % monthly and 3.9 % yearly, was bitten by the better than expected results. Despite the data on industrial orders came out much promised, the reaction of the euro has been limited because of the fact that many market participants have followed the principle of "buy on rumors, sell the facts", thus causing a rise in the euro to be short-lived. The EUR / USD pair set the high of the session at $ 1.3170 level.

U.S. Dollar: The U.S. Dollar index approached the level of support 82 on the background of positive dynamics at the world stock markets.

Australian Dollar: The currency was able to recover from low levels where it has been sent by the decision of the RBA on lowering the interest rate. The Australian dollar also showed some strength after the earlier release of statistics from China. The volume of Chinese imports increased by 16.8 % last month after rising 14.1% in March, with predicted increase of 13%. The April trade surplus of China, the largest trading partner of Australia and New Zealand was $ 18.16 billion, while the market expected it at the average of $ 16.15 billion.

American trading session:

Canadian Dollar: The report of Housing Starts in Canada released today showed that the number of housing starts in April fell to 175K homes in a yearly term and matched the figures of analysts' expectations. The Canadian dollar rose against the U.S. dollar, helped by these data and approached to the level of paritet with it. According to revised data, the number of Housing Starts in March totaled 181K homes a year.

New Zealand Dollar: The New Zealand dollar after falling to a five-week low on the earlier session was able to recover at the American session. It dropped after the announcement of Governor of the Reserve Bank of New Zealand, Mr.Wheeler, who stated that the bank may start selling its National currency very soon. The reason for this decision was the fact of high exchange rate of the “kiwi” against the U.S. dollar, which remains near multi-year highs. Moreover, Mr.Wheeler noted that the RBNZ is ready for further interventions aimed for weakening the National currency.

Gold: Today, the cost of the June gold futures grew on COMEX to 1476.00 dollars an ounce, as many traders were confident that a strong Chinese economic data will increase demand of the metal in the second world consumer. Also today, it was announced that the demand for gold coins and bars has been increased in India and China.

Oil: The oil prices fell, dropping at the same time below $ 95 a barrel for WTI futures contract as significant concerns about global demand and rising U.S. crude stocks to new highs were offset by the published data on imports of China and an unexpected jump in German industrial production. The cost of the June futures of WTI rose to 96.74 dollars per barrel on NYMEX today.


Market review for 07.05.13: The Australian dollar fell on lowering the key interest rate to the record low level of 2.75 % by the RBA.

Asian and European trading sessions:

Euro: The euro, during the European session, demonstrated strength against the major currencies, which was occurred after the published data on industrial orders in Germany. The report recorded that in March the volume of industrial orders grew by 2.2% monthly showing a growth for the second consecutive month and fell by only 0.4% yearly. The results suggested that the German economy is set to return to growth. Moreover, the data for March were significantly better than the average forecast, according to which the index was expected at -0.4% monthly and -2.9% yearly. However, the situation in the rest of the European economy was not remained that bright as in Germany. The published also today data on industrial production in France were quite pessimistic and demonstrated that in March index fell by 0.9% monthly and 2.9% yearly where the forecasts were at decrease of 0.2% and 1.3%, respectively. The EUR / USD pair was able to demonstrate growth to $ 1.3130 level then reduced to $1.3109 area.

Japanese Yen: The yen tried to weak against the dollar again today in order to reach the level of Y100, after three days of growth caused by the better -than-expected U.S. employment data. So, the USD / JPY pair showed high of Y99. 38, yet later backed off this level. It fell to the area of Y99.04 at the end of the European session.

Australian Dollar: The Reserve Bank of Australia lowered its key interest rate to the record low level of 2.75 %. Most analysts had not expected such actions from the RBA and forecasted that the Reserve Bank’s decision will be on keeping the rate at 3%.The Australian dollar reacted negatively falling against all major currencies.

American trading session:

British Pound: The dynamics of the pound were influenced by result of published report from the British Retail Consortium (BRC), which showed that the consumer price index fell by 0.8% in a monthly basis, which led the annual rate grew by only 0.4 %, compared with an increase to 1.4% per year in March. The GBP / USD pair sharply decreased to $ 1.5445 during the publication of the report.

Euro: The euro exchange rate fell sharply against the dollar, helped by the disappointing results of the report of the IBD / TIPP for economic optimism. As it became known, the economic optimism index fell in May by 2.4 %, to 45.1 from 46.2 in April. The indicator is still below 50 points which indicates the pessimistic moods. The EUR / USD pair fell to the lows of around $ 1.3071 area.

Gold: The cost of the June gold futures dropped to 1450.80 dollars an ounce on COMEX today. In addition, the data showed that the amount of gold in the SPDR Gold Trust fell yesterday by 0.3 % to 1,062.30 tons, while reaching its lowest level since August 2009.

Oil: The price of WTI oil reached the highest level of $96.65 today, which was supported by strong data on industrial orders in Germany. However, the price was not able to keep its positions, and decreased to $94.90 per barrel.


Technical analysis for 8.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has declined to support level at 1.54842. If the pair stays below this level the pair will decline to the Fibonacci 23% at 1.53348.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is drawing the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is aiming to support level at 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


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Technical analysis for 7.05.13

EURUSD
The pair is trading between resistance 1.31674 and support 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has tested the Moving Average (200) at 1.55929. The pair may roll back to support at 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
The pair is drawing the Triangle. Upper level is 0.94678, lower level is 0.92755.
Resistance: 0.93949, 0.95074,0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair’s resistance is 99.888, support is 98.718.
Resistance: 99.888, 101.657, 105.649
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is aiming to support level at 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 06.05.13: The Euro fell today again on the speech of the ECB president.

Asian and European trading sessions:

Euro: During the European session the euro currency showed a moderate decline against its rivals on published today data on retail sales in the euro zone. According to the Eurostat, the retail sales in March fell by 0.1 % monthly and 2.4 % yearly recording a decline in sales for the 14th consecutive month in year- on-year term. The average forecast of the result of the indicator was expected down by 0.1 % m / m and 2.2 % y / y only. The report showed that the increase in food sales was offset by lower sales of non-food products. However, for the reduction of the single currency confronted the previously released data on PMI index for the service sector of the European countries and the euro area as a whole. These indices resulted better than expected, but were still remained below 50 points, which indicates a further reduction of activity in these sectors. The EUR / USD pair retreated from session lows and managed to hold above $ 1.3115 area.

British Pound: Today the UK financial markets were closed, which was the reason for less compare with usual trading activity of the pound. The GBP / USD pair rose to $ 1.5597 level then decreased to $ 1.5532 area.

Japanese Yen: The Japanese markets were closed today for a holiday as well. However, on signs of recovery in the U.S. economy published on Friday as U.S. Labor report, which showed that by the end of last month the number of people employed in non-agricultural sectors of the economy increased markedly, and the unemployment rate fell again, the yen depreciated against the dollar. The USD / JPY pair was traded around the level of Y99 but later moved higher above the Y99.4 area.

Australian Dollar: The Australian dollar fell against all major currencies after the publication of the report on retail sales in the country. After rising 1.3 % in February, the index unexpectedly fell 0.4 % in March leaving suggestions that the RBA may announce cutting key interest rate at its tomorrow meeting.

American trading session:

Canadian Dollar: The Ivey report showed that the index of business activity has decreased noticeably in the past month surpassing many market participants and beating in negative way the forecasts of experts. It was the reason, why the cost of the Canadian dollar was higher against the U.S. dollar today.

Euro: The euro exchange rate fell sharply and the EUR / USD pair dropped to the $ 1.3051 area during the speech of Mr. Draghi. The ECB president said today that the authorities are ready to act again, after the Central Bank has already lowered the rate to 0.50 %.

Gold: The gold prices showed slight increase and were held near 2- week high of 1469.40 dollars per troy ounce. The rising prices attract more and more buyers back to the market.

Oil: The cost of the June futures of WTI has grown up to 96.20 dollar per barrel after hitting the lows of the previous session at around the 94.84 area. By that time the prices for oil have decreased on recent enhance of concerns at the Middle East after the Israeli air forces attacked some object in the Syria.


Market review for 02.05.13: The euro got hammered after the ECB cut interest rates up to record low level of 0.5 %.

Asian and European trading sessions:

Euro: The euro currency declined on expectations about the result of today's meeting of the European Central Bank which might have been ended in lowering of the base interest rate to a record low of 0.5 %. The EUR / USD pair fell to $ 1.3145 level during the Asian session. The published later reports of PMI index for the industrial sectors in France, Germany and the Euro zone as a whole were able to provide some support for the euro and the euro rallied to $1.3217 area against the dollar. However, the pair could not hold this zone and snapped back amid exerted pressure ahead of the ECB decision.

U.S. Dollar: On the background of the outcome of the FOMC meeting delivered yesterday, the U.S. dollar strengthened against most currencies. The leaders of the Federal Reserve Board announced that they will continue their program of monthly purchases of bonds worth 85 billion dollars. They also signaled on possible increase or decrease of the rate of monthly purchases depending on the situation on the labor market and inflation. As we noted recently, the Fed officials discussed the gradual completion of the program earlier this year.

British Pound: Published today data have supported the pound, and the GBP / USD pair managed to show a moderate rise to around $ 1.5590 during the beginning of the European session. Today's report showed that business activity index for the construction sector in the UK in April rose to 49.4 points and exceeded the forecasts of the analytics of recording the 48 mark. The situation later has changed, though, the pair dropped back to the lows of $1.5540 in anticipation of the results of the ECB meeting.

New Zealand Dollar: The New Zealand dollar lower against its rivals on released information by the largest world’s dairy producer the “Fonterra Auckland”. The company informed on lowering prices for milk powder for the first time in this year.

American trading session:

Euro: The euro exchange rate got hammered, after the Governing Council of the ECB cut interest rates by 25 bps up to the record low of 0.5 %. The head of the Central Bank Mario Draghi, in the following press conference, hinted that the ECB is ready to act, if the situation requires further reduce of the lending cost. Mr. Draghi noted that the euro zone economy kept weakness, and reduction of the rates is aimed to maintain an economic recovery, which should begin later this year.

Japanese Yen: The Japanese yen fell against most major currencies, helped by the ECB's decision to lower interest rates. The trading dynamics of the currency were also influenced by the published report from Markit Economics and HSBC, according to which the PMI, which measures the efficiency of Manufacturing in China, fell in April suggesting weakness of the economic recovery. The USD / JPY pair held the Y97.95 area during the session.

Gold: The gold futures grew today, as many investors had hoped that central banks should continue to pursue its policy of stimulating of the economy. The decision of the ECB attracted some buyers for the precious metals. The cost of the June gold futures rose to 1471.40 dollars an ounce on COMEX today.

Oil: The price of WTI type of oil strengthened above the level of $94 a barrel as the interest rate cut by the ECB provided support for the increase of demand for risky assets. The cost of the June futures WTI grew despite the shaky global outlook for oil demand and sufficient amount of oil in the U.S. inventories.


Technical analysis for 2.05.13

EURUSD
The pair has risen to the residence level at 1.31674. The pair may roll back to Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has tested the Moving Average (200) at 1.55929. The pair may roll back to support at 1.54842.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
If the pair stays below 0.93069 the pair will decline to 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair has declined to the support level at 97.491. If the pair stays below this level the pair will decline to 96.400.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.089
AUDUSD
The pair is aiming to support level at 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 01.05.13: Many experts believe that the ECB will lower interest rate; meanwhile, the FOMC left its rate unchanged.

Asian and European trading sessions:

Euro: The Euro grew in spite of the expectations of tomorrow's ECB meeting. Unlike the Federal Reserve, the European Central Bank is likely to modify its monetary policy by lowering the key refinancing rate from 0.75% to 0.50%. However, until these expectations are not reflected in the quotes of euro currency, the EUR / USD pair was able to rally in around $ 1.3240 area.

U.S. Dollar: The dollar fell on today’s earlier sessions on ongoing talks that the Federal Reserve System will not announce the turn off, or limit its program of bond purchases as the third stage of the strategy of quantitative easing stimulation established in order to reduce the cost of borrowing in the country and acceleration of the pace of economic growth. The result its two-days meeting would have been announced afternoon.

British Pound: The pound rose after the data on the index of business activity in the manufacturing sector provided by Markit, showed that the index of business activity in the industrial sector in the UK in April rose to the level of 49.8 points. The result was higher than the March’s value and the average forecast of 48.6 points. Despite the fact that the index still remains below the level of 50 points, indicating a decline in activity, the GBP / USD pair showed high of $ 1.5594, but then retreated to around $ 1.5550 area.

Australian Dollar: The Australian dollar fell today after negative data on the Chinese economy recorded that the index of purchasing managers in the manufacturing sector dropped to a mark of 50.6 points.The National Bureau of Statistics and the China Federation of Logistics and Purchasing in Beijing informed that the value is still above 50, indicating expansion of the sphere of production. The average of the forecast of analysts suggested that the index will go up 50.7; however, it did not work out.

American trading session:

U.S. Dollar: The results reflected in the report of the manufacturing activity in the U.S. in April demonstrated a slow down and did not match the estimates of economists. According to the report, the purchasing managers' index for the manufacturing sector in April fell to 50.7 against 51.3 in March. All other indexes in the ISM report showed mixed results, but overall picture showed an increase in activity. As usual the trading dynamics of the currency were affected by the decision of the FOMC meeting. However, it did not last longer as the published announce of keeping the key interest rate at 0.25% has matched the forecasts of many analysts.

Euro: The euro fell against the dollar as market participants were still waiting for the coming outcome of the ECB meeting which ends tomorrow. Many experts believe that the ECB will lower interest rates by 0.25 % to 0.5 %.

Gold: The Gold prices fell, on low volumes as the holidays in China and some European countries declined an activity in trading dynamics of the asset. The cost of the June gold futures dropped to 1440.60 dollars an ounce, but was able to recover to the level of $1463 on COMEX today.

Oil: The cost of June futures of WTI fell to 90.09 dollars per barrel. The price of oil fell more than 3 %, as concerns over the economic growth in China and the United States and the increase in stock volumes in the United States has weakened prospects of future demand of the oil. As it became known, last week, the U.S. crude inventories rose 6.7 million barrels to 395.280 million barrels level. The price recovered slightly on the NYMEX and closed at the $90.90 level.


Market review for 30.04.13: The U.S. Dollar fell on weak data from the U.S. Chicago PMI.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in a very narrow range of $ 1.3084 - 1.3098 during the Asian session. After the report for preliminary data on inflation in the euro area in April was published the pair lowered to the level of $1.3053. The report documented a significantly more than expected reduction of Euro-Zone CPI Estimate rate thus increased chances that the ECB will cut interest rates on upcoming meeting. The data on retail sales in Germany which was published little earlier reported that the sales came out also worse than expected. The consumer spending in France, however, was better than predicted. Accordingly the Eurostat, the unemployment rate in March rose again and reached 12.1%, which was in line with the average forecast of analysts. The EUR / USD pair suffered losses. The decline was halted at $ 1.3050. Later the rate could recover to $ 1.3075.

British Pound: The pound rose after published data for approved applications for mortgage loans, the results of which were higher than expected. The GBP / USD pair showed high at $ 1.5516 level. However, the increase was not long and soon the sterling returned to $ 1.5478. At the European session the currency, despite weak results of the consumer confidence, was able to grow against its rivals. The GBP / USD pair strengthened to the level of $1.5525.

Japanese Yen: The yen fell against most currencies amid rally on the Asian stock market, which reduced demand for safe-haven assets. As it was announced today the industrial production in Japan raised less than analysts had expected. The data provided by the Ministry of Commerce recorded a less as it was predicted growth of the rate in March. The rate grew only at 0.2 %, which was below predicted to 0, 4%. In addition, the unemployment rate in Japan fell to 4.1 % from 4.2 %, while consumer spending rose by as much as 5.2% of the projected 1.8%. The USD / JPY pair rose to Y98.15, and then during the European session, fell under pressure and dropped to the yesterday's lows of around Y97 area.

New Zealand Dollar: At the beginning of the day the New Zealand dollar fell against all its major counterparts after the Bureau of Statistics of New Zealand has reported decline in the volume of approved building permits by 9.1 % in March, where the predictions were at the growth of 2 %.

American trading session:

Canadian Dollar: After the report of the GDP of Canada which showed that in February the GDP rose by 0.3 %, driven by increased activity in the mining and oil exploration sector, the Canadian dollar strengthened against almost all its counterparts.

U.S. Dollar: The dollar declined significantly against most major currencies after the report from the Conference Board showed that by the end of April, consumer confidence has grown significantly to the level of 68.1 compared with a revised downwards index for March at 61.9 and way ahead of the experts' forecasts of 61. Yet, the weak data from the U.S. Chicago PMI that was the real reason for decline of the “greenback’s” rate.

Euro: The euro exchange rate has significantly increased and the EUR / USD couple broke the resistance of $1.3120, reaching a maximum at 1.3185 as high of today on the release of data from the U.S. Chicago PMI which fell to 49.0 from 52.4. The index for the first time since September 2009 lowered below the 50 level.

Gold: The gold prices fell today as many investors preferred to be on the sidelines ahead of a meeting of central banks in Europe and the United States. The cost of the June gold futures dropped today to 1463.60 dollars an ounce then, however, was able to grow to $1477 level on COMEX.

Oil: The cost of the June futures on U.S. light crude oil, WTI fell to 93.27 dollars per barrel on concerns about the outlook for demand outweighed expectations for the meeting of the U.S. Federal Reserve and the European Central Bank, which may contribute to further stimulation of the world economy.


Technical analysis for 1.05.13

EURUSD
The pair has risen to the residence level at 1.31674. The pair may roll back to Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has tested the Moving Average (200) at 1.55929.
Resistance: 1.56722, 1.58543, 1.60322
Support: 1.54842, 1.53482, 1.52063
USDCHF
If the pair stays below 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the support level at 97.491. If the pair stays below this level the pair will decline to 96.400.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has risen to resistance 1.03535. If the pair stays above this level the pair will rise to 1.04407.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.01744


Market review for 29.04.13: The euro rose contrary to expectations of the rate cuts by the ECB.

Asian and European trading sessions:

Euro: The euro rose in early European session against the major currencies, on the background of the completion of a two-month political crisis in Italy. On Saturday, Mr. Enrico Letta officially took the place of the prime minister of Italy. However, the single currency reduced its growth after the results of the index of sentiment in the business environment, which showed a worse than expected data for the economy of the region. According to the information provided, in April, the index of business sentiment fell to -0.93 points versus the March value of -0.86 and demonstrated a decrease in all major sectors. Later, the currency was able to resume its uptrend on the publication of the information on the result of the last auction of government bonds of Italy. The result of the auction was much better than previous one. The EUR / USD pair shown high at $ 1.3114 and then declined to around $ 1.3074.

U.S. Dollar: The dollar index fell today on the eve of the publication of data from the United States for the results of the consumer spending report. The median forecast of economists said that the level of personal spending by U.S. consumers in March is likely to remain unchanged in February. There were also speculations at the market that the Fed will stick to soft policy, pushing down the yield of U.S. Treasury bonds.

British Pound: When the report showed that house prices in the UK increased this month, the pound currency strengthened to a 10- week high against the dollar. The boosting optimism about the fact that the recovery of the British economy is gaining momentum was pushed the rate of the currency up to new highs. The recent data for the UK economy provided evidence that the UK economy has avoided a recession in the last quarter of 2012, dropping speculation that the Bank of England will raise incentives measures. The GBP / USD pair traded in the $ 1.5540 - $ 1.5480 during the European session.

American trading session:

U.S. Dollar: On the trading dynamics of the U.S dollar affected the data which showed that the number of pending home sales rose in March by 1.5 % to 105.7. According to the average forecast of economists, this indicator would have grown by 1.1 %. In addition, the annualized data for home sales showed rise by 7.0 % compared with March of last year and registered the 23rd consecutive monthly gain.

Canadian Dollar: The Canadian dollar rose to a two-week high against the dollar, which was helped by a rise in oil prices. The oil, the country's largest export as well as speculation that the U.S. government will support the incentive programs; these are the supportive factors for the growth of the Canadian dollar.

Gold: The gold prices grew slightly today, helped by the weakening of the dollar on prospects for further easing of monetary policy in the United States and Europe. The cost of the June gold futures rose to 1476.93 dollars an ounce on COMEX today.

Oil: The price of WTI oil grew above $ 94.5 a barrel today, which was due to shaky growth prospects in the largest consumers of oil in the world (U.S., Europe and China). The cost of the June futures on U.S. light crude oil WTI closed at 94.40 dollars per barrel on NYMEX.


Technical analysis for 30.04.13

EURUSD
The pair has found support at 1.30277 and aiming to reach Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has reached resistance at 1.54842. The pair may roll back to the Moving Average (100) at 1.54232.
Resistance: 1.54842, 1.56722, 1.58543
Support: 1.53482, 1.52063, 1.50594
USDCHF
The pair has broken 0.93949 and aiming to 0.93069.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to the support level at 97.491.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has risen to resistance 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 25.04.13: The Gold prices grew today by 2%, helped by the weakening of the U.S. Dollar rate.

Asian and European trading sessions:

Euro: The EUR / USD pair rose to $ 1.3090 as the desire for risk happened in the markets stimulated the growth of the pair. The dynamics of the trade was also affected by the fact that many market participants were waiting for a weekly report on the U.S. labor market. Today, also, the German Chancellor Merkel expressed the desire that the holders of banks’ shares will also take some of the responsibility for the future, and said that the government does not favor the general insurance system of deposits. After, these words the EUR / USD pair snapped back to almost yesterday’s lows, to the $ 1.3010 level during the rest of the European session.

British Pound: The British pound rose significantly, supported by the British publication of today's report on UK GDP for the first quarter. The results recorded a growth of the rate by 0.3 %, which was above the average forecast of analysts 0.1 % and showed that the UK economy managed to avoid falling into "third" recession. The reason for the unexpected growth of the economy was the services sector, which expanded by 0.6%, while the strongest sectors were transport and communications which grew by 1.4 %. The GBP / USD pair rose to $ 1.5478 during the European session.

Japanese Yen: The yen fell against most major currencies after the release of the information on fact that the Japanese investors sell foreign bonds for the sixth week in a row. The USD / JPY pair fell to Y99.45 during the European session.

New Zealand Dollar: The New Zealand dollar rose against the U.S. dollar, despite the fact that financial markets in Australia and New Zealand were closed for National holidays.

American trading session:

Canadian Dollar: The Canadian dollar reached its highest level in more than a week against the U.S. dollar after the head of the Bank of Canada, Governor Mark Carney in his speech to the Canadian Senate committee said that the Bank of Canada may raise interest rates after the pass certain "period of time."

U.S. Dollar: The currency weakened against its most major rivals amid the fact that the U.S. Labor Department reported that the number of Americans who first applied for unemployment benefits fell last week to near five-year low, which was a sign that the demand for employers has been increased. According to the report, for the week ended by April 20, the number of initial claims for unemployment benefits fell to the lowest level since early March, to a seasonally adjusted 16K, reaching the level of 339K. The average forecasts of experts were at 352K means remain unchanged.

Euro: The speculations that the European Central Bank may cut its key interest rate to a record low level at the next meeting in order to support the region's economy put pressure on the euro exchange rate and it weakened considerably against most major currencies. The EUR / USD pair fell to $ 1.2988 area.

Gold: The gold prices grew today by almost 2% to its highest level in the past 10 days, helped by the earlier weakening of the dollar. The cost of the June gold futures rose to 1469.00 dollars per ounce on COMEX today.

Oil: The cost of the June futures of WTI rose to 93.85 dollars per barrel. The oil prices rose, due to the weakening of the dollar.


Technical analysis for 25.04.13

EURUSD
The pair has worked out the Head and Shoulders. If the pair stays above 1.30277 the pair will rise to the Fibonacci 38% at 1.31208.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54268.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has risen to 0.95074 and rolling back.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
If the pair declines below 98.718 the pair will decline to 97.491.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair has found support at 1.02558 and rising to 1.03535.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907


Market review for 24.04.13: The Reserve Bank of New Zealand left its key interest rate unchanged at 2.5% thus supported the National currency.

Asian and European trading sessions:

Euro: The rate of the euro currency against the dollar grew today to the $ 1.3034 level after the report showed that the level of business confidence in German fell in April for the second month in a row. According to a German IFO, the business climate index fell from 106.7 to 104.4, while analysts had expected result at the level of 106.2. Indicator of expectations eased to 101.6 from 103.6 vs. 103.0. The experts pointed out that despite some improvement in performance of French economy the result of which were published yesterday, the German reports came out again disappointed which may lead the ECB to lower rates by 25 basis points in May, and consider to lower it even more in June.

British Pound: The GBP / USD pair rose to $ 1.5286 on the Asian session. During the European session the currency retreated from highs after disappointing report of the Confederation of British Industry (CBI) on retail sales. As it was informed, the volume index of retail sales in March was -1, and the index of expectations for sales in March fell to a yearly low -6. Another report showed that in March, the number of approved applications for mortgage BBA increased to £31.2 million versus £30.5 million previously. The result coincided with analysts' expectations.

Japanese Yen: The USD / JPY pair tried again to hit the important level of Y100. The yen fell against the majority of the most traded currencies amid growing signs that the Japanese investors are transferring their assets towards foreign assets, which considers as the probability of National currency depreciation. The USD / JPY pair rose to Y99.71 during the European session.

Australian Dollar: After the release of inflation data reported by Sydney Bureau of Statistics, the Australian dollar fell against all major currencies. The level of inflation in the first quarter slowed by 0.3% compared with the previous period of time. The economists had forecasts at 0.5 %. The slowdown in growth of prices in Australia was seen as a negative sign for the Australian dollar, since the last meeting of the Reserve Bank of Australia has hinted that further easing is possible.

New Zealand Dollar: The New Zealand dollar rose on the decision of the central bank of New Zealand to keep the interest rates unchanged. The Reserve Bank of New Zealand left its key interest rate unchanged at 2.5%, which was in line with economists' forecasts and informed that such a situation is likely to persist until the end of the year as inflation remains at low-key level, despite the growth observed in the housing market.

American trading session:

U.S. Dollar: The trade report reflected a much larger than expected drop in new orders for durable goods in March and was able to influence the trading dynamics of the U.S. dollar in slightly negative way. The economists had expected that the orders will be decreased by 2.8 %, however, the report showed their fall by 5.7 % in March after a revised 4.3 % rise in February. The seasonally adjusted total orders for durable goods in March recorded $216.28 billion. Also, the orders for durable goods excluding transportation equipment fell in March by1.4 % and orders for durable goods excluding defense value of the goods decreased in March by 4.7 %. In addition, it was reported that orders for durable goods excluding transportation equipment in the U.S. in February revised to -1.7 % from -0.5 %.

Gold: The gold prices grew today, as a physical demand has been increased due to speculative buying after recent falling of the gold prices. The cost of the June gold futures rose to 1432.10 dollars per ounce on COMEX today.

Oil: The cost of the June futures of WTI rose to 91.70 dollars per barrel on NYMEX. The prices for crude oil rose today due to results of the government report on oil stocks in the United States. According to data from the U.S. Department of Energy, last week the oil reserves rose by 947K barrels reaching a level of 388.600 million of barrels.


Market review for 23.04.13: The U.S. Dollar strengthened against its rivals on weaker -than-expected manufacturing data from China and Germany.

Asian and European trading sessions:

Euro: On the earlier session the euro fell in anticipation of today's publication of macroeconomic data in the Euro zone. The preliminary data on the composite PMI index for the services sector and business activity in the manufacturing sector of the EU, according to the average forecast of economists will reach 46.5 in April. The value of the indicator which is below 50 - confirms decrease in activity. The EUR / USD pair during the Asian session fell to $ 1.3032. Later, while the publication of the PMI Germany results the euro deeply fell against its rivals as the activity in the private sector of the euro zone has declined again in April. Also, the PMI index of manufacturing activity in April decreased to around 47.9 compare with 49 in March. The result was weaker than the market forecast of 49, so the EUR / USD pair fell to $ 1.2971 during the European session.

British Pound: The British pound updated its intraday lows falling against the dollar to $ 1.5195 during the European session. The pair fell, however, recovered on the results of the April’s CBI published by the Confederation of British Industry. According to the report, the industrial orders index fell to -25 from the March level of the value of -15 and analysts expectation of slight improvement to -14. Another report showed that in March, the public sector net borrowing of Britain (PSNB) increased to £16,747 billion, although analysts expected it growth to £14.000 billion.

Japanese Yen: Today’s release of negative statistics from China has increased concerns about the future prospects of growing of the Asian economy and increased demand for safe-haven assets. The yen rose against all major currencies against and USD / JPY pair fell to Y98.47 during the European session.

Australian and New Zealand Dollar: The Australian and New Zealand dollars fell against almost all their counterparts after the release of preliminary data on manufacturing PMI index from HSBC in China. The result of the indicator did not even match the worst predictions of economists. The preliminary PMI for China this month came out at 50.5, while analysts had expected a slight decline to 51.5. And the final value for March was 51.6.The index still lies above the level 50, indicating the expansion of industry.

American trading session:

Canadian Dollar: The Canadian dollar traded at almost six-week lows against the U.S. dollar on the published today negative data from Europe and China, which indicated a slowdown in global economic growth, thus undermining demand for Canadian exports. Also, the dynamics of the currency were influenced by a report from Statistics Canada, which showed that retail sales in February rose at a faster pace than they were expected.

U.S. Dollar: The dollar index was able to sustain above the 83 level as the demand for safe-haven asset, the U.S. dollar has been increased.

British Pound: The data presented today show that the number of new orders in the three months ended in April fell slightly, while the index, which measures expectations for the next quarter orders grew. The balance was much lower than the expected 14 %, but remained above the long term average level of 3%. The GBP / USD pair fell to $ 1.5231during the American session.

Euro: The data showed that the ease of the recession in France in April has overshadowed the sharp drop in business activity in Germany. The PMI index for the services sector in the euro area rose to the level of 46.6 in April, compared with 46.4 in March and coincided with decrease of the index for German companies, which build up the backbone of the economy in the euro zone. The EUR / USD pair fell to $ 1.3027 during the session.

Gold: The acceleration of the outflow from the largest gold exchange-traded fund provides the pressure on the Gold prices. The cost of the June gold lost more than 1%, dropping to 1408.10 dollars per ounce on COMEX today.

Oil: The cost of the June futures of WTI fell to 88.93 dollars per barrel, to its lowest intraday level since December 2012. The reason for this drop was a weaker -than-expected manufacturing data from China and Germany, which have worsened the prospects of demand for fuel. Also the expectations about future report on oil stocks in the United States helped to identify the demand of the largest oil consumer in the world.


Technical analysis for 24.04.13

EURUSD
The pair has drawn Head and Shoulders and broken neckline. The end of the figure maybe expected at 1.29243.
Resistance: 1.30277, 1.31674, 1.33143
Support: 1.28630, 1.26897, 1.25690
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has broken resistance at 0.93949 and aiming to 0.95074.
Resistance: 0.95074, 0.96220, 0.97427
Support: 0.93949, 0.93069, 0.92026
USDJPY
The pair is testing 98.718. If the pair declines below this level the pair will decline to 97.491.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is testing 1.02558. If the pair stays below this level the pair will decline to 1.01744.
Resistance: 1.02558, 1.03535, 1.04407
Support: 1.01744, 1.00907, 1.00067


Market review for 22.04.13: The ex-president of Italy, 87 -year-old man, Mr. Napolitano was re-elected for a second term.

Asian and European trading sessions:

Euro: The euro rose against the dollar after the current president of Italy, Giorgio Napolitano, was re-elected for a second term. After the Italian parliament failed for the fifth attempt to elect the new president, Mr. Napolitano a 87 -year-old agreed to once again participate in the elections. The EUR/ USD pair tried to grow at the beginning of the day, however, fell to $ 1.3013 at the European session

British Pound: The pound traded without certain direction at the beginning of the day. The news which were recently published by the international rating agency Fitch Ratings on downgrading of the sovereign rating of UK by one stage from the highest " AAA" to "AA +" with the rating outlook - "stable," did not influenced much the trading dynamics of the currency. The GBP / USD pair rose to $ 1.5245 during the European session.

Japanese Yen: The yen weakened again and approached the level of 100 yen to the dollar, after on the recent meeting of the representatives of the G20; were the actions over the soft monetary policy of the Bank of Japan have not been criticized. The head of the Central Bank, Haruhiko Kuroda, moreover, has already hinted about expanding the monetary stimulus at the second meeting under his leadership, which will take place this week. The USD / JPY pair rose to Y99.84 then retreated to Y99.50 during the European session.

Australian and New Zealand Dollar: The Australian and New Zealand dollars rose today due to positive trading dynamics in Asian stock markets.

American trading session:

U.S. Dollar: The weak report on the U.S. housing market has helped to reduce the mood of investors of holding risky assets. According to a report released on Monday by the National Association of Realtors, the sales of existing homes in the U.S. in March unexpectedly fell by 0.6 % to 4.92 million homes a year. The dollar strengthened against its rivals.

Gold: The gold prices rose significantly today due to increase of the physical purchases, after falling last week to two-year low. However, investors continued to reduce their holdings in the biggest exchange-traded fund to its lowest level in nearly three years. The cost of the June gold futures dropped today to 1424.50 dollars per ounce on COMEX.

Oil: The oil prices rose today, which was associated with the publication of U.S. data on home sales of the secondary market. The May futures of WTI rose to 89.45 dollars per barrel.


Technical analysis for 23.04.13

EURUSD
The pair is trading between resistance 1.31674 and 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out the Head and Shoulders figure and aiming to the resistance at 0.93949.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is testing 98.718. If the pair declines below this level the pair will decline to 97.491.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is testing 1.02558. If the pairs stays below this level the pair will decline to 1.01744.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.00907, 1.00067


Market review for 18.04.13: The rumors that the Societe Generale has suffered heavy losses caused panic in the financial markets.

Asian and European trading sessions:

Euro: The EUR / USD pair rose to $ 1.3075 level due to presented by international agency Moody 's Investors Service today’s information showed that the Germany's sovereign rating remained unchanged - at' AAA ' thus confirming the highly competitiveness of the German economy of and a high level of investor confidence in it. Although the sovereign rating received a "negative "outlook the high level of investor confidence is still based on an advanced, diversified economy and a great track record of macroeconomic stability policy, which is reflected in the very low cost of debt financing. The trading dynamics of the currency were also supported by the positive results of the auction for 5 - year bonds of France where the low record level of yield of 0.73% was recorded. Today, also, Spain held an auction for 3 -, 5 - and 10- year government bonds and was able to attract the amount of €4.71 billion, exceeding the target range of 3.5-3.5 billion were an average yields showed also some decline.

British Pound: The GBP / USD pair dropped to $ 1.5215, after rose to $ 1.5296 during the European session. The pound’s fell happened after the data from the Office for National Statistics showed that in March the volume of retail sales in the UK fell markedly, which brought evidence of instability of the consumers’ finances and weak prospects for sustainable, long-term economic recovery. The volume of sales, however, increased in the first quarter of this year due to strong increase store sales in February. The economists pointed out that these data supported the tentative signs that the UK can avoid a return to recession for the third time in five years. In details, in March retail sales fell by 0.7% compared to February and were up 0.5% compared with the same month a year earlier where the average estimates of experts was that the values would be reduced by 0.3% and 0.4%, respectively. The level of annual sales for the previous month was revised down to growth of 2.5%, compared to the initial estimate of 2.6% increase.

Australian Dollar: The Australian dollar retreated from month lows after the release of statistics on the real estate market in China. The government of China which monitors the index of house prices informed that the index rose in 68 of the 70 cities of China.

New Zealand Dollar: The New Zealand dollar rose on positive report from the Bank of New Zealand. In March, the number of announcements of new jobs increased by 0.7 % confirming its second consecutive month of growth.

American trading session:

U.S. Dollar: The published by the Federal Reserve Bank of Philadelphia report, revealed today that the business activity among manufacturers located in Philadelphia region declined this month, but still remained in expansion. The Philadelphia Fed manufacturing index fell in April to the level of 1.3, compared with growth in February to the level of 2.0 and surprised many economists who forecasted the average rise of the value to the level of 3.1.

Euro: The euro in this session declined against its competitors on an ambiguous statistics and some rumors that came out during the trading hours. The rumors that the Societe Generale has suffered heavy losses caused panic in the financial markets. After these rumors were denied by SocGen, the EUR / USD pair fond support at the 1.3046 level.
Gold: The price of the June gold futures rose to 1402.5 dollars per ounce on COMEX today. The prices were able to recover nearly 3% after big sell-off happened couple days ago where the prices dropped due to decline in world markets amid prospects of slowing of the inflation and fears that gold will be sold by central banks.

Oil: The cost of oil rose today from its four-month lows against the successful results of the Spanish bond auction and the strengthening of the euro against the dollar. The cost of WTI May futures rose to 88.60 dollars a barrel on the NYMEX.


Market review for 17.04.13: The “greenback” was in demand today due to overall negative behaviorof the world markets.

Asian and European trading sessions:

Euro: The EUR / USD pair fell to $ 1.3084 during the European session. The trade dynamics of the currency were affected by the data, which showed that the construction output in the euro area has declined in February; however, its pace of decline compared to the previous month was not so big, which added hopes that the euro can survive its sixth consecutive quarterly economic downturn. According to the report, the construction fell by 0.8% in February, compared with a fall of 2.1% in the previous month. The initial estimates were at the level of fall by 1.4%. It was the fourth consecutive monthly decline of the value.

U.S. Dollar: The dollar rose sharply against its rivals today, which was partly due to the fact that the French government presented its stability program. As it became known to reduce the budget deficit in 2014 will be 70% achieved through reducing of the spending cuts. Meanwhile, it was noted that the budget deficit should amount to 2% of GDP in 2015 and 1.2% of GDP in 2016. On the way to it, the debt will peak at 94.3 % of GDP in 2014 against 93.6 % in 2013, and the budget deficit should reach 3.7% of GDP in 2013 and 2.9% in 2014. The French government predicted the GDP’s growth by 2% in 2015 and beyond.

British Pound: The pound dropped significantly against the dollar, losing in the moment about a half of figure. The reason for this sell-off was the data that was published by the Office for National Statistics which showed that the number of people, who applied for unemployment benefits unexpectedly fell last month, thus surprised many of experts. According to the report, the number of applications dropped by 7K in March reaching the total of 1,530K applications, where the average forecast of economists was on value remained unchanged. The trading dynamics of the pound were also affected by the publication of the minutes of the Bank of England from April 3-4, which showed that the MPC voted unanimously for having to leave the rates unchanged at 0.5 %. The six members where for and three against for keeping of the asset purchase program at £ 375 billion amount. The GBP / USD pair fell to $ 1.524 during the European session.

Japanese Yen: The yen fell today for a second day against all major currencies against the continuation of the presented pressure occurred due to recently announced measures which were taken by the Bank of Japan in order to mitigate the monetary policies. An additional pressure on the yen applied the positive dynamics of the American stock indices happened at the beginning of this day which reduced demand for safe haven assets. The USD / JPY: yesterday the pair rose to Y98.40, then, however, corrected to the Y97.60 level at the European session.

Australian Dollar: The Australian dollar tried to grew after yesterday's rally in the stock and commodities market, which increased demand for higher-yielding assets.

New Zealand Dollar: The statements of the Fonterra Cooperative Group had a positive impact on the New Zealand dollar’s trading dynamics. The world leader in the supply of dairy products informed about strong rise in prices for milk powder. According to the site Global Dairy Trade Fonterra, the milk powder price for delivery rose by 4.4 % in June to a record $ 6,283 per ton. However, the publication of the results of the consumer price index report provided the certain pressure on the currency’s dynamics. The index raised by 0.9 % compare with year earlier and matched the expectations of analysts of keeping the target level of inflation in the country.

American trading session:

U.S. Dollar: The “greenback” was in demand today as many sellers demonstrated their power which was shown on overall behaviors of the world markets. The dollar index strengthened above the 82.5 level.

Euro: The euro exchange rate decline even more on the American session after in an interview published by the WSJ, the head of the Bundesbank, Mr. Weidmann mentioned that the ECB may cut interest rates in the event of further deterioration of the economic situation. The EUR / USD pair drooped to $ 1.2995 during the session.

Canadian Dollar: The Canadian dollar was slightly higher against the U.S. dollar during the press release of today’s conference, where neither the Governor of the Bank of Canada, Mark Carney nor the deputy Central Bank governor Tiff Macklem did not signal on their willing to give up keeping tight monetary policy in Canada. The Bank of Canada left the key interest rate unchanged at 1%.

Gold: The Gold prices rose due to increased demand for gold bars and coins after yesterday’s sell-off to the two-year lows. The cost of the June gold futures rose to 1395.2 dollars per ounce on COMEX today.

Oil: The May futures of WTI fell to 86.04 dollars a barrel on the NYMEX. The prices fell today by 2.2 % after the Energy Information Administration reported that oil production rose to the highest level since July 1992, the level of 7.2 million barrels a day.


Technical analysis for 18.04.13

EURUSD
The pair is trading between resistance 1.31674 and 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has worked out the Head and Shoulders figure.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is rising to 98.718.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has broken 1.03535 and aiming to 1.02558.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.00907, 1.00067


Technical analysis for 17.04.13

EURUSD
The pair has risen to 1.31674.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54842.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders, the end of the figure is at 0.92026.
Resistance: 0.93069, 0.93949, 0.95074
Support: 0.92026, 0.91079, 0.89635
USDJPY
The pair is rising to 98.718.
Resistance: 98.718, 101.657, 105.649
Support: 97.491, 96.400, 95.200
AUDUSD
The pair has declined to 1.03535. If the pair stays below this level the pair will decline to 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.00907


Market review for 16.04.13: The Euro made the biggest one-day rise since January on results of the inflation report for the euro area.

Asian and European trading sessions:

Euro: During the European session the euro rose against its rivals. The EUR / USD pair retreated from yesterday's lows and grew to $ 1.3145 area. The reason for that sharp growth was the result of the annual inflation report released today by the European Central Bank, which showed that at the end of last month the rate of inflation in the euro area declined below the target level. According to this report, the March’s figure was the lowest since August 2010. It recorded the annual rate of inflation at a level of 1.7 %, compared to 1.8 % in February, confirming an earlier estimate of analysts.

British Pound: The pound grew today after the report showed that consumer price index remained above the target level which was designated by the Bank of England. The inflation rate in the UK remained stable in March, but was still above the target level. According to the report released today by the Office for National Statistics, the annual rate of consumer price inflation in March remained at 2.8%, despite the expectations of economists of rising to 2.9%. The GBP / USD pair during the European session grew to the high of $1.5327.

Japanese Yen: Despite yesterday's strengthening against almost all its competitors amid the mitigation of monetary policy adopted by the Bank of Japan, the yen fell today resuming its previous trend. The USD / JPY pair rose to Y98 level during the European session. Also, the dynamics of the trade were affected by the official information published today, which showed that the international rating agency Moody's changed the rating outlook of China's government bonds to “stable” from ”positive”, confirming its rating at " Aa3 " stage.

American trading session:

U.S. Dollar: The dollar weakened today, the dollar index fell below 82 levels cutting off yesterday's results, because of the recovery in gold prices and U.S. equities which erased demand for safe assets.

Euro: The euro rose to a seven-week high against the U.S. dollar to the level of almost $1.32 after the stop orders on short positions on the euro were triggered and boosted the single European currency to its highest levels since the end of February 2013. The euro closed today almost making the biggest one-day rise since January 2013.

Gold: The price of gold went green for the first time in two days where the aggressive sales were involved and returned to positive territory. The cost of the asset is still far of covering up all of its lost positions. The U.S. spot gold grew today to $ 1401 area.

Oil: The price of oil has also bounced back after recent sell offs and the May futures for WTI rose to 88.73 dollars a barrel on the NYMEX. However, the pressure on oil trading dynamics existed due to some speculations that U.S. crude inventories would demonstrate growth in its upcoming report.


Technical analysis for 16.04.13

EURUSD
The pair has tested Fibonacci 38% 1.31222, couldn’t break it and declines to 1.30277.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54842.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has declined to 96.400 and rolling back to 97.491.
Resistance: 97.491, 98.718, 101.657
Support: 96.400, 95.200, 94.089
AUDUSD
The pair has declined to 1.03535. If the pair stays below this level the pair will decline to 1.02558.
Resistance: 1.04407, 1.05332, 1.06164
Support: 1.03535, 1.02558, 1.00907


Market review for 15.04.13: The risky currencies had a nasty spill today when China showed slowdown in economic growth in the first quarter of 2013.

Asian and European trading sessions:

Euro: The euro fell after ratings agency Moody's downgraded the credit rating of the Cyprus’s largest bank, Bank of Cyprus, by two stages - from "Caa3" to default level “C". The expectations of large losses on uninsured deposits deposited in the Bank of Cyprus, that was the issue which reflected the rating report of the Moody’s agency. The EUR / USD fell to $ 1.3050 pair during the European session.

U.S. Dollar: The dollar index grew today as the “greenback” was in demand due to the negative dynamics occurred on all stock and commodity markets.

British Pound: The GBP / USD pair fell to $ 1.5307 during the Asian session. The currency, however, did not get under negative pressure which was during all day on the markets and was able to recover on next following session after the report on house prices showed that in Britain the house prices rose in April, which was the fourth monthly increase. The issue increased an optimism of investors about the possibility of avoiding another recession in Britain. For the growth of the pair, also contributed the expectations of future currency report on inflation, where the increase on a monthly basis by 0.3% is expected. The GBP / USD pair rose to $ 1.5344 during the European session.

American trading session:

Japanese Yen: The yen rose against all major currencies after China in the first quarter of this year showed a slowdown in economic growth in the country. The issue generated the demand for the asset with safe-haven status. The analysts had expected a rise of GDP in the first quarter by 8%, however, according to figures released today by the State Statistical Bureau of China, the growth of this index for the period was only 7.7%. The growth was lower by 0.2% compare with the fourth quarter of 2012, which recorded 7.9%. Additional impulse to the growth of the Japanese currency was the speech made on April 12 of the Finance Minister of United States, who called Japan to refuse of taking actions for intentional devaluation of the yen. The U.S. Treasury stated that a large-scale measures of the Bank of Japan's lead to the sharp drop in the yen exchange rate and caused concerns due to the possibility of devaluations of other currencies by trading partners. The USD / JPY pair fell to Y95.80 in the moment.

Australian and New Zealand Dollar: Australian and New Zealand dollars fell after Chinese data showed that their largest trading partner, lost momentum of economic growth. Also,for the dropp of rates of these currencies contributed today’s nasty spill which happened on the commodity and stock markets

Gold: The price of gold has fallen by more than 10 % against the statistics from China, were worse than expected. The investors' feared about continuation of the negative dynamics of prices for precious metals, which was occurred on Friday. The cost of June gold futures dropped to 1336.60 dollars per ounce on the COMEX today.

Oil: The cost of WTI oil brand fell to its lowest level this year, after data showed that China's economic growth unexpectedly lost its momentum. The May futures of WTI fell to 87.09 dollars a barrel on NYMEX.


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Market review for 11.04.13: The U.S. dollar was temporally supported by the positive results of the Initial Jobless Claims report for U.S country.

Asian and European trading sessions:

Euro: The euro rose to the six weeks high against the dollar amid positive results of the auctions of the Italian and Spanish bonds. In details, Italy held an auction of 3 -year government debt and was able to attract 7,169 billion euro, exceeding the planned amount of 5.5 -5.7 billion euro where the average yield of the bonds was 2.29 %, compared to the result of the previous auction 2.48 %. This was the lowest value since January, which indicated that the debt crisis in Europe is possibly waning. The EUR / USD pair rose to $ 1.3138 during the European session.

Japanese Yen: After strengthening in the moment to the level of 99.6 yen per one dollar, which was 0.1% away from the rate Y100 yen per dollar for the first time since April 2009, the Japanese currency started to grow. It rose against most major currencies amid signals from technical indicators about its possible oversold and possible correction after its recent sharp drop. The USD / JPY pair fell to Y99.36 area during the European session.

Australian Dollar: The unemployment rate in Australia rose to 5.6% while the economists had expected unemployment rate to be unchanged at 5.4%. Also, the employers in March were forced to cut 36,100 jobs. After the Bureau of Statistics revealed this disappointing data the Australia's currency weakened against its counterparts.

New Zealand Dollar: The New Zealand dollar rose today amid the statements of the country's Finance Minister, Bill English who said that the budget for the 2013-2014 fiscal years will be designated for achieving of positive surplus in 2014-2015 financial years. The strong results of the index of activity in the manufacturing industry published by New Zealand's BNZ Capital-Business NZ remained above the 50 level indicating still positive activity, also contributed to the growth of New Zealand currency. In fact, in March the seasonally adjusted index fell to 53.4 against 56.0 in February, however, was above 50 levels. The housing market of New Zealand, according to the report of the Institute of Real Estate of New Zealand (REINZ), also brought positive results. The average price of housing increased in March by 4.7% compared to February and totaled at 400K New Zealand dollars (344K of U.S. dollars).

American trading session:

Canadian Dollar: The Canadian dollar grew sharply for the third day against the U.S. dollar, just only because the fact that investors were buying higher-yielding currencies of exporting countries.

U.S. Dollar: A little support for the U.S. currency provided the result of the report that showed that the number of U.S. workers who filed new applications for unemployment benefits fell for the first time in four weeks. The number of unemployment benefits fell by 42K to a seasonally adjusted to 346K in the week ended April 6 where the economists had forecasted this value for 360K only. This was the biggest weekly drop since November 2012. However, the support for the dollar was temporary as the confidence of investors that central banks around the world will support measures to stimulate the economy pressured the dollar trading dynamics. The dollar index dropped today as the demand for the higher-yielding assets has been strengthened.
Gold: The gold prices rose, recovering from at this week's low. The dynamics of the asset was affected by the results of the published U.S. data. The May futures for gold grew to 1568.60 dollars per ounce on COMEX today.

Oil: The oil prices fell after analysts cut forecasts for global economic growth and demand for oil. It also fell due to fact that crude oil in the U.S stocks has reached its highest level in more than two decades. The May futures for WTI fell to 93.03 dollars per barrel.


Technical analysis for 11.04.13

EURUSD
The pair is testing Fibonacci 38% 1.31222.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063. If the pair breaks 1.53348 the pair will rise to the Moving Average (100) at 1.54842.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has risen to 98.718.Next resistance level is at 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 1.05332 and 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 10.04.13: The commodity currencies got support from the positive data of China's imports.

Asian and European trading sessions:

Euro: The EUR / USD pair traded in the range of $ 1.3071-1.3110 during the Asian session. At the beginning of the next following session the euro rose against its rivals as the data for industrial production in France, in was better than expected. The single European currency also rose to its three years high against the yen, while last week's announcement of aggressive measures for easing the monetary policy by the Bank of Japan continued to provide indirect support for the euro.

Japanese Yen: The yen got hammered one more time today when the Japanese Prime Minister, Shinzo Abe said the depreciation of the yen has a general positive effect on the Japanese economy. The USD / JPY pair traded in the range of Y98.90- 35 during the Asian session. Later, the currency was able to offset earlier losses incurred after the Bank of Japan Haruhiko Kuroda said that the bank has done enough at this point, suggesting a pause in the easing cycle. Mr.Kuroda also said that the purpose of the monetary policy is not determined by the depreciation of the Japanese currency exchange rate. The USD / JPY pair fell to Y98.95 during the European session after this news.

Australian Dollar: The Australian currency continued to grow for the third consecutive day after today's report on statistics from China. The China’s imports rose by 14.1% in March, compared with the previous year twice exceeding the expectations of analysts, who expected to see its growth by only 6 %.

American trading session:

Euro: The other published results for the euro were not so favorable. The EUR / USD pair dropped to $ 1.3052 on report for industrial production in Spain and Italy, which recorded decline.

U.S. Dollar: On the publication of the minutes of the Fed for March 19 and 20, which was suddenly released a 5 hours earlier than planned, showing that members of the FOMC continued to discuss the 85 -billion program of QE, and the time when it should be shut down, the dollar rose against the euro. The minutes showed that almost all Fed officials want to keep a bond purchasing program at least until mid of 2013 year.

Commodity currencies: The commodity currencies of Australia, New Zealand and Canada grew rose against the U.S. dollar after China reported its trade deficit of $ 880 million in March against surplus 15.25 billion dollars in February. Also the support for commodity currencies was received by the data showing that China's imports rose in March by 14.1% after a decline of 15.2 % in February. The expected of increase in imports were at by 6.1%.

Gold: The price of gold fell down below $ 1570 level ahead of the publication of minutes of the last meeting of the FOMC. The May futures of gold declined to 1556.50 dollars per ounce on COMEX today.

Oil: As it became known today, that the OPEC cut its outlook for growth in oil demand in 2013 to 40K barrels per day, remarking that the revision of the forecast of the demand was associated with fears over Cyprus. The May futures of WTI fell to 93.30 dollars per barrel, and then grew to 94.8 on NYMEX.


Technical analysis for 10.04.13

EURUSD
The pair is testing Fibonacci 38% 1.31222.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair is trading between Fibonacci 23% 1.53348 and support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has risen to 98.718.Next resistance level is at 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 98.718, 97.491, 96.400
AUDUSD
The pair is trading between 1.05332 and 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 09.04.13: The Australian currency substantially grew on boosted demand for higher-yielding assets.

Asian and European trading sessions:

Euro: The dynamics of the currency were fluctuated amid weak statistics on the trade balance of Germany. As it was informed by the Federal Bureau of Statistics the exports to all regions of the world declined in February, showing drop by 1.5 % compared with the previous monthly report and by 2.8 % compared with the same period of the last year. Although the recovery of the economy continues, the growth is much weaker than it was previously expected. The published data as well indicated a difficult in recovery of German economy after the decline of GDP in the 4th quarter. The German imports also declined in February, indicating a weak domestic demand and difficulties in trade within the euro area. The EUR / USD pair fell to $ 1.3028 by the end of the European session.

U.S. Dollar: The dollar continued to fall on the background of recent statements from the Federal Reserve Chairman Ben Bernanke who said that the U.S. economy continues to recover from the financial crisis, but the situation there is still far from desired. "Today’s economy is much stronger than it was four years ago. However, the situation is still far from what we would like to see, "- said Bernanke, speaking at a conference in Atlanta, Georgia. The dollar index fell, as traders continued to sell the currency amid continuing stimulation of the U.S. and Japanese economies.

British Pound: The published today reports indicated the reduction of the risk for economy in slipping back into recession in the 1st quarter of 2013. The British pound rose after data showed that UK manufacturing grew in February more than expected. The National Bureau of Statistics informed today about the growth of industrial production by 1% in February compared to the previous month. For the rise of the value contributed the recovery of oil and gas sectors and the growth in the mining industry. The manufacturing industry has also increased by 0.8% for the same period of time. The GBP / USD pair rose to $ 1.5332 during the European session.

Australian Dollar: The Australian currency grew substantially for the second day, as the monetary incentives of the U.S. and Japan boosted demand for higher-yielding assets. The published inflation data, which showed a slowdown in growth of the consumer price index in China thus weakened the excitement about possible tightening of monetary policy by the government, also supported the growth of Australian dollar’s rate. The CPI in March fell by 0.9% in monthly term compared forecasted decrease by only 0.6%.

American trading session:

Japanese Yen: The yen fell again; the USD / JPY pair recorded today new high of Y99.70 during the European session after the Japanese Prime Minister Shinzo Abe said the depreciation of the yen has had an overall positive impact on the economy. The pair was supported by buyers as well at the American session who kept it above Y99 level.

Euro: The euro raised to a three-week high against the U.S. dollar, to the level of $1.31on the background of good results of bonds’ sales which showed high demand. As it was informed by the European Financial Stability Fund, the five-year bonds were sold in the amount of EUR 8 billion, while the volume of supply was at 14 billion euro.

Gold: The gold prices rose sharply above $ 1580 level, which was helped by the further weakening of the U.S. currency. The May futures of gold grew to1589.60 dollars per ounce on COMEX today.

Oil: The support for oil prices was provided by the positive data on inflation in China, which might help strengthening the demand for oil in the second largest oil consumer country in the world. The May WTI prices were up to 94.47 dollars per barrel on NYMEX.


Technical analysis for 9.04.13

EURUSD
The pair has risen to the Moving Average (500) at 1.30277. The pair may rise to Fibonacci 38% 1.31222.
Resistance: 1.31674, 1.33143, 1.34882
Support: 1.30277, 1.28630, 1.26897
GBPUSD
The pair has risen to the Fibonacci 23% 1.53348 and rolling back to support 1.52063.
Resistance: 1.53482, 1.54842, 1.56722
Support: 1.52063, 1.50594, 1.48527
USDCHF
The pair has drawn Head and Shoulders. If the pair breaks 0.93069 the pair will decline to 0.92026.
Resistance: 0.93949, 0.95074, 0.96220
Support: 0.93069, 0.92026, 0.91079
USDJPY
The pair has risen to 98.718.Next resistance level is at 101.657.
Resistance: 101.657, 105.649, 109.500
Support: 96.400, 95.200, 94.089
AUDUSD
The pair is trying to stay above 1.04407 and aiming to 1.05332.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558


Market review for 08.04.13: The demand for the Euro currency is growing in spite of negative results of the Sentix Investors Confidence Index.

Asian and European trading sessions:

Euro: It was announced today by the Sentix GmbH that the index of confidence of European investors Sentix in April updated its 20th consecutive month low on pessimism of investors, falling to -17.3 versus -10.6 in the previous month. The analysts had expected a drop to only -12.6. The other data released earlier by Eurostat, showed that euro zone economic sentiment also deteriorated in March. The corresponding index fell to 90 from 91.1 in the previous month. The relapse was determined by reduction of all types of business, while consumer confidence generally remained stable. The EUR / USD pair fell below $ 1.2970 level during the earlier sessions.

Japanese Yen: The yen fell to its lowest level since June 2009, to a level of Y99 against the 1U.S. dollar on fears of the consequences associated with the new incentive measures the Bank of Japan. It weakened on ongoing speculations that the last week's announcement by the Bank of Japan's measures purposed to fight the deflation will lead to further currency depreciation. Recall that the new President of the Bank of Japan, Haruhiko Kuroda, the fierce supporter of active easing of monetary policy, in a few weeks ago, has promised to achieve the target of inflation rate of 2% in two years. The USD / JPY pair during the European session the pair rose to Y99.00 level.

American trading session:

Canadian Dollar: The Canadian dollar continued to drop today against most of the major traded currencies, on background of negative statistics submitted at the end of last week. Recall that the number of employed persons decreased in March by 54K people compared with growth by 50.7K in the previous month, which was a big surprise to many economists expecting growth of value by 7.6K. The other data showed that the unemployment rate rose last month to 7.2%, compared to 7 % in February, where many of the analytics expected the value of the indicator unchanged.

Euro: The euro rose this session against the dollar, continuing its rally after recent report on industrial production in Germany the result of which grew in February. This news lead to the fact that Europe's largest economy is recovering slowly from the recession in the 4th quarter of 2012. The EUR / USD pair rose to $ 1.3040.

Gold: The gold prices fell today after rising to 1580.40 dollars per ounce in the previous session. The drop in prices was associated with the moving of investors ‘capitals towards risky assets like stocks and euro. The May futures of gold declined to $1567 area on COMEX today.

Oil: The May futures of the U.S. light crude oil, WTI rose to 93.60 dollars per barrel today. The prices recorded slight growth after recent big decline, on background of recent conflicts in Nigeria, as well as on failure in discussions between Iran and World leaders.


Market review for 04.04.13: The trading dynamics of the Euro, Yen and Pound fevered on the news from the BoJ and the ECB.

Asian and European trading sessions:

Euro: The EUR / USD pair was trading around $ 1.2840 during the Asian session. At the beginning of the European session, the euro fell on published today report showed that the decline in activity in the private sector of the euro area has increased in March. Germany which contributes mostly to the value of this index almost reached the level of stagnation, thus many economists as the result pointed that the euro zone is about to step on its way to his sixth quarterly decline. In details, the final composite PMI, which measures the performance of both the service sector and the manufacturing sector, fell last month to the level of 46.5, compared to 47.9 in February. The PMI for the services sector dropped to a mark of 46.4 versus estimated 46.5. Meanwhile, the report for annualized producer price index increased by only 1.3% and showed that the inflation slowed in the euro area in February. However, the monthly growth was much slower than the 0.4% recorded in January, demonstrating the increase of 0.2%. But in spite of such a significant decline, the euro was able to recover from its first negative reaction and showed impressive up move after the ECB informed about leaving the interest rate unchanged. The EUR / USD pair strengthened to $ 1.2780.

British Pound: The cost of the British pound against the dollar has increased significantly, restored almost all the losses that have been incurred in the first half of the European session. The data on activity in the services sector, which showed considerable growth moving up with the fastest rate of expansion in the last seven months, contributed for such strong positive dynamics of the currency. The seasonally adjusted PMI for the services sector was way above 50, which indicates expansion and according to the report, rose in March to the level of 52.4 up from 51.8 in February with the forecasts of the value of this index were to rise to 51.4 only. In addition, it was reported that the number of new orders also rose, registering with the largest increase in the last ten months. The GBP / USD pair during the European session was able to rise to $ 1.5195 area.

Japanese Yen: The yen fell dramatically against all major currencies after the Bank of Japan announced its decision to keep the benchmark interest rate unchanged at 0-0.1 % and extended the program to repurchase assets by 50 trillion yen - up to 151 trillion yen per year. This meant that the Bank of Japan announced higher than expected measures to stimulate the economy, which tend to devalue the currency. In addition, the regulator intended to start buying government bonds with maturities greater than the limit of three years. The new limit was extended to seven years. The USD / JPY pair rose to Y95.85 level on this news.

Australian Dollar: The Australian dollar reacted positively on published today macroeconomic statistics and rose the fifth consecutive day. In February, the Australian retail sales on monthly term rose by 1.3 %, after rising by 1.2% in January and forecasts of 0.3%. Also, the report on the building permits the results of which, according to the seasonal correction, rose in February by 3.1 positively affected the dynamics of the asset.

American trading session:

U.S. Dollar: The dollar reacted positively on the published today data by the Department of Labor. The dollar index grew above 83 areas when the number of initial claims for unemployment benefits increased markedly showing addition of 28K and reaching 385K level. The issue registered the third consecutive weekly increase and showed a potential sign of slowing economic growth. Furthermore, the report on continuing applications for unemployment benefits in the week ended on March 23 amounted to 3,063K while the forecasts were at the level of 3,050K.

British Pound: The growth of the rates also contributed to the decision of the Bank of England and the ECB to leave the key interest rates level unchanged at 0.5% and 0.75% respectively. The GBP / USD pair continued to rise this session also and strengthened to the area of $1.5245.

Gold: The gold prices were kept in a minimum of 10 months trading in the range of $1540- $1560 per ounce, as investors were mainly more focused on currencies the trading dynamics of which fevered on the news from the Bank of Japan and the ECB.

Oil: The cost of oil fell deeply today reaching in momentum the area of 92.11 dollars per barrel for WTI May futures amid weak data on the U.S. labor market and the comments of the ECB on the existing risks for the economy of the euro region.


Market review for 03.04.13: The Euro reacted positively when the March’s CPI slowed less than economists had forecasted.

Asian and European trading sessions:

Euro: During the Asian session the EUR / USD pair fell to $ 1.2790. The euro currency continued yesterday's decline ahead of upcoming meeting of the European Central Bank where a readiness of taking economic stimulus program in the near future may be announced. On the next following session, the EUR / USD pair rose to $ 1.2860.The euro recovered from previous lows setting new sessions high as the dynamics of pair were affected by the data showed that the level of consumer price inflation in the euro area declined monthly for the third time in a row. The CPI slowed in March less than economists had forecasted. According to the report, the harmonized index of consumer prices rose last month by 1.7% in March in a yearly term, compared with an increase of 1.8% in February and forecasts of 1.6%. It was also learned that the greatest contribution to the overall increase made growth of food, alcohol and tobacco prices, which grew by 2.7% per year. At the same time, the report showed that energy prices have also increased at a slower rate - by 1.7%, compared with an increase of 3.9% in February.

British Pound: The GBP / USD pair fell to $ 1.5156 during the European session. The pound rose against the dollar after the report which was introduced by the Bank of England, showed that at the UK loan market many lenders claimed that the program loan financing (FLS) had reduced the cost of borrowing for companies and households. The report also indicated a significant increase in demand for loans from small and large companies in the 2nd quarter.

Japanese Yen: The yen fell ahead of two-day meeting of the Bank of Japan which started today. Most of economists expect that the outcome of the April meeting of the Bank of Japan will be as an increase of the asset purchase program as purchasing medium-and long-term government bonds (5 years). The USD / JPY pair firstly grew to the level of Y93.64 then fell to the area of Y92.88 during the European session.

American trading session:

U.S. Dollar: The dollar weakened against its competitors on weak data of ADP and ISM services sector. The Automatic Data Processing Inc (ADP) data published today revealed that the number of employees has grown much less than many economists had forecasted. The number of jobs, accordingly the report, in the private sector in the U.S. rose only 158K in March, compared with a revised towards increase at the previous month to the level of 237K. Another report from the Institute for Supply Management (ISM) showed that the index of business activity in the services sector has declined significantly falling in March to the level of 54.4, compared with 56.0 in February. The figure was reduced to the level of 55.9 accordingly the experts’ expectations.

Australian Dollar: The Australian dollar rose substantially against most major currencies after it was reported that Australia’s trade balance for the last month has surprisingly changed. In the report, the Australian Bureau of Statistics noted that the rate of seasonally adjusted has changed to -0.18B from the -1.22B of the previous month. These data has been revised from -1.06B. The analysts had expected the trade deficit will ris