Technical Analysis

Forexlive Americas FX information wrap: Canada weak GDP sends the loonie tumbling

Foreign exchange information for NY buying and selling on March 1, 2019.

In different market, finish of week ranges are displaying:

Sppt gold tumbled $20.29 or -1.54% to $1293.00. The excessive reached $1315.30. The low prolonged to $1290.23. The upper greenback at the moment (the USD was the strongest) was the catalyst for the regular promoting at the moment.   Technically, assist on the $1298-$1303 tried to carry however in the end gave method in late NY buying and selling.   What was assist is just not resistance. WTI crude oil futures are buying and selling down -$1.50 or -2.60% at $55.74. The value is closing beneath its 100 day MA after buying and selling above and beneath that MA this week solely to lose upside momentum at the moment. The MA is available in at $56.05 and shall be a barometer for the bulls and bears subsequent weekBitcoin on Coinbase is buying and selling up $27.44 at the moment at $3829.98. The value is closing above its 100 day MA at $3692.77. The value has closed above its 100 day MA for 11 days now however the excessive over that interval (from final Sunday) reached $4188.  The value throughout this week traded in a slender vary of $3655 to $3910.

Shares within the US, Canada all closed greater at the moment excluding the Spainish Ibex. The Nasdaq led the cost with a Zero.83% achieve.

Forex news for NY trading on March 1, 2019.For the week, the Nasdaq closed greater for the 10th straight week. The Dows string of upper week closes was snapped at 9 with the -Zero.02% decline this week. Oh so shut. The UK FTSE was the one different main index to finish decrease on the week.  The Shanghai composite ran away with the strongest gainer for the week after rising 6.77% you.  5-day global stock changesWithin the US debt market, yields rose which helped the USD rise at the moment.  Yields rose from four.Zero bps to four.7 bps throughout the yield curve. The yields bought a lift yesterday after the higher than anticipated GDP knowledge. That was the excellent news for bond bears.    The not so excellent news is that the estimates for the 1Q GDP began to return out at the moment, and they didn’t impress. The Atlanta Fed debut estimate got here in at Zero.three%. The NY Fed’s Nowcast got here in at Zero.9%.  Fed’s Bostic alluded to the sluggish begin by saying “Knowledge has are available in fairly weak to start out 2019”   

Along with the lacklustre GDP estimates at the moment, the opposite knowledge was lower than expectations at the moment. 

ISM Manufacturing got here in weakerMichigan client confidence got here in weaker

However, it didn’t cease yields from shifting greater. Beneath are the ranges and adjustments for the yeild curve.

US yields ended the day higher despite weaker data.
The massive shifting information at the moment got here out of Canada. The GDP for the 4Q not solely was launched 26 minutes early however to compound the error, it was an enormous miss (Zero.four% precise vs 1.Zero% estimate). The value began to go greater at round eight:10 AM and was offiically launched a minute or two earlier than eight:30 AM ET scheduled launch time.   Whoops.

The value initially stalled the rally inside 10 pips of its 100 day MA at 1.3251 (from a low of 1.3143 at the beginning of the leaked rally), and after a modest correction, the pair pushed even greater as much as a excessive close to the shut at 1.3305.  The CAD was the runawy weakest foreign money of the day. The USD – regardless of the weaker knowledge – was the strongest.

The % changes of the major currencies today

What about for the week?

The GBP, which declined yesterday and at the moment, was however the strongest of the majors. The CAD was not solely the weakest at the moment, but additionally the weakest for the week. 

For the GBP, the foreign money squeezed greater this week on concesssion by PM Might that their wouldn’t be a “No-Deal” Brexit (though if there’s a request for an extension it nonetheless wants the unanimous approval of the EU council). A very good ole vogue technical squeeze additionally helped. 

For the GPPUSD, the pair stalled on the 100 hour MA on Monday, and on Wednesday moved above and closed above its 100 week MA at 1.31967. The excessive reached 1.3349 earlier than giving up a few of the features on the finish of the week. The pair is closing, riight on the 100 week MA which retains the bias tilt for subsequent week depending on the 100 week MA in early buying and selling on Monday in Asia.  Bear in mind. 

How did the USD carry out this week?

It ended greater vs the CAD, AUD anad NZD however fell vs the EUR, GBP and CHF (though adjustments vs the CHF and EUR have been comparatively modest.

The 5 Day winners and losers in the forex market this weekThansk to your assist this week. Wishing everybody a cheerful and wholesome weekend. 

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