04 10 12:10
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Daily economic digest from Forex.ee

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The EUR/USD pair retains its recovery trend for the second day in a row on the back of renewed weakness of the US dollar, backed by recent Fed leadership talks. In Asia the pair came under bullish control, having refreshed its 2-day highs at 1.1800 spot, in wake of speculations on who will take Fed Chair positions, once Yellen’s term expires next year. The market is digesting idea that the next Fed Chairperson could become FOMC member J.Powell, as he looks more ideologically aligned with Trump administration, while remaining more dovish candidate then Mrs. Yellen. However, the pair stalled its upside trend, as political jitters surrounding the Catalan referendum vote are still weighing on the common currency. Today we have plenty of macroeconomic events, such as the ADP Jobs report, US ISM services PMI and speeches of both heads of the regulators, which will be able to provoke fresh wave of speculations regarding divergence between the Fed and ECB during the NA session.

 

The GBP/USD pair extends its yesterday’s consolidation trend, as the market is awaiting for the UK services PMI, especially after streak of disappointing UK economic results. However, seems that the pair managed to regain its mildly positive tone and bounced off its monthly lows, marked yesterday at 1.3222 level, as US bulls look exhausted this Wednesday on the back of rumors that Fed Chair position may take more dovish candidate then Mrs. Janet Yellen. On the other side, ongoing uncertainty around Brexit negotiations continues to exert negative pressure on the pound. Besides crucial data from the UK economy, investors are also looking forward for such reports as US ADP jobs data and US ISM non-manufacturing PMI. Meanwhile, the main event of this Wednesday remains Fed Chair J.Yellen’s speech, as it will be able to bring some fresh clues regarding one more Fed rate hike at the end of this year.

 

The NZD/USD pair staged a solid comeback in Asia, leaping higher for about 50 pips on the back of renewed weakness of the greenback. Today the pair bounced off its monthly lows, marked at 0.7149 spot, and now is trading in the region of 0.7180 with its daily tops, touched above the level of 0.7200. Recall, recent weakness of the pair was mainly attributed to higher positions of the US dollar against its main competitors, as markets believe that the Fed will increase its interest rate one more time this year. Adding to this, recent NZ election results are also still exerting negative pressure on the Kiwi. However, seems that the market has put aside rumors of more aggressive Fed monetary policy tightening in response to looming uncertainty over who will be the next Fed Chairperson. On the other side, ongoing weakness around oil prices is limiting pair’s further recovery trend. Looking ahead, today investors’ attention will remain focused on the US ADP jobs report and US ISM services PMI data, while crude oil stockpiles will also be able to bring some impetus during the NA session. Beside the US macroeconomic reports, traders will also pay attention to several Fedspeaks for fresh insights on further Fed monetary policy tightening path.

 

Today the dollar/yen pair extends its yesterday’s retreat from its 7-week highs, as returned weakness of the US dollar dominates the market at the equator of this week. Yesterday the pair met strong resistance in the region of 113.20 and lost its further upside momentum afterwards, having refreshed its 3-day lows in the vicinity of 112.40. Recent weakness of the pair is mainly attributed to the downside correction of the US dollar, sparked by rumors that Mrs.Yellen could pass Fed Chair position to more dovish candidate. Adding to this, slightly increased cautiousness ahead of the key event of this week, scheduled on Friday, is providing support to safe-haven assets, such as the yen. Looking ahead, today we will have pretty busy NA session, with US ADP jobs report, which is considered as a preview to the key Friday’s jobs report, US ISM non-manufacturing PMI and Fed Chair Janet Yellen’s speech, which will be able to set up pair’s next short-term direction during the NA session.

 

The main events of the day:

UK Services PMI – 11.30 (GMT +3)

US ADP Nonfarm Employment Change – 15.15 (GMT +3)

US ISM Non-Manufacturing PMI – 17.00 (GMT +3)

US Crude Oil Inventories – 17.30 (GMT +3)

ECB President M.Draghi’s Speech – 20.15 (GMT +3)

Fed Chair J.Yellen’s Speech – 22.15 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.1660 R. 1.1816

USDJPY                 S. 112.28 R. 113.46

GBPUSD               S. 1.3184 R. 1.3314

USDCHF               S. 0.9692 R. 0.9806

AUDUSD              S. 0.7766 R. 0.7872

NZDUSD               S. 0.7117 R. 0.7219

USDCAD               S. 1.2443 R. 1.2559

 

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OCTL2P Installation and Activation Print

One Click Trading Level2 Plugin

One Click Trading is a very important and useful tool developed on the basis of Level2 application. One Click Trading makes it very easy to monitor the markets and react to the market changes on time. One click is enough to catch the best price and make a beneficial trade.

Installation and activation

To install OCTL2P you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box. Before installing OCTL2P we suggest you close all running applications including MT4 terminals.

Read the license agreement, select the check box I accept the agreement and click Next to proceed.

Indicate directory where you previously installed MetaTrader 4. To start the installation click Install.

When the installation process is finished, the Next button will be activated.

Click Finish to close the installation dialog box. Activate Launch MT terminal option if you want MT4 launched after you click Finish.

Before you activate OCTL2P, please, check the settings: launch the MT4 trading platform, from main menu choose Tools → Options, in the opened window select the Expert Advisors tab and switch on the Allow automated trading and Allow DLL imports options and click OK.

To activate the Expert Advisor in the Navigator window, click Expert Advisors. Installed EA should be seen in the list. Double-click on OneClickTradingLevel2 or simply drag and drop it onto the chart. Click OK.

If the EA is activated successfully, a smiley will be seen in the top right corner of the chart.

MT4 Installation Print

Trading platform MetaTrader 4

Metatrader 4 is a modern and easy-to-use trading platform for online trading. It ensures round-the-clock access to financial markets and market information as well as quick order execution. With Metatrader 4 traders may take advantage of using Expert Advisors, Indicators and develop their own trading strategies.

System requirements: Microsoft® Windows® XP or later.

Installation

To install Trading platform ForexEE MT4 you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box.

Read the license agreement, select the check box Yes, I agree with all terms of this license agreement and click Next to proceed.

Please indicate installation directory for MetaTrader4 and choose name for Start Menu folder Start → All Programs. We recommend using the default installation settings. Also select a relative check box if you want to Create a desktop shortcut, Оpen MQL5.community website or Launch program after successful installation. Click Next.

Now the program is downloading all necessary files from our server and installing them on your PC. Click Finish when installation is complete. Congratulations! MT4 has been successfully installed on your computer.

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