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26 01 01:01
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Daily economic digest from Forex.ee

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The EUR/USD pair remains optimistic at the end of this week after volatile session, witnessed a day before. Yesterday, as it was widely expected the ECB kept its interest rate unchanged at 0% level, however, hawkish comments of the ECB President M.Draghi exerted notable support to the common currency. During the accompanying press conference, the head of the CB noted the acceleration of economic growth and positive dynamics of inflation, which moves in the direction of its target level, as indicated by recent economic data. However, Mr. Draghi expressed some concerns regarding higher volatility on the FX-market, which may cause additional uncertainty in economic stability. Talking about rates and further changes in policy of the Bank, the head of the regulator stressed that current level of interest rate will remain unchanged for an extended period, while upcoming changes in forward guidance are still in the very early stage and need to be discussed. However, the pair lost its positive traction and eased some of its previous gains, following comments of the US President, who said that wants to see a stronger dollar and recent comments of Treasury Secretary S.Mnuchin were misinterpreted. On the other hand, it seems that the downside momentum appeared short-lived and the pair regained positive tone, having recovered the most part of its recent losses. Looking ahead, today the EU economic calendar will remain relatively silent, while the US will bring bloc of important data releases during the NA session, which will help the pair to form its further short-term trajectory.

 

The GBP/USD pair have recovered the most part of yesterday’s retreat and re-entered the area of its post-Brexit highs, marked at 1.4345 spot. Recent decline of the pair is mostly explained by comments of the US President, who wants to see a stronger dollar. Moreover, Mr.Trump also noted that recent comments of the US Treasury Secretary S.Mnuchin were taken out of context. However, further downside trend lacked any momentum and the pair regained its positive mood, as recent weaker-than-expected US data are still exerting negative pressure on the greenback. Now all investors’ attention shifts towards the UK preliminary GDP report, while the US preliminary GDP data and durable goods orders will also be able to bring some directional impetus during the NA session.

 

The USD/CAD pair came under renewed bearish pressure during Asia and eased the most part of its recent recovery. Yesterday the pair bounced off its 4-month lows, marked at 1.2282 spot, on the back of comments of the US President D.Trump, who stated that wants a stronger buck. However, the pair failed to keep its positive tone and again came under selling pressure as investors are digesting yesterday’s positive Canada retails sales numbers and disappointing data from the US housing market. On the other side, further retreat of the pair looks fragile on the back of correction of oil prices from its multiyear tops, marked a day before, that negatively affects commodity-linked loonie. Today we will have another busy session ahead, as both neighboring economies have prepared important data releases, which will help the pair to form its further near-term trajectory.

 

The USD/JPY pair follows broad market trend at the last working day of this week, having lost the most part of recovered points. Yesterday the pair received notable bullish impetus, having bounced off its 4-month lows, located at 108.50 mark, on the back of comments of the US President, who wants to see a stronger dollar. However, the rebound was short-lived and the pair again came under bearish pressure, as the US dollar’s weakness is still being in play. However, further downside trend of the pair may also appear limited, as market participants are digesting BoJ monetary policy meeting minutes, which revealed that the regulator still intends to keep highly accommodative financial conditions, as inflation level is still far away from its 2% target level. On the data front, today the US economic calendar will offer us preliminary GDP and durable goods orders, which will be able to bring some fresh trading opportunities during the NA session, while US dollar price actions will remain the key driving factor for the pair this Friday.

 

Major events of the day:

Prelim. UK GDP – 11.30 (GMT +2)

US Core Durable Goods Orders – 15.30 (GMT +2)

Prelim. US GDP – 15.30 (GMT +2)

Canada Core CPI – 15.30 (GMT +2)

BoE Governor M.Carney’s Speech – 16.00 (GMT +2)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.2258 R. 1.2606

USDJPY                 S. 107.99 R. 110.39

GBPUSD               S. 1.3925 R. 1.4451

USDCHF               S. 0.9210 R. 0.9566

AUDUSD              S. 0.7943 R. 0.8159

NZDUSD               S. 0.7264 R. 0.7422

USDCAD               S. 1.2238 R. 1.2458

 

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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.

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

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

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

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

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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.

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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.

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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.

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

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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.

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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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