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21 03 12:03
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Daily economic digest from Forex.ee

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The EUR/USD pair corrects higher this Wednesday after yesterday’s drawdown, triggered by bullish tone of the US dollar and disappointing German Zew surveys. Today it is all about the Fed meeting. It is widely expected that the Fed will increase its interest rate by 0.25%, so investors are more interested in comments of the head of the regulator. The market could witness notable volatility if Mr.Powell revises rate dot plot to four for 2018. Also, markets will await for any changes in long-term forecast of the Bank and clarity regarding impact of trade war on the US economy. Besides the Fed interest decision, the US will also publish today the data from the housing market, however, it is expected that markets won’t pay any attention to it.

 

The GBP/USD pair recovered some ground this Wednesday, keeping its positions above the level of 1.4000. Yesterday the pair received notable bearish impetus on the back of weaker-than-expected UK CPI data, while easing part of its gains, backed by Brexit negotiation progress. However, now all attention turns towards the Fed and BoE interest rates decisions. According to market expectations, the Fed will increase its interest rate today, so investors are awaiting for detailed information regarding Fed further rate strategy, which will be able to shake up the market. On the other hand, despite weak UK inflation data, the BoE is still expected keep its intention to lift the rate in May, as latest economic data of the UK showed positive results and the UK/EU have finally made a progress on Brexit terms. Today investors will look forward for data from the UK labor and the US housing markets, however, the key event of this Wednesday will be the Fed meeting.

 

The NZD/USD pair has stalled its downside rally, having faced resistance near the level of 0.7170, which is the lowest level since mid-October, as the market is turning cautious ahead the Fed and RBNZ meetings. In general, markets remain confident that the Fed will increase its interest rate by 25 bps, while awaiting for any clarity on Fed plans regarding rate hikes this year. On the other hand, the RBNZ will likely keep status quo, while any comments regarding further economic projections will be able to bring some additional impetus later ahead. Besides interest rates decisions, investors will also pay attention to data from the US housing market, however, reaction on the US data will likely be limited.

 

The USD/CAD pair came under strong bearish pressure during quiet Asian trades, having dropped more than 60 pips and refreshed its weekly lows at 1.3011 spot. The drawdown of the pair is mainly attributed to developments in NAFTA talks. According to latest news, the US decided to withdraw their auto-content proposal that all vehicles made in Canada and Mexico for export to the US should contain at least 50% of details produced in the US. The removal of the key issue could lead to a reconsideration of North American Free Trade Agreement. Adding to this, positive tone around oil prices also provides support to the commodity-linked Loonie in the middle of this week, thus additionally weighing the pair. Looking ahead, today all investors’ attention will remain glued to the Fed interest rate decision, which is scheduled for the second half of the NA session, but until then NAFTA news will continue to drive the pair.

 

Major events of the day:

UK Average Earnings Index +Bonus – 12.30 (GMT +3)

UK Claimant Count Change – 12.30 (GMT +3)

US Existing Home Sales – 17.00 (GMT +3)

US Crude Oil Inventories – 17.30 (GMT +3)

Fed Interest Rate Decision – 21.00 (GMT +3)

RBNZ Interest Rate Decision – 23.00 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.2163 R. 1.2393

USDJPY                 S. 105.67 R. 107.03

GBPUSD               S. 1.3931 R. 1.4099

USDCHF               S. 0.9476 R. 0.9612

AUDUSD              S. 0.7651 R. 0.7735

NZDUSD               S. 0.7130 R. 0.7274

USDCAD               S. 1.3024 R. 1.3126

 

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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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