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09 05 11:05
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Daily economic digest from Forex.ee

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The EUR/USD pair follows broad market trend and extends its downside trend, having again refreshed its multi-month lows on the level of 1.1826. Weakness of the pair is still explained by the continuing demand for the US dollar, as investors expect to see more hawkish monetary policy from the Fed this year. Moreover, the bullish dynamics of the US dollar was additionally underpinned by yesterday’s announcement of the US President D. Trump, who decided to withdraw the US from the Iran deal. There is no clear explanation, why the US dollar gained additional bullish momentum after Mr. Trump’s decision, but some market participants believe that the rise in oil prices, triggered by the US President’s announcement, could accelerate Fed monetary policy tightening pace. On the data front, today the US economy will offer investors only the PPI report, so broad market trend, determined by the US dollar dynamics, will continue to navigate the pair.

 

The GBP/USD pair continues to stay under bearish control lately, have been locked in the region of its 4-month lows, which was again refreshed below the level of 1.3500 a day before. Broad demand for the US dollar remains the key underlining theme across the market, forcing the pair to retreat into the negative territory. However, now markets’ attention remains glued to the BoE interest rate decision, which is expected to show no changes in the monetary policy. Earlier this year the BoE Governor M. Carney delivered hawkish rhetoric, indicating a potential rate hike. However, the series of disappointing UK economic data forced the market to change the forecasts on less hawkish. In any case, investors will continue to await for the outcome of the meeting, which most likely will spark some volatility across the market. As for the data, nothing much is scheduled in the economic calendar for this Wednesday, so the US dollar price dynamics and increasing cautiousness ahead of the crucial event will determine pair’s further direction.

 

The NZD/USD pair yesterday again came under bearish pressure, as the US dollar regained its momentum, sending the pair to refresh its 5-month lows on the level of 0.6953. However, the pair managed to stall its retreat on the back of US President D. Trump’s decision to exit Iran’s nuclear deal. Mr. Trump’s decision on Iran deal led to another spike in oil prices, which in turn offered support to commodity-linked assets, such as the Kiwi. Another reason of pair’s subdued dynamics is upcoming RBNZ meeting, which will take place during the next Asian session. Big surprises from the Bank are not expected, but any comments on further regulator’s projections could affect current divergence between the Fed and RBNZ. Today the US PPI will be the only relevant data report, so broad market trend and greenback price dynamics will continue to navigate the pair.

 

The USD/JPY pair bounced off the level of 109.00 in Asia and refreshed its weekly highs at 109.64 on the back of ongoing demand for the US dollar. The Japanese yen remains the weakest asset of this session, as US bulls continue to dominate the market in the middle of the week. Yesterday the Fed Chairman J. Powell delivered his speech, where he didn’t provide investors with any surprises, but noting that the regulator will continue rate rising policy. Moreover, the divergence between the Fed and BoJ remains one of the key driving factors, which is pushing the pair in the northern direction. The economic calendar is light this Wednesday, so the pair will continue to follow widespread market trend during today’s trades.

 

Major events of the day:

US PPI – 15.30 (GMT +3)

US Crude Oil Inventories – 17.30 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.1778 R. 1.1980

USDJPY                 S. 108.57 R. 109.63

GBPUSD               S. 1.3432 R. 1.3650

USDCHF               S. 0.9978 R. 1.0064

AUDUSD              S. 0.7377 R. 0.7565

NZDUSD               S. 0.6907 R. 0.7061

USDCAD               S. 1.2819 R. 1.3063

 

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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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