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14 09 12:09
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Daily economic digest from Forex.ee

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Today the GBP/USD pair consolidates its positions near the level of 1.3200 amid broad cautiousness, triggered by upcoming BoE meeting. On Wednesday, the pair came under strong selling pressure, losing more than a cent from its yearly tops, posted at 1.3329 during previous trading session. Pair’s retreat could explained by renewed demand for the US dollar, backed by recent headlines that US President D.Trump’s administration is planning to announce new framework for tax legislation in about two weeks. However, it is expected that the pair will continue to demonstrate subdued trading activity, as we are heading towards the key event of this week – BoE interest rate decision. According to market’s expectations, the regulator will keep its rate unchanged, while any comments from MPC regarding Bank’s further monetary policy projection, especially in light of the latest UK inflation figures, will be able to set up pair’s further trajectory. Besides BoE meeting, investors will also pay attention to the US CPI print, which will affect investors’ estimations regarding a Dec Fed rate hike.

 

The EUR/USD pair remains within the lower end of its weekly range, however, having corrected back above the level of 1.1900 from its 2-week lows, posted earlier this session at 1.1866 spot. Pair’s recent retreat is mainly attributed to the renewed optimism around the US dollar, triggered by recent news that the US tax reform guidance would be announced by the end of this month, which in turn revived market’s confidence in ability of the US President to fulfill his promises. On the data front, today investors will focus their attention on the US inflation report, which will be able to indicate further Fed steps regarding its monetary policy. However, increased cautiousness, backed by upcoming BoC interest rate decision will also influence the pair during the European session, limiting any pair’s sharp moves.

 

The dollar/yen pair has stalled its 3-day bullish run and now is consolidating in the region of its 2-week highs, posted earlier this session at 110.73 spot, as lower risk appetite prevails across the market this Thursday. The fact is that investors remained disappointed by the weak industrial production data of China, which is the biggest producer in the world. Adding to this, the upcoming key event of this Thursday – BoE interest rate decision also adds some cautiousness among investors that provides additional support to safe-haven assets, such as the yen. However, further downside correction of the pair looks fragile on the back of renewed optimism around the US dollar, underpinned by recent headlines that the US President administration is going to announce its much awaited tax plan outline by the end of this month. Looking ahead, today investors will closely watch for the US inflation prints, which will be able to boost volatility across the market during the NA session due to ongoing speculations about the Fed’s interest rate hike this year.

 

The AUD/USD pair was trading in the south direction in early Europe, having trimmed part of its strong previous gains. In Asia the pair received strong bullish impetus, after the Australian jobs data came strongly above market’s expectation, thereby supporting the Aussie across the board and allowing AUD/USD once again to break through its psychological level of 0.8000. However, the pair lost its upside momentum after China showed lower-than-expected industrial production numbers that forced the pair to retreat below its psychological mark, as China is the biggest business partner of Australia. Moreover, renewed demand for the US dollar, sparked by recent news headlines about intentions of the D.Trump’s administration to release the US tax reform plan by the end of this month, provides additional pressure on the pair this Thursday. Today all traders’ eyes will remain glued to the US CPI print, as it will be able to indicate next steps of the Fed regarding its monetary policy.

 

The main events of the day:

BoE Interest Rate Decision – 14.00 (GMT +3)

US Core CPI – 15.30 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.1795 R. 1.2039

USDJPY                 S. 109.57 R. 111.15

GBPUSD               S. 1.3093 R. 1.3387

USDCHF               S. 0.9551 R. 0.9705

AUDUSD              S. 0.7926 R. 0.8074

NZDUSD               S. 0.7170 R. 0.7338

USDCAD               S. 1.2085 R. 1.2263

 

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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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