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15 02 12:02
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Daily economic digest from Forex.ee

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The EUR/USD pair trades with a bullish bias for the fifth session in a row, having re-entered the area of its multiyear highs, located above the level of 1.25. The main reason of pair’s massive gains remains broad weakness of the US dollar, while there was no clear catalyst for the sharp decline of the greenback. Yesterday the pair received moderate bearish impetus, following better-than-expected US inflation data, but the pair didn’t extend its bearish trend, but instead regained positive mood on the back of the US dollar dynamics. However, widespread weakness of the greenback could be partially explained by the downside revision of the previous US inflation data. On the agenda, we have several secondary releases from the EU and a bunch of data from the US economy, but the key driving factor for the pair today remains the ongoing weakness of the US dollar, which dominates the markets this Thursday.

 

The GBP/USD pair extends its upside trend for the fourth consecutive session, having gained about 250 pips since yesterday’s lows, all due to renewed drawdown of the US dollar. The pair has consolidated its position above the psychological level of 1.40 and now continues to confidently move north, as the US dollar is still experiencing weakness against its major competitors. Moreover, renewed interest around risky assets, triggered by lack of any important events, scheduled for this week, also provides support to the pound. Today the UK calendar won’t bring us any firs-tier data, but the US will release the PPI print and several regional manufacturing indices, which will be able to grab some attentions during the NA session, however, the main determinant for the pair today will remain the US dollar dynamics.

 

The AUD/USD pair remains better bid this Thursday, as several bullish factor are driving the pair. Yesterday the US dollar received strong bearish impetus, despite better-than-expected inflation report, allowing the pair to refresh its 2-week highs on the level of 0.7965. Moreover, the renewed risk appetite due to the absence of any important events further this week also provides support to the Aussie today. And finally, positive data from the Australian labor market, published in Asia, also favorably influenced positions of the pair. On the data front, today we have another pack of the US data, scheduled for the NA session, which will be able to bring some fresh trading opportunities, while investors will also pay attention to comments of the RBA Governor Philip Lowe, who is going to speak during the next Asian session.

 

The USD/JPY pair continues experiencing massive sell-off, having once again refreshed its 15-month lows at 106.22 mark. Seems that broad decline of the US dollar continues to dominate the market this Thursday, despite yesterday’s positive US inflation figures. Moreover, recent comments of Japanese Finance Minister Taro Aso, saying that the current exchange rate of the yen is comfortable for the economy, and he doesn’t see a need of intervention to the FX market, provided additional support to the Japanese yen. On the other hand, renewed demand for higher-yielding assets could limit further retreat of the pair, however, it will largely depend on the US dollar dynamics. Looking ahead, today the US will release Philly Fed manufacturing data and PPI report, while further US dollar price actions will remain the key driving factor for the pair during this trading session.

 

Major events of the day:

Philadelphia Fed Manufacturing Index – 15.30 (GMT +2)

US PPI – 15.30 (GMT +2)

Canada ADP Nonfarm Employment Change – 15.30 (GMT +2)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.2207 R. 1.2587

USDJPY                 S. 106.04 R. 108.38

GBPUSD               S. 1.3722 R. 1.4154

USDCHF               S. 0.9227 R. 0.9407

AUDUSD              S. 0.7715 R. 0.8039

NZDUSD               S. 0.7187 R. 0.7467

USDCAD               S. 1.2385 R. 1.2701

 

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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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