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10 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, correcting higher from its multi-month lows, marked on the level of 1.1823 a day before. Today’s recovery of the pair is mostly attributed to a softer price dynamics of the US dollar, caused by increased cautiousness ahead of crucial US data. Many market participants believe that positive US inflation data will help the Fed to accelerate monetary policy tightening pace in the form of another rate hike this year. This outcome will expand the divergence between the Fed and ECB, which will increase pressure on the euro by its American rival. Meanwhile, today the EZ economic calendar won’t offer investors anything important, so all market’s attention will remain glued to the US CPI report. However, today traders will also pay attention to the BoE meeting, which will provide some correlation impetus to the pair during European trades.

 

The GBP/USD pair was trading without any changes so far this week, keeping its positions within the range of 1.34-1.35, as investors were refraining of opening important positions ahead of risky events. And now all markets’ attention remains glued to the one of the key events of this Thursday – the BoE interest rate decision. A month ago, market participants believed that the UK regulator would increase its interest rate on today’s meeting, but after a series of disappointing economic data and dovish rhetoric of the BoE Governor M. Carney the market changed its expectations on less hawkish. Now it is expected that the Bank will keep its interest rate unchanged, however, investors will eagerly await for comments from MPC members on a slowdown of the UK economy in the first quarter, which will likely have significant impact on the pair. But after the BoE decision, the focus will shift towards the US inflation report, which will also be able to produce notable volatility across the market.

 

The NZD/USD pair came under strong bearish pressure in early Asia and again refreshed its 5-month lows on the level of 0.6903 due to results of the RBNZ meeting. As it was widely predicted, the CB left its interest rate unchanged at 1.75% level. However, the statement of the Bank didn’t look optimistic, as inflation remains below the target level and the Bank sees its growth very gradual. In addition to that, during the subsequent press conference the head of the RBNZ A. Orr also showed quite dovish tone, saying that the Bank will continue to maintain the interest rate at 1.75% for a considerable amount of time, seeing it as the best way to push inflation towards the level of 2%. In general, the overall tone of the Bank remained dovish, indicating a low rate of inflation and the intention to keep its policy accommodative for a longer period. However, that was not the only important event for today, as the US has prepared the inflation report, which is due for released during NA session.

 

The USD/JPY pair was trading without significant changes during the Asian session, stuck in the region of 109.63-92 on the back of subdued dynamics of the US dollar. Seems that US bulls eased its pressure on the market this Thursday, allowing major currency pairs to consolidate its positions. Moreover, it seems that the market broadly ignored the latest comments of the BoJ Governor H. Kuroda, who once again reiterated that the regulator would continue to implement its hyper-easy monetary approach. But now all markets’ attention remains focused on the release of the US price consumer index, which will bring fresh trading opportunities during the NA session.

 

Major events of the day:

Switzerland – Ascension Day

UK Manufacturing Production – 11.30 (GMT +3)

BoE Inflation Report – 14.00 (GMT +3)

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. 1.1782 R. 1.1932

USDJPY                 S. 108.68 R. 110.36

GBPUSD               S. 1.3442 R. 1.3658

USDCHF               S. 0.9984 R. 1.0088

AUDUSD              S. 0.7388 R. 0.7508

NZDUSD               S. 0.6927 R. 0.7025

USDCAD               S. 1.2735 R. 1.3035

 

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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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