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20 06 11:06
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Daily economic digest from Forex.ee

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The EUR/USD pair failed to extend its recovery and retreated to the area of 1.1570. Recall, yesterday the pair witnessed another sharp retreat on the back of dovish rhetoric of the ECB President, who said that significant monetary accommodation is still needed and the Bank will remain patient in determining the timing of the first rate hike. These comments negatively affected the pair, sending it to refresh 3-week lows on the level of 1.1531. Moreover, ongoing buying interest around the US dollar is also limiting pair’s chances for recovery this Wednesday. As for the economic events, today market’s attention will remain focused on another speech by ECB President M. Draghi on the ECB Forum in Sintra, but this time he will share a panel with Fed Chair J. Powell and other central bankers, whose comments will also be able to spark some volatility.

 

The GBP/USD pair is consolidating its positions within tight range of 1.3155-80, staying near its 7-month lows, marked on the level of 1.3150 a day before. Yesterday the pair came under strong bearish pressure on the back of news headlines about UK PM T. May’s defeat in the upper chamber of the Parliament that significantly increased uncertainty over Brexit negotiation process. Moreover, the pound received additional negative impetus after warns of EU Chief Negotiator Michel Barnier that the UK needs to be prepared for a hard Brexit scenario. And finally, today it is expected that the pair won’t show any sharp moves, as we are heading towards the BoE meeting, which will take place tomorrow. But today investors will pay attention to comments of the Fed Chair J. Powell, who will speak on the ECB Forum, and to the US data due for release during the NA session.

 

The USD/JPY pair recovered a part of its yesterday’s losses, having stepped above the level of 110.00 this morning, on the back of improved risk-on sentiment. Now markets remain in anticipation of fresh developments regarding recently announced US tariffs on $200 billion of Chinese goods. However, in absence of any further news over the US-China conflict the interest around less risky assets started to cool off, allowing the pair to recover after its yesterday’s drawdown. In addition, in Asia the BoJ released meeting minutes, where the regulator once again indicated that inflation target level of 2% is still far away, despite ultra-easy monetary policy. Looking ahead, today investors will focus on the ECB Forum, where the heads of the US and Japanese CBs will take a part, and also on the US housing data, which will be able to set up pair’s further direction.

 

The AUD/USD pair recovers after its 4-day consecutive days at a loss. Yesterday the pair refreshed its yearly lows on the level of 0.7347, as risk aversion, caused by escalation of tensions between the US and China, was weighing the higher-yielding Aussie. Meanwhile, it seems that fears of a global trade war have cooled off somewhat amid lack of fresh developments, thereby offering some relief to risky assets. Moreover, another reason of pair’s recovery can be called oversold conditions of the Australian dollar, which is trying to recover its positions against its major competitors in the middle of this week. Today market’s attention will remain focused on the final round of the ECB Forum, where central bankers, including Mr. Lowe and Mr. Powell, will discuss a longer-term perspective of the global economy, while another portion of the US data from the housing market will also be able to offer some trading opportunities during the NA session.

 

Major events of the day:

Fed Chair J.Powell’s Speech – 16.30 (GMT +3)

ECB President M.Draghi’s Speech – 16.30 (GMT +3)

US Existing Home Sales – 17.00 (GMT +3)

US Crude Oil Inventories – 17.30 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.1475 R. 1.1703

USDJPY                 S. 109.01 R. 111.13

GBPUSD               S. 1.3075 R. 1.3323

USDCHF               S. 0.9884 R. 1.0006

AUDUSD              S. 0.7306 R. 0.7466

NZDUSD               S. 0.6851 R. 0.6971

USDCAD               S. 1.3153 R. 1.3363

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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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