March 3rd – 7th
EURUSD pair closed last week’s trading session lower on Trump’s tariff war. As it was expected Mexican and Canadian tariffs will enter into effect this month, although the unexpected decision of president Trump to add 10% tariffs on China triggered a selloff in US equities and this favoured the US Dollar, pushing the pair lower. US PCE came on line with expectation, failing to trigger any significant price reaction. German CPI came out higher than expectations, but, Euro failed to react.
As for this week, traders and investors will mainly focus on the US employment numbers. On Wednesday the US ADP employment change, expected to show 140k new jobs. On Friday US Nonfarm payrolls expected to show 133K new jobs. ECB interest rate decision I due on Thursday. ECB expected to reduce interest rates by 0.25% the rate cut is mainly anticipated and priced in, so investors will look into press conference and future rate path of ECB.
On the economic calendar we have on Monday, the European Harmonized index of consumer prices pointing lower at 2.3% and US ISM manufacturing lower at 50.8 On Wednesday, US ISM services PMI expected higher at 53 On Thursday, European retail sales to remain unchanged at 1.9% On Friday, European gross domestic product to remain unchanged at 0.9%
Technically the picture is neutral after last week’s close above (23.6%) at 1.0375 In this week’s trading session if pair trades on the upside will test 1.0465 (38.2%) A break out and close above 1,0465 will change the picture to positive and open the road for 1.0557 If trades on the downside will test 1.0356 A break and close below 1.0356 will add downside pressure and test 1.0173 Our traders are 100% net long with positions between 1.0767 – 1.03566 targeting profits above 1.1000 We are expecting new short positions above 1.0651 and more aggressive long positions on the way down.
GBPUSD pair closed last week’s trading session lower on Trump’s tariff war. As it was expected Mexican and Canadian tariffs will enter into effect this month, although the unexpected decision of president Trump to add 10% tariffs on China triggered a selloff in US equities and this favoured the US Dollar, pushing the pair lower. US PCE came on line with expectation, failing to trigger any significant price reaction. BOE’ Governor hawkish comments on BOE’s future interest rate path helped the pair to hold as investors and traders jump into buying GBP on expectations that BOE will not reduced interest rates in the near future.
As for this week, traders and investors will mainly focus on the US employment numbers. On Wednesday the US ADP employment change, expected to show 140k new jobs. On Friday US Nonfarm payrolls expected to show 133K new jobs. The lack of any economic releases in the UK will let the pair on the mercy of US Dollar.
On the economic calendar we have on Monday, the US ISM manufacturing pointing lower at 50.8 On Wednesday, US ISM services PMI expected higher at 53
Technically the pair’s overall picture is positive after last week’s close just on 50% at 1.2575 As for this week, if pair trades on the upside, will test 1.2675 (61.8%) A break and close above 1.2675 will open the road for 1.2782 Alternative, if trades on the downside, will test 1.2460 (38.2%) A break and close below 1.2460 will open the road for 1.2316 Our traders are 100% net long between 1.3038 and 1.2565 targeting profits above 1.3038 We are expecting new short positions above 1.2677 and more aggressive long positions at 1.2567 and 1.2461
Pour un calendrier économique plus détaillé, veuillez consulter notre calendrier économique en direct sur :
https://tentrade.com/economic-calendar/
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