Forex Charts
FX Daily
We expect today’s ECB meeting to be another wait-and-see one without any neweasing measures. MarioDraghi is expected to continue to sound very dovish as inflation in April again wasbelow ECB’s expectations,
USDJPY – resolves bear flag, resting above minor 101.50 trend support
The bear flag from February has resolved lower based on yesterday’s close. There is one final hurdle at 101.50, a secondary uptrend from Feb, that needs to be broken in order to promote a stronger decline.
USDCAD – wave-(4) correction could see deeper decline to 1.0725
Prices stalled after rallying to the underside of the broken uptrend and to the area of the previous consolidation. The sell-off is testing the bullish reversal pattern near 1.0865.
FX Daily
We expect German factory orders to send another signal of solid GDP growth in Q1,as we forecast an increase of 0.4% m/m in March after it rose 0.6% m/m in February.
FX Daily
The first estimate for the service PMI indicator for Italy and Spain will be the mostinteresting new information in connection with today’s release of final service PMI inthe euro area.
DJPY – .618 retrace and reversal suggests a move to 101.33/21
Back after a week away and there is little change in price. Starting with the daily chart, the bear flag still takes precedence and we favor a break of 101.33 in due time.
FX Daily
Focus will continue on developments in Ukraine where turmoil has spread andturned more deadly over the weekend. Markets in both the UK and Japan areclosed for bank holidays today.
FX Daily
The key event will be the US employment report for April (14:30 CET). We lookfor a solid rise of 220k in non-farm payrolls,
FX Daily
We see further improvement in ISM manufacturing for April as jobless claimsand regional surveys point to a decent rebound in activity going into Q2.
FX Daily
The FOMC meeting tonight should provide few surprises as the Fed tapersanother USD10bn of asset purchases.
FX Daily
In the euro-area a number of interesting data are due for release. Germany releasesCPI for April, starting with the first Länder CPI at 09:00 CET (Saxony).
FX Daily
We get a quiet start to a very busy week. Only release of interest today is the USpending home sales for March, which normally leads existing home sales by one totwo months.