Dollar steady
ahead of FOMC meeting
The
mighty Dollar was the main talking point across financial markets this week,
after rallying to a four-month high above 92.50 against a basket of major
currencies.
Today’s
main event risk for the Dollar, and potential market shaker, will be the
outcome of the Federal Reserve’s meeting, which is widely expected to conclude
with monetary policy left unchanged. Although May’s FOMC meeting will not
include a press conference or fresh economic projections, investors should not
be quick to expect the meeting to be a “non-event”. Much of the attention will
be directed towards the policy statement, which could offer fresh insight into
the central bank’s views on inflation and the US economy.
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With
robust US data boosting sentiment towards the economy, and rising inflation
expectations supporting the prospect of higher interest rates, the Dollar
remains heavily supported. A hawkish Fed statement is likely to inject Dollar
bulls with enough inspiration to elevate the Dollar Index to fresh yearly
highs.
Prior
to the FOMC’s decision, the ADP private jobs data report will be in the
spotlight, with economists forecasting a 200k rise in the month of April. A
figure that meets or exceeds this forecast could boost buying sentiment towards
the Greenback.
Speaking
of the Dollar, the currency held steady against its major counterparts on
Wednesday. The Dollar Index has broken above the 200 Daily Simple Moving
Average while the MACD has crossed to the upside. A breakout and daily close above
92.50 could encourage an incline higher towards 93.00 and 93.30, respectively.
A failure for bulls to secure a close above 92.50 could encourage a decline
back towards 92.00.
Sterling higher
after Construction PMI rebounds
Sterling
edged slightly higher on Wednesday, following the better-than-expected UK
Construction PMI figures.
The
UK’s construction industry bounced back to life in April, as the PMI climbed to
a score of 52.5, up from March’s score of 47.00 and exceeding the 50.5 market
expectation.
Regardless
of positive construction figures, sentiment towards the British Pound remains
bearish. Sterling is likely to find itself depressed and bruised as
expectations continue to fade over the Bank of England raising interest rates
in May. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
With the local elections in England on Thursday dishing out some short-term
political risk and uncertainty, Sterling remains vulnerable to further losses.
From a
technical standpoint, the GBPUSD is bearish on the daily charts, as there have
been consistently lower lows and lower highs, while the MACD trades to the
downside. The breach below the 1.3640 level could invite a decline towards
1.3580 and 1.3540, respectively.
Commodity
spotlight – Gold
Gold
has inched higher today, with prices venturing towards $1309 as of writing.
With the fundamental drivers punishing the yellow metal still firmly intact,
the current rebound could be nothing more than a technical move. An
appreciating Dollar, coupled with expectations of higher US interest rates, is
likely to continue pressuring the yellow metal. Bears remain in firm control
below $1324 with the next key levels of interest at $1300 and $1260,
respectively.
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Have you heard this? Many
Nigerian exporters have been defrauded of huge amount of money in the process
of exporting commodities to foreign countries. Do you know why? They were not
trained on export operations, management, documentations and the best methods
of payment in export trade. This is terrible!!! Nigerians cannot continue to
lose money to foreigners in the course of export business. Exporters, why don’t
you get a practical manual that teaches the stages of export trade from
processing and packaging of commodities to receipt of payment by the foreign
buyers. It teaches export operations, export management, export documentations
and methods of payment in export trade? It is a contemporary step-by-step guide
to export trade. It tells all the contemporary dynamics in export trade. To get
it, click on the link below:
http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
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