Last week, the EUR/USD peaked twice before falling back to 1.1300. The pair first reacted to positive news from Europe as a deal between the new Greek government and the European union was widely expected. The pair was pulled above 1.1500 for the first time since Mario Draghi introduced quantitative easing on January 22nd. Following this, however, the EU rejected the proposal from the Greek Finance Minister and this pushed the price back down towards 1.1300. The second half of the week was dictated by Friday’s labour data. Most pieces of pre-data were negative and boosted speculation that the NFP figure would be disappointing; pushing the pair to 1.1500. The actual release beat expectations and showed 257K. In addition, positive average hourly earnings were also released.
This week, traders should expect bearish sentiment to continue. On Thursday, pay attention to the U.S. Retail Sales data. On Friday, keep an eye to EU Flash GDP.
Last week, the GBP/USD almost climbed over 350 pips and would have done so if the U.S. Non-farm payrolls data had not been positive. The pair opened the week at 1.5000 and by Friday, was trading around 1.5350 as U.K. Construction PMI and Services PMI data exceeded expectations. In addition, the U.S. Dollar weakened ahead of Friday’s labour data as the U.S. ADP Non-farm employment change showed a low figure. However, the Non-farm payrolls positively surprised the market and pushed the GDP/USD back below 1.5250.
This week, U.K. Manufacturing Production data will be released on Tuesday and is expected to show a smaller increase than last time which could be bearish for the British pound. On Thursday, traders should listen to the Governor of the Bank of England, Mark Carney’s, Inflation report which is expected to be reviewed downwards as the price of oil dropped to a 6 year low. Finally, traders should watch the U.S. Retail Sales data.
Last week, Gold slipped from $1,275/ounce to $1,260/ounce as the political crisis regarding Greek debt calmed and the newly formed Greek government began negotiations with the European Union. Losses were limited, however, as most investors awaited Friday’s U.S. Non-farm payrolls. Once the data was released, the price dropped immediately and finished just above $1,230/ounce.
This week, the price of the yellow metal could remain under pressure as traders will seek riskier assets. Traders should pay attention to the U.S. stock market as it has returned to record-highs. On Thursday, keep an eye on the U.S. Retail Sales.
February 9, 2015 – Weekly News
EUR/USD
Last week, the EUR/USD peaked twice before falling back to 1.1300. The pair first reacted to positive news from Europe as a deal between the new Greek government and the European union was widely expected. The pair was pulled above 1.1500 for the first time since Mario Draghi introduced quantitative easing on January 22nd. Following this, however, the EU rejected the proposal from the Greek Finance Minister and this pushed the price back down towards 1.1300. The second half of the week was dictated by Friday’s labour data. Most pieces of pre-data were negative and boosted speculation that the NFP figure would be disappointing; pushing the pair to 1.1500. The actual release beat expectations and showed 257K. In addition, positive average hourly earnings were also released.
This week, traders should expect bearish sentiment to continue. On Thursday, pay attention to the U.S. Retail Sales data. On Friday, keep an eye to EU Flash GDP.
GBP/USD
Last week, the GBP/USD almost climbed over 350 pips and would have done so if the U.S. Non-farm payrolls data had not been positive. The pair opened the week at 1.5000 and by Friday, was trading around 1.5350 as U.K. Construction PMI and Services PMI data exceeded expectations. In addition, the U.S. Dollar weakened ahead of Friday’s labour data as the U.S. ADP Non-farm employment change showed a low figure. However, the Non-farm payrolls positively surprised the market and pushed the GDP/USD back below 1.5250.
This week, U.K. Manufacturing Production data will be released on Tuesday and is expected to show a smaller increase than last time which could be bearish for the British pound. On Thursday, traders should listen to the Governor of the Bank of England, Mark Carney’s, Inflation report which is expected to be reviewed downwards as the price of oil dropped to a 6 year low. Finally, traders should watch the U.S. Retail Sales data.
Gold
Last week, Gold slipped from $1,275/ounce to $1,260/ounce as the political crisis regarding Greek debt calmed and the newly formed Greek government began negotiations with the European Union. Losses were limited, however, as most investors awaited Friday’s U.S. Non-farm payrolls. Once the data was released, the price dropped immediately and finished just above $1,230/ounce.
This week, the price of the yellow metal could remain under pressure as traders will seek riskier assets. Traders should pay attention to the U.S. stock market as it has returned to record-highs. On Thursday, keep an eye on the U.S. Retail Sales.
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