Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: USD and NZD Weak ahead of FOMC and RBNZ, Sterling lifted by Job Data Sterling is staying in the spotlight today as the set of job and wage data boosts the chance of a May BoE hike. The central bank's announce tomorrow is now rather important as some hawks could come back flexing their muscles. Similar strong for today is Canadian Dollar, riding on positive news regarding NAFTA. On the other hand, Dollar, Aussie and Kiwi are under broad based pressure. FOMC and RBNZ will announce rate decision within a few hours from now. While one is expected to hike and the other is expected to stay dovish, the fate of them doesn't differ much, at least for today. UK And EU Reached Transition Deal, Erasing Key Uncertainty Of BOE's Rate Hike Path Despite initial rally following the announcement of a Brexit transition deal, British pound has retraced much of its gains. Both UK and EU officials have hailed the agreement. While UK's Brexit negotiator Davis David noted that the deal contains 'a large part of what will make up an international agreement for the ordered withdrawal of the UK', EU's representative Michel Barnier indicated that it marks "decisive step" towards to eventual agreement of the UK-EU relations after Brexit. Yet, the terms of transition agreement reveal that the UK has backed down on various fronts. Technical Outlook EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.2202; (P) 1.2278 (R1) 1.2317; More.... No change in EUR/USD's outlook that price action from 1.2445 are forming a corrective pattern, possibly a falling wedge. For the momentum, further rise remains mildly in favor. Break of 1.2358 resistance will revive the bullish case. That is, pull back from 1.2445 has completed. Intraday bias will be turned back to the upside for 1.2445 and then 1.2555 key resistance. However, firm break of 1.1238 will now turn bias back to the downside, to resume the fall from 1.2555 through 1.2154. Suggested Readings Powell Likely to Be Quizzed on New Projections and Trade War Risks in First Press Conference Brexit Transition Deal Gives BoE Go-Ahead For May Rate Hike But UK Data Poses Dilemma USD/CAD – Canada's Loonie Gets A NAFTA Lift Eurozone PMIs Expected To Point To Further Cooling Of Economic Activity EURJPY Still Consolidating, 130.35 Acts As Strong Support Area Dollar Eases Ahead Of Fed Meeting AUDUSD In Strong Sell-Off, Ascending Trend Line Eyed As Next Level Economic Data
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