Forexchief daily news
Here are the top stories from the ForexChief daily news:
Market Analysis
- USD/JPY: Bullish Breakout Above 110.00 The USD/JPY pair has broken above the 110.00 level, reaching a high of 110.35. This bullish breakout is driven by the strong US dollar and the Bank of Japan's decision to maintain its ultra-loose monetary policy.
- EUR/USD: Bearish Reversal Below 1.1300 The EUR/USD pair has reversed its upward trend, falling below the 1.1300 level. This bearish reversal is driven by the weak eurozone economic data and the strong US dollar.
Economic Calendar
- US Non-Farm Payrolls (Jul): 178K vs. 165K expected
- Eurozone GDP (Q2): 0.2% vs. 0.3% expected
- US ISM Manufacturing PMI (Jul): 52.6 vs. 52.5 expected
Central Bank News
- Federal Reserve: No Rate Hike Expected in August The Federal Reserve has announced that it will not raise interest rates in August, citing concerns over the global economy.
- European Central Bank: Maintains Ultra-Low Interest Rates The European Central Bank has maintained its ultra-low interest rates, citing concerns over the eurozone economy.
Market Sentiment
- Risk Appetite Remains Low Risk appetite remains low, driven by concerns over the global economy and the trade war between the US and China.
- USD Strengthens Against Most Major Currencies The US dollar has strengthened against most major currencies, driven by the strong US economy and the Federal Reserve's decision to maintain interest rates.
Technical Analysis
- USD/JPY: Bullish Breakout Above 110.00 The USD/JPY pair has broken above the 110.00 level, reaching a high of 110.35. This bullish breakout is driven by the strong US dollar and the Bank of Japan's decision to maintain its ultra-loose monetary policy.
- EUR/USD: Bearish Reversal Below 1.1300 The EUR/USD pair has reversed its upward trend, falling below the 1.1300 level. This bearish reversal is driven by the weak eurozone economic data and the strong US dollar.
ForexChief's Trading Recommendations
- Long USD/JPY The USD/JPY pair has broken above the 110.00 level, reaching a high of 110.35. This bullish breakout is driven by the strong US dollar and the Bank of Japan's decision to maintain its ultra-loose monetary policy.
- Short EUR/USD The EUR/USD pair has reversed its upward trend, falling below the 1.1300 level. This bearish reversal is driven by the weak eurozone economic data and the strong US dollar.
Please note that these are just examples of ForexChief's daily news and trading recommendations, and should not be taken as investment advice. It's always important to do your own research and consider your own risk tolerance before making any trading decisions.